The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, has warned the federal government against imposing taxes on free trade zones, FTZs, saying two hundred billion dollars foreign investments were on the verge of leaving Nigeria and loss of six hundred thousand jobs as a result.
The contentious provisions, outlined in the Nigeria Tax Bill 2024, seek to introduce minimum tax rates and remove long-standing tax exemptions for businesses operating within FTZs, a move seen as contradicting Nigeria’s industrialization and investment objectives.
NACCIMA in a statement by the National President, Dele Oye, expressed grave concern over the proposed amendments, particularly Sections 57, 60, 198, and 198, 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.
He noted that the tax exemptions within the zones had been crucial in attracting investors, creating jobs, and generating over six hundred and fifty billion naira in government revenue through Customs duties and related economic activities.
