NEPZA intensifies effort to retain coys in Nigeria

NEPZA intensifies effort to retain coys in Nigeria

The Nigeria Export Processing Zones Authority (NEPZA), is intensifying efforts to retain businesses in Nigeria amid foreign exchange constraints and unreliable power supply.

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.

“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.

“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,’’ he said.

According to the managing director, the investors, upon getting the incentives, are also expected to give back to society in the form of a Corporate Social Responsibility (CSR).

“Now, on the flip side, like I said, its 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.

“And on top of that, there is something people call CSR but I call it Community Social Regeneration. I think that is a more accurate description.

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“And it is part of the requirements we have on all these investors,’’ he said.

According to Ogunyemi, the authority operates as a one-stop shop for investors, streamlining interactions with government agencies to enhance the ease of doing business within NEPZA zones.

He said over the years,  this directive had not been followed but he would during his tenure ensure its implementation for the interest of the investors and the country at large.

The managing director expressed optimism about Nigeria’s potential to attract and sustain foreign investments in spite of global economic fluctuations.

He also expressed NEPZA’s commitment to leveraging incentives and streamlined processes to foster business retention and economic growth in the country.