The Nigerian Export Processing Zones Authority (NEPZA) has urged the Federal Government to exempt all Special Economic Zone operators from the country’s new tax laws for at least ten years to give them time to adjust their operations to the new regulations.
Speaking in Abuja, the Director General of NEPZA, Dr. Olufemi Ogunyemi, maintained that the call became expedient following the continuous repercussion of operators’ concerns on various local and global platforms, adding that such campaigns were detrimental to attracting Foreign Direct Investment (FDI) through the scheme.
He said tax remissions formed the core of the plan, noting that the measure, if granted, would provide stability, predictability and seamless links with the local business environment.
Represented by Mrs Haleema Sani Kamba, the Director of Corporate Services, Dr Ogunyemi, explained that the country would strike the right balance between revenue collection and incentives promised for the scheme if at least a 10-year tax relief “sunset period” was granted.
“I have been directed by the Managing Director/CEO to make this special appeal to the Chairman of the Federal Internal Revenue Service, requesting a sunset period of approximately 10 years for all our investors.
“We hope the president will consider this in the best interest of the plan. He has asked me to repeat this call, as he did before.”
According to a statement by Martins Odeh, Ph.D., the MD stated that the Authority has continuously aligned itself with this administration’s Renewed Hope Agenda to drive growth and efficiency within the Free Trade Zone ecosystem, noting that the scheme was instrumental in the country achieving sustainable economic growth and industrialization.
“Our 63 free trade zones and the more than 700 companies operating within those trading enclaves will continue to serve as the cornerstone of Nigeria’s industrial and export strategy.
“The revenue the plan could generate if left to operate under the global tax template, offering a potpourri of incentives as key sweeteners to attract and retain investors for sustainable operations.
“Nigeria is open for business and NEPZA will continue to support FIRS and other relevant stakeholders during this transition, ensuring stability, competitiveness and sustained investor confidence.” Dr. Ogunyemi said.
The NEPZA boss, however, emphasized the need for clarity and certainty within the tax system as investors prepare their business plans for 2026, while describing the forum as the government’s commitment to transparency and collaboration.