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Prof. Adesoji Adesugba, Managing Director of NEPZA
Government‘s commitment to improving the business environment in Nigeria through legislative interventions.
She said the omnibus bill was aimed at amending specific laws relating to ease of doing business and embodying such amendments into single legislation to act as a catalyst for legislative reform of the Nigerian business climate.
Oduwole said the provisions of NEPZA Act and CAMA were reconciled to recognise the exemption of free trade zone companies licensed by NEPZA from company registration.
“With the amendment of the Export (Prohibition) Act, the Minister of Finance, Budget and National Planning will now have clear cut powers to recommend goods that should be restricted from being exported.
“This will encourage flexibility in terms of prohibited products and prohibition scope, allowing them to align with economic realities at any given time,’’ she said.
With over about 42 active zones and about 500 companies in the zones, concessioning will ultimately boost NEPZA’s attainment of its mandate spelt out in NEPZA Act 63 of 1992.
With sustained proactive programmes like the concessioning, the cumulative investment in 30 years, put at about $20 billion, according to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, only 25, 000 jobs generated against the scheme’s projected capacity for 300, 000 direct jobs would be surpassed. (NANFeatures)
