The of Industry, Trade and Investment is teaming up with the Central Bank of Nigeria (CBN) to promote clement exporting environment to suit local manufacturing needs.
The Ministry is also working on other regulatory measures with other relevant stakeholders to ensure a conducive environment for exporters.
The Ministry confirmed working on the regulatory framework and opening discussions on policies with CBN and other stakeholders to make things easier for exporters in a bid to take in more export earnings.
Industry Minister, Dr. Jumoke Oduwole, while speaking on the policy direction also assured manufacturers that the country’s free trade zones are designed to accelerate exports and not to harm local manufacturers.
Oduwole, went further to address concerns by local industrial stakeholders while speaking in Lagos, where she emphasised that the zones must operate within the intended guidelines to foster economic growth.
She noted, “Nigeria is a situation where some, not all, but some players in the free trade zone have been exporting 100 per cent into the domestic market, which of course distorts things for the manufacturers within Nigeria that are paying taxes.”
She explained that the fundamental purpose of free zones is to provide tax relief to facilitate exports, adding, “The essence of the free zones is to give you some tax relief, enable you to facilitate your exports,” while also clarifying that only 25 per cent of goods produced in these zones may be sold at the local market without incurring taxes.
Oduwole allayed local manufacturers’ fears of abuse, stressing the ministry’s commitment to balancing interests: “So I understand the issues between the Manufacturers Association of Nigeria and other stakeholders. But just to say that we’re one economy. We’re one economy.
What we want for the Nigerian economy is the same, wherever anybody is.”