by Aghogho Udi
The Nigeria Export Processing Zones Authority (NEPZA) has stated it will offer startups and foreign businesses operating in free trade zones tax breaks, customs duties waiver and other incentives as part of measures to stem the growing tide of foreign business exit in the country.
The Managing Director of NEPZA, Olufemi Ogunyemi told the News Agency of Nigeria (NAN) that it was supporting businesses within its free trade zones and enclaves.He said, “This initiative aims to reduce production costs and incentivise companies to maintain operations in Nigeria. We offer a range of incentives designed to attract and retain foreign direct investment.
“These incentives include customs duty waivers, tax breaks, and deferred payments to the government at the start-up phase of businesses,’’Offer of innovative power solutionsHe further decried the exit of multinationals and closure of businesses across the country and stated that part of Authorities’ plan includes addressing concerns raised by these companies such as increased power cost by offering innovative solutions tailored to business needs.
He noted that in exchange for these business reliefs, companies would be mandated to train Nigerians sometimes to professional level through CSR activities which he described as ‘Community Social Regeneration’.
In his words, “We are witnessing an unfortunate trend where companies are relocating due to issues like foreign exchange access and power supply. To mitigate these challenges, NEPZA is actively involved in providing power generation solutions tailored to the needs of businesses operating within its zones.”
“Now, on the flip side, like I said, it’s a handshake, so we give, and then we take. Therefore, NEPZA requests from these foreign direct investors that they employ Nigerians. They train Nigerians on skilled, semi-skilled, even sometimes up to professional level. These are statutory requirements that are part of this handshake.”
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