The Nigeria Export Processing Zones Authority (NEPZA) has established Special Economic Zones Dispute Resolution Centre to resolve conflicts among Free Zones operators.
The Managing Director, NEPZA, Prof Adesoji Adesugba, who disclosed this in Abuja at the commemoration of the 30th Anniversary of the Free Trade Zones Scheme in the country said the Conflict Resolution Centre will help in reducing unnecessary competition among operators and create more cordial harmony for the economic development of the nation.
The NEPZA boss also noted some giant strides recorded by the authority which include the establishment of Special Economic Zones Security outfit to secure lives and investments in the Zones, creation of Special Economic Zones Training Institute in Kano to bridge the knowledge gap in the Free Zones Scheme as well as an automated platform to digitize the operations of the scheme for enhanced efficiency and accountability.
Prof. Adesugba while noting that in 2014, Nigeria adopted a global business model to fast track economic growth and industrialization in the Free Trade Zones Scheme said it served as a pillar to drive the Nigerian Industrial Revolution Plan by leading to the presence of key global enterprises in the Zones that invariably translate to the growth of the nation’s economy.
“Suffice to therefore, say that the decision of the Nigerian Government to key into this concept has remained legendary as the model has become a key driver of the nation’s economy.’’
“In 2016, the scheme was identified in the Economic Recovery and Growth Plan (ERGP) as a tool to accelerate and consolidate the implementation of the NIRP.
“In the extant Medium-Term National Development Plan of 2021-2025, the Free Trade Zones Scheme is recognized as a key driver to economic growth and development leading to its operators being appointed into the Technical Working Group tasked with the formulation of the Plan.
“Recently in October, 2022, Mr. President signed the Startup Bill into Law with Section 42 identifying the Free Zones scheme as the policy tool to spur growth and development of Startups and incubators in the country,’’ he recounted.
He pointed out that NEPZA presently exercises regulatory oversight on 46 Free Trade Zones, out of which 44 are private-owned and 2 fully owned and managed by the Authority on behalf of government.
“Even the two are undergoing a process of Concession to private entities.
“These business enclaves harbour over 600 enterprises providing 150,000 direct employment and an estimated 400,000 indirect employment.
“To date, the Zones have attracted over US$30 billion investments which is expected to exponentially increase in the next few years with our sustained incentives and aggressive investment drive across the world.’’
“Indeed, 13 Free Zones have been licensed so far by this administration,” he said.’