Nigeria Export Processing Zones Authority (NEPZA) says its investor-friendly policies have a cumulative investment value of $30 billion.
NEPZA’s Managing Director, Dr. Olufemi Ogunyemi, who made the remark on Monday in Abuja, said the widely held notion that the scheme was a `free meal ticket’ for the investors, thereby denying government revenues, was ‘incorrect’.
According to Dr. Ogunyemi, NEPZA collects over 20 types of revenues, ranging from $500,000 as declaration fees to $60,000 as Operation License (OPL) renewal fees between three and five years.
The Managing Director noted that “the NEPZA Act provides exemption from all federal, state, and local government taxes, rates, levies, and charges for FZE, of which duty and VAT are part.”
On the achievements of NEPZA, the Managing Director noted that the scheme also brought in advanced technologies, managerial expertise, and access to global markets.
Dr. Ogunyemi added that the authority remained willing to educate the public on the role of NEPZA in the economy of the nation.
