A proposed reform by the Federal Ministry of Industry, Trade and Investment (FMITI), is causing investors in the Nigeria Free Trade Zones (FTZs) to divest from the zones.
This according to a statement signed by the Director of the Snake Island Integrated Free Zone, Lagos, Yusufu Abdullahi, on behalf of the investors
The Federal Government had set up two agencies to maintain oversight on the general and specialized FTZs, they are; Nigerian Export Processing Zones Authority (NEPZA) and the Oil and Gas Free Zone Authority (OGFZA) located at Onne Port in Rivers state.
The statement discloses the proposition by the FMITI to move supervision of such private sector investment from NEPZA to OGFZA.
The investors raised their concerns, stating that the proposed reform was “a ploy to destroy multi-million naira private investment in the free zones”.
They explained that FMITI had given a directive to NEPZA to hand over five selected free zones (Dangote Industries Free Zone, LADOL Free Zone, Snake Island Integrated Free Zone, Tomato Industrial Park, and Olokola Oil and Gas Free Trade Zone) regulated by the authority to OGFZA.
READ ALSO: Cocoa Business Blossoms In Ivorian Village
According to the statement, NEPZA refused to comply with the ministry’s directive.
The investors therefore called on NEPZA’s board to meet with stakeholders “to listen to our concerns on this issue and collate coordinated views and inform FMITI before going to FEC with a memo.
“The course of action is to prevent possible disinvestment in the Free Zone Scheme because the affected Zones are all Private Sector Direct Investment without a single government grant.
“It is not possible for private sector investment to be transferred into an unknown unlegislated institution ‘OGFZA’. White Paper cannot be substitute to National Assembly constitutional powers and authority to legislation.
“In conclusion, Membership of the Committee are Political Office Holders and Public Servants who do not have investment in the free trade zone but are willing to frustrate and destroy billions of dollars of private investment collaboration in the scheme.
“It is self-interest composed Committee that is not ready to advance Nigeria progress and development but advance personal interest”.
