By Moses Okorie
The Nigeria Export Processing Zones Authority (NEPZA) has urged the Federal Government to exempt all operators of the Special Economic Zones from the country’s new tax laws for at least ten years to give them time to adjust their operations to the new regulations.
According to a release issued in Abuja by the Head, Corporate Communications, NEPZA, Martins Odeh on Saturday, the Authority held that the call became expedient following the continued reverberation of the operators’ concerns across various local and global platforms, adding that such campaigns were deleterious to attracting Foreign Direct Investment (FDI) through the scheme.
Dr. Olufemi Ogunyemi, Managing Director of the Authority, made the call during a virtual stakeholder dialogue hosted by the Federal Ministry of Industry, Trade & Investment on Thursday in Abuja.
Ogunyemi, also the Chief Executive Officer of NEPZA, said tax reprieves constituted the nucleus of the scheme, noting that the measure, if granted, would provide stability, predictability, and seamless backward linkages with the local business environment.
Dr. Ogunyemi, represented by Mrs. Haleema Sani Kamba, Director, Corporate Service, explained that the country would strike the right balance between revenue collection and the promised incentives for the scheme if at least a 10-year “sunset period” of tax relief were granted.
“The Managing Director/CEO has instructed me to make this special appeal to the Chairman of the Federal Inland Revenue Service, requesting a sunset period of approximately 10 years for all our investors. We hope the Chairman will consider this for the benefit of the scheme. He has asked me to repeat this appeal, as he did earlier.
“The Authority has continually aligned with the Renewed Hope Agenda of this administration to drive growth and efficiency within the Free Trade Zone ecosystem, noting that the scheme was pivotal to the country’s realizing sustainable economic growth and industrialisation.
“Our 63 Free Trade Zones and the over 700 Enterprises operating within those business enclaves will continue to serve as the cornerstone of Nigeria’s industrial and export strategy. The revenues the scheme 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 stand with FIRS and other relevant stakeholders through this transition, ensuring stability, competitiveness, and sustained investor confidence.” Dr. Ogunyemi said.
The NEPZA boss, however, emphasised the need for clarity and certainty within the tax system as investors prepare their 2026 business plans, while describing the forum as the government’s commitment to transparency and collaboration.
Dr Jumoke Oduwole, Minister of Industry, Trade & Investment, stressed the critical role of the reforms to cover the National Revenue System, Special Economic Zones incentives, and updated Financial Reporting Council compliance in creating a competitive environment for trade, investment, and economic growth.