Business
DR Chris Ndibe, former General Manager of the Calabar Free Trade Zone, has called for the urgent review of Nigeria’s Free Zones Act, describing it as outdated and unsuitable for current economic realities in the country.
He made the call in Abuja at the launch of two books, “Reimagining FTZs in Nigeria” and “Accelerating Growing Economies through Free Trade Zones,” focused on free trade zones and economic development.
Ndibe said Nigeria was still operating under the Nigeria Export Processing Zones Act enacted in 1992, noting that most countries reviewed such laws every five to 10 years to remain competitive globally.
“You cannot continue to operate a scheme with a 33-year-old law in a world that is changing rapidly,” he said.
He expressed concern that a Federal Government committee set up about three years ago to review the legislation had yet to conclude its work.
Ndibe said he had written to committee members and submitted recommendations aimed at strengthening the free zone framework.
He warned that delays in updating the law had created challenges for operators and investors in the sector.
According to him, some incentives in the existing legislation are no longer competitive compared with those offered by other countries.
Ndibe also called for improved coordination among government agencies involved in free zone administration to enhance efficiency.
He said free zones should operate under a distinct regulatory environment capable of attracting export-oriented investments.
He further urged the government to upgrade infrastructure and strengthen monitoring mechanisms to ensure the scheme’s success.
Ndibe said a modern legal framework would help unlock the full potential of free zones as drivers of industrial growth, exports, and economic diversification.(NAN)
Tags: Expert Free Zones