FG drafts new rules to curb abuse of free zones

The reform has moved from stakeholder consultations to a dedicated drafting retreat involving the Federal Ministry of Justice, Federal Ministry of Industry, Trade and Investment (FMITI), Nigeria Export Processing Zones Authority (NEPZA) and Oil and Gas Free Zones Authority (OGFZA). The retreat also brought together the Nigeria Economic Zones Association (NEZA), National Single Window, Nigeria Customs Service and Nigeria Revenue Service (NRS) to address issues raised by operators and other stakeholders during an engagement held on September 17. The ministry, in a statement signed by its Press Department, said Customs and NRS are core members of the drafting committee, reflecting the government’s decision to ensure that customs and tax provisions are developed with the direct input of the institutions responsible for administering them. The review comes amid renewed scrutiny of the Free Zones scheme following recent enforcement actions by the Nigeria Customs Service over allegations that goods imported under Free Zone concessions were subsequently diverted into the domestic market. Jumoke Oduwole, Minister of Industry, Trade and Investment, said the government was not seeking to dismantle the incentives that have traditionally made the Free Zones attractive to investors. She listed the incentives as duty-free importation of capital goods, tax exemption on qualifying export profits, 100 percent foreign ownership and unrestricted repatriation. “A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The retreat also brought together the Nigeria Economic Zones Association (NEZA), National Single Window, Nigeria Customs Service and Nigeria Revenue Service (NRS) to address issues raised by operators and other stakeholders during an engagement held on September 17. The ministry, in a statement signed by its Press Department, said Customs and NRS are core members of the drafting committee, reflecting the government’s decision to ensure that customs and tax provisions are developed with the direct input of the institutions responsible for administering them. The review comes amid renewed scrutiny of the Free Zones scheme following recent enforcement actions by the Nigeria Customs Service over allegations that goods imported under Free Zone concessions were subsequently diverted into the domestic market. Jumoke Oduwole, Minister of Industry, Trade and Investment, said the government was not seeking to dismantle the incentives that have traditionally made the Free Zones attractive to investors. She listed the incentives as duty-free importation of capital goods, tax exemption on qualifying export profits, 100 percent foreign ownership and unrestricted repatriation. “A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The ministry, in a statement signed by its Press Department, said Customs and NRS are core members of the drafting committee, reflecting the government’s decision to ensure that customs and tax provisions are developed with the direct input of the institutions responsible for administering them. The review comes amid renewed scrutiny of the Free Zones scheme following recent enforcement actions by the Nigeria Customs Service over allegations that goods imported under Free Zone concessions were subsequently diverted into the domestic market. Jumoke Oduwole, Minister of Industry, Trade and Investment, said the government was not seeking to dismantle the incentives that have traditionally made the Free Zones attractive to investors. She listed the incentives as duty-free importation of capital goods, tax exemption on qualifying export profits, 100 percent foreign ownership and unrestricted repatriation. “A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The review comes amid renewed scrutiny of the Free Zones scheme following recent enforcement actions by the Nigeria Customs Service over allegations that goods imported under Free Zone concessions were subsequently diverted into the domestic market. Jumoke Oduwole, Minister of Industry, Trade and Investment, said the government was not seeking to dismantle the incentives that have traditionally made the Free Zones attractive to investors. She listed the incentives as duty-free importation of capital goods, tax exemption on qualifying export profits, 100 percent foreign ownership and unrestricted repatriation. “A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

Jumoke Oduwole, Minister of Industry, Trade and Investment, said the government was not seeking to dismantle the incentives that have traditionally made the Free Zones attractive to investors. She listed the incentives as duty-free importation of capital goods, tax exemption on qualifying export profits, 100 percent foreign ownership and unrestricted repatriation. “A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

She listed the incentives as duty-free importation of capital goods, tax exemption on qualifying export profits, 100 percent foreign ownership and unrestricted repatriation. “A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

“A Free Zone cannot become an alternative route into the Nigerian domestic market on terms unavailable to manufacturers operating in the Customs Territory. “But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

“But this is not an argument against Free Zones. It is an argument for protecting them. Legitimate investors who have committed capital to Nigeria deserve certainty. The rules must be clear. Institutional responsibilities must be clear. Customs and tax treatment must be predictable. And lawful incentives must remain defensible,”Oduwole said. The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The minister said the reform was aimed at retaining elements of the existing regime that work while addressing gaps that have undermined its effectiveness. “The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

“The choice before Nigeria is not between preserving the Free Zones scheme and dismantling it. It is whether we can preserve what works, correct what does not and build a framework capable of serving the economy we are becoming,” she said. Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

Hadi Mutallab, chairman of NEPZA, said the reform was necessary to ensure that incentives provided to Free Zone operators translate into investment, production, employment and exports. He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

He, however, stressed the need to protect existing investors and provide clear transition arrangements as the new framework is introduced. “The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

“The objective should be a stronger and more competitive Free Zones regime that addresses abuse without weakening the investors who are doing the right thing,” Mutallab said. The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The Nigeria Economic Zones Association also welcomed the consultative approach, with Toyin Elegbede, Executive Secretary, saying operators wanted reforms that would address genuine weaknesses without creating uncertainty for businesses that invested under the existing rules. Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

Among the issues being considered by the drafting committee are the treatment of existing investments and transition arrangements for current licensees, as well as the proposed 75/25 export and domestic-sales framework and its possible phased implementation. The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The committee is also examining customs coordination, joint inspections, simplified customs exit procedures, foreign exchange and tax reporting requirements, as well as the treatment of services provided within Free Zones. Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

Stakeholders have also raised concerns over multiple regulatory interfaces, with calls for NEPZA and OGFZA to remain the coordinating authorities within their respective statutory mandates. The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The ministry said the principle of “one authority, one visit, one record” had emerged from the consultations as a desired standard for the implementation of the new framework. The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The proposed regulations are also expected to expand the scope of the Free Zones regime to accommodate digital businesses. For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

For the first time, the draft regulations expressly recognise Digital Free Zones and Digital Free Zone Enterprises, with new licence categories including Innovator and Sandbox licences for businesses that may not require conventional physical facilities. The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The move follows President Bola Ahmed Tinubu’s directive to move the Digital Free Zones initiative into implementation, with a roadmap for its full launch within 180 days. NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

NEPZA has already licensed Itana as Nigeria’s first Digital Free Zone, while the Africa Finance Corporation is backing the $500 million Itana Innovation project at Alaro City. Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

Oduwole said the expansion into digital services was necessary to reflect changes in the nature of international trade and exports. “Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

“Nigeria’s future exports will not only leave our ports in containers,” she said, noting that Nigerian companies increasingly export technology, financial and professional services, creative products, intellectual property and other digitally delivered services. The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The government said the reform is aligned with the Renewed Hope Agenda and is intended to strengthen Nigeria’s productive base, increase non-oil exports and create jobs. The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share

The ministry also acknowledged the support of the National Assembly, including the House Committee on Commerce chaired by Ahmed Muni, and said consultations would continue until the new framework is finalised. Related News Japan raises permanent residency fee by 1,900% Forbes ranking puts Kenya, Egypt ahead of Africa’s banking giants Lower interest rates could lift corporate profits, tax revenue Share