• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Free Trade Zones Scheme Generates N35.1bn Customs Duty In 2021 – NEPZA

by Leadership News
2 years ago
in Business
NEPZA
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigeria Export Processing Zones Authority (NEPZA), says that the Free Trade Zones (FTZs) Scheme generated a total of N35.1 billion for government as Customs Duty in 2021.

Advertisement

The authority said the sum of N408.3 million was also remitted as Pay As You Earn (PAYE) taxes in 2021.

Speaking with the News Agency of Nigeria (NAN) in Abuja, Prof. Adesoji Adesugba, the Managing Director, NEPZA said it ensured effective generation of customs duty and administration of taxes applicable in zones operation.

NAN reports that PAYE tax is one of the vital types of taxes in Nigeria that individuals pay to the Federal Inland Revenue Service (FIRS) within their respective state of residence.

Section 19 of NEPZA Act mandates FTZs enterprises to file returns for statistics and data, while section 8 stipulates that enterprises operating in zones should be exempted from federal, state and local government taxes.

RELATED

Telcos Begin Implementation Of Harmonised Shortcodes

Drop In Telecom’s FDI To $80.78m Threatens Nigeria’s Digital Goals

4 hours ago
Manufacturing Woes Contributing To Foreign Exchange Shortage — NESG Report

Shrinking Industrial Base, Dominant Informal Sector Undermine Economic Growth, NESG Warns

4 hours ago

However, they are under obligations to pay all deferred taxes and duties when they extend their businesses to the customs territories.

The NEPZA boss further said that the scheme also generated a total of 19,125 employments in 2021

According to him, a total of 3,000 jobs skills have so far been transferred to Nigerians in 2021.

The managing director explained that the Federal Government approved the establishment of the Special Economic Zones Security (SEZSEC) to be operated by NEPZA.

He said it was for the very reason of creating a viable revenue option to reduce over-dependency on the downstream sector that the Nigerian government adopted the FTZ scheme and created NEPZA with an Act 63 of the parliament in 1992 to regulate and manage it.

“I can confidently say that the authority has done well in the actualisation of its mandate.

“We have experienced a turnaround in the last seven years of President Muhammadu Buhari’s administration as he continues to show commitment and passion through the Federal Government’s unflinching support for the success of the scheme.

“For instance, in 2017, the present administration buttressed the role of special economic zones in Nigeria’s industrialisation agenda under the Economic Recovery and Growth Plan (ERGP),” he said.

He said the SEZ model was used to accelerate implementation of the Nigerian Industrial Revolution Plan (NIRP), a four – year road map on industrialisation to create jobs and promote exports, which in turn would facilitate economic growth.

“The successes and prospects of the scheme have been in the last few years made manifest as a result of the entrants of private investors,” Adesugba said. (NAN)


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Kano Rep, Dambazau, Back North West Zone For Senate President

Next Post

Group Endorses Wase As 10th Speaker, House Of Representatives

Leadership News

Leadership News

You May Like

Telcos Begin Implementation Of Harmonised Shortcodes
Business

Drop In Telecom’s FDI To $80.78m Threatens Nigeria’s Digital Goals

2025/08/07
Manufacturing Woes Contributing To Foreign Exchange Shortage — NESG Report
Business

Shrinking Industrial Base, Dominant Informal Sector Undermine Economic Growth, NESG Warns

2025/08/07
Mixed Performance On Equities Expected This Week
Business

Bulls Extend Run, Equities Cap Hits N92trn On Renewed Investor Optimism

2025/08/07
Stanbic IBTC Restates Support For Business, Economic Growth
Business

Stanbic IBTC Capital Named Best Investment Bank

2025/08/07
UBA Adds PAPSS To Chatbot LEO For Local Currencies’ Cross-border Payments
Business

UBA Adds PAPSS To Chatbot LEO For Local Currencies’ Cross-border Payments

2025/08/07
Heritage Bank: NDIC Begins Uninsured Depositors’ Payment From April
Business

NDIC Pays N54.62bn To 691,418 Customers Of Defunct Heritage Bank

2025/08/07
Leadership Conference advertisement

LATEST

Expert Seeks Urgent Reforms In Land Acquisition To Drive Infrastructure Dev’t

Ode To The Heroine Of The Press

‘It Was Water, Not Alcohol,’ KWAM 1 Refutes FAAN’s Claim Of Security Breach

Phone Snatchers Kill Year 3 BUK Student

Turn Housing Deficit To Opportunity, Investors Urged

PICTORIAL: ECOWAS, UNREC Host Strategic Workshop On Gender Mainstreaming In Small Arms Control

FCC, Ministry Partner To Boost Youth Inclusion, National Unity

AfDB Lauds Ododo, Lists State Among SAPZ Beneficiaries

NPC Pushes For Inclusive, Digital Civil Registration System

60 Participants Set For 2025 Maritime Writes Project In Lagos

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.