Business

NACCIMA Tasks FG “Don’t Stripe FTZs of Tax Exemptions “

FTZs association and companies were not formally consulted before February 20, 2024, when the chairman of the fiscal policies and tax committee, Mr. Taiwo Oyedele, who as a panelist at the 3rd Nigerian Economic Zones Association conference informed the FTZ community of the intended substantial amendment of the rules and laws regulating investment in the FTZs.

Published

1 year ago

February 24, 2025

OCHEFA

503 Views

▪︎ Mr Taiwo Oyedele

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) is urging the National Assembly to reassess the implications of stripping investors in the country’s Free Trade Zones of tax exemptions, as proposed in the Nigeria Tax Bill 2024 on the Free Trade Zone Scheme.

There are 50 FTZs in Nigeria and 48 were developed through private-sector investments.

The National President of NACCIMA, Dele Oye, expressed grave concern over the proposed amendments, particularly Sections 57, 60, 198(2), and 198(3), which threaten to dismantle key incentives that have sustained FTZ investments since the scheme was introduced through the Nigeria Export Processing Zones Act in 1992.

In the provisions outlined for the FTZs, the government seeks to introduce minimum tax rates and remove long-standing tax exemptions for businesses operating within FTZs.

Dele Oye, highlighted that stripping away established tax exemptions is a drastic measure that will diminish investor confidence and jeopardize Nigeria’s standing in the global investment community.

Dele Oye, who is also the Chairman of Nigeria’s Organised Private Sector, OPS, noted that since the inception of the FTZ scheme in 1992, through the Nigeria Export Processing Zones Act, businesses operating in these zones have significantly contributed to Nigeria’s economic landscape.

With special tax incentives, these zones were designed to attract investment, promote job creation, and foster industrialization.

However, the proposed amendments in the Tax Bill, particularly Sections 57, 60, 198(2), and 198(3), directly contradict this framework by introducing minimum tax rates and eliminating existing exemptions that have been instrumental in attracting investments.

He noted that the tax exemptions within the zones had been crucial in attracting investors, creating jobs, and generating over N650 billion in government revenue through Customs duties and related economic activities.

He noted that stakeholders were also not consulted before the tax reforms were announced.

“FTZs association and companies were not formally consulted before February 20, 2024, when the chairman of the fiscal policies and tax committee, Mr. Taiwo Oyedele, who as a panelist at the 3rd Nigerian Economic Zones Association conference informed the FTZ community of the intended substantial amendment of the rules and laws regulating investment in the FTZs.

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Naira Exchange Rates Thursday, 22 July

Published

6 hours ago

July 23, 2026

OCHEFA

23 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

23 hours ago

July 22, 2026

OCHEFA

30 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.