By Charles Okonji
The President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture ( NACCIMA), Otunba Dele Kelvin Oye, has charged the players in the nation’s Special Economic Zones (SEZs) to play by the rules and ensure they obey the regulations guiding SEZs.
Oye who spoke on the second day of the Special Economic Zones Annual meeting on Thursday in Lagos, said reports has emerged that some stakeholders have been reported to be flouting the laws guiding special economic zones.
The NACCIMA boss taxed the firms to maintain the highest standard of compliance governing environmental stewardship and community, adding that their commitments to these principles would further boost their businesses and socio – economic development of the nation.
Oye commended the remarkable contributions of the Special Economic Zones, adding that they have been pivotal in attracting Foreign Direct Investment (FDI) into the country.
The NACCIMA president disclosed that special economic zones have contributed greatly to the country’s growth, enhancing export earnings and creating employment to the country’s vibrant youths.
According to him, Special economic zones provide huge opportunities to the country and our people.
On his part, the Managing Director/CEO Notore, Femi Solebo, commended the organisers of Annual Meeting, adding that the Special Economic Zones have the capacity to create millions of Job opportunities which will help pull more youths out of the street.
Appealing to the government, Solebo requested that the government should do move with respect to the Ease of Doing Business, stressing better Ease of doing will stimulate manufacturers to produce more, especially with the country’s participation in AfCTA, which will help generate more foreign exchange, stressing that it will reduce the pressure on the Naira.
He added that with a better enabling environment, more FDIs will come into the country, saying it means more productivity, more employment and more contribution to the overall GDP of the country.
Managing Director of Ascension Consulting Services, Azeez Alatoye pointed out that interference of regulatory agencies and infrastructural challenges are weighing down on the performance of the Special Economic Zones.
“As excellent as the free zones are due to the benefits to the country, there are quite a number of challenges that we think needs to be quickly removed so that we can have a step-up of the performance in the free zones. Firstly, if you look at the challenges, one of them is the regulatory challenges, where you have different regulatory authorities trying to come into the free zone to obstruct some of their activities. You know, some of the tax people disturbing the Free Zones entities is a challenge. Infrastructure is one of them, funding some if the operations are also a challenge. Quite a number of challenges have been identified and the benefit of this coming together to identify those challenges and then be able to remove it.
“Again, if you look at the way the Nigerian Customs in terms of the way the Customs authorities look at the assets of the Free Zones. They need to be friendlier in their circular and their approach in dialogue with approved entities. So that we can remove all those challenges, then we can have the Special Economic Zones become more buoyant, “he emphasised.
Arising from the two – day Annual 2024 Meeting, it was agreed that the body should further engaged the management of the Nigeria Custom Service (NCS ) on the controversial levy the custom has recently imposed on cars used in the special free zones.
On the dispute with the Nigeria Ports Authority (NPA) it was agreed that the association should have a high level meeting with NPA boss.
On presentation made by the lawyer representing the Federal Inland Revenue Service (FIRS), concerning the global taxes, the zones agreed to enter into synergy with FIRS and NPA and other relevant bodies to resolve the disputes from the new tax laws.
On loans for the Free Processing Zones, it was agreed that the zones association will meet with the management of African Development Bank (AfDB) to discuss further.
On the presentation of the Industrial Training Fund ( ITF), the stakeholders agreed that the the body’s leadership should meet with boss of SON as regards the issues of MANCAP, SONCAP and certification of the products coming out of the various special economic zones.
On offshore banking, the body agreed to further engaged the Governor of the Central Bank of Nigeria (CBN).
