Amended NEPZA Act to boost Nigeria’s economy

By Jennifer Inah, Abuja.

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The Acting Managing Director of the Nigerian Export Processing Zones Authority (NEPZA), Mr Bitrus Dawuk, says the amendment of the NEPZA Act will enhance foreign investments and boost the nation’s economy.

Mr Dawuk made this known during a media press briefing where he reiterated amending the NEPZA Act as his tenure’s main agenda.

This, he said, would create jobs and boost the Nigerian economy:

“The current Act is about 27 years. If you look at the Act, at inception it was meant for Export Processing Zones; and now that the free trade Zone is very dynamic, there are a lot of other variances that the current Act is not addressing properly and my intention is to work with the Minister, the National Assembly and other stakeholders to get the Act amended.

“I know what the amended Act will do to the country: it will bring in a lot of investments in terms of infrastructures; it will bring a lot of turnaround in the financial sector, especially for the free zones because we would have official banking which is a major component of the proposed Act”.

A Free Trade Zone (FTZ), a class of special economic zones, where goods may be landed, stored, handled, manufactured or reconfigured and re-exported under specific Customs regulations and generally not subject to Customs duty.

As part of his agenda, Mr Dawuk said that NEPZA will interact with free trade Zones in Lagos, Cross river, and Kano states and Abuja, Nigeria’s capital, to know their challenges and work together in resolving them.

He went further to say:

“And on the staff welfare, I intend to give paramount attention to that. I intend to ensure that staff capacity is fully boosted and properly harnessed in order to deliver on our mandate.” 

The Acting Managing Director pledged the Authority’s resolve to help move the Nigerian economy to a non-oil based economy.

Amaka E. Nliam

 

 

 

 

 

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