The Nigeria Export Processing Zones Authority (NEPZA) has announced new measures aimed at retaining foreign businesses and startups within Free Trade Zones (FTZs) across the country. In a bid to curb the exodus of foreign companies, NEPZA will provide tax breaks, customs duty waivers, and other incentives to reduce production costs and encourage companies to maintain operations in Nigeria.
Olufemi Ogunyemi, Managing Director of NEPZA, emphasized that these incentives are designed to attract and retain Foreign Direct Investment (FDI). They include customs duty waivers, tax breaks, and deferred payments to the government during the startup phase of businesses. In return for these benefits, companies will be required to engage in Corporate Social Responsibility (CSR) activities, specifically focused on training Nigerians up to professional levels, which NEPZA terms as Community Social Regeneration.
Addressing challenges such as foreign exchange access and power supply that have prompted some companies to relocate, Ogunyemi highlighted NEPZA’s efforts in providing tailored power generation solutions within its zones. He stressed that NEPZA operates as a one-stop shop for investors, streamlining interactions with government agencies to enhance the ease of doing business.
Source: Daily Trust