In a renewed push for transparency and financial accountability, the Nigeria Export Processing Zones Authority (NEPZA) and the House of Representatives Committee on Public Accounts have pledged to enforce stricter regulatory oversight across the nation’s Free Trade Zones.
The decision was announced during a recent oversight visit to the Dangote Refinery and Petrochemicals Free Zone Enterprise and the Lagos Free Zone in Ibeju-Lekki, Lagos. Both facilities are recognized as flagships of Nigeria’s industrial development efforts.
Dr. Olufemi Ogunyemi, NEPZA’s Managing Director and Chief Executive Officer, underscored the Authority’s commitment to fiscal discipline and compliance, noting that while some enterprises have demonstrated satisfactory performance, full compliance remains a priority.
“We are stepping up our regulatory efforts to ensure that all operators live up to their obligations, especially in terms of remitting revenues due to the Federation Account,” Ogunyemi said. “NEPZA remains dedicated to upholding transparency and accountability across all zones.”
The NEPZA boss also commended the achievements of the Dangote Refinery and the Lagos Free Zone, describing them as important drivers of Nigeria’s industrialisation agenda.
On his part, Hon. Bamidele Salam, Chairman of the Public Accounts Committee, expressed satisfaction with the scale of industrial activity at both locations, but called for broader implementation of the Free Trade Zone scheme nationwide.
“These zones are vital for attracting investments and driving economic growth. However, we must ensure that regulations are not only in place but fully enforced,” Salam stated. He urged NEPZA to activate dormant licenses and expand free zone opportunities across all regions to foster inclusive growth.
Salam further highlighted the need for regulatory reforms and more equitable distribution of industrial hubs across the country, calling it essential for balanced national development.
Currently, Nigeria hosts 42 active Free Trade Zones and more than 500 licensed enterprises under NEPZA’s supervision. The regulatory body and the Public Accounts Committee reiterated that strict compliance by major players such as the Dangote Refinery and the Lagos Free Zone would set the standard for the rest of the sector.
