Economy

NEPZA Urges EU to Leverage Nigeria’s Special Economic Zones

Published

9 months ago

February 9, 2026

Q Tinny

NEPZA urges EU to integrate Nigeria Special Economic Zones into European value chains to boost trade, industrialisation, and investment flows

The Nigeria Export Processing Zones Authority has called on the European Union to integrate Nigeria’s Special Economic Zones into European value chains to enhance economic growth, industrialisation, and bilateral trade.

Also read: Shaping Intercontinental Business Between Africa and Europe

Managing Director and Chief Executive Officer of NEPZA, Olufemi Ogunyemi, made the appeal on Monday at a trade and investment facilitation meeting held at the European House in Abuja.

Addressing European ambassadors, heads of delegation from EU member states, and officials of the European Commission and the European External Action Service, Olufemi Ogunyemi highlighted the strategic role of Nigeria’s Free Trade Zones in expanding EU–Africa economic cooperation amid global economic realignment.

“It is a privilege to address this distinguished gathering at this critical moment in global economic history. Our discussion today examines how Nigeria’s Free Zones, under NEPZA’s strategic framework, can serve as effective platforms to enhance EU–Nigeria economic cooperation amid significant structural change,” he said.

Ogunyemi emphasised that shifting geopolitical pressures and supply chain disruptions make Nigeria’s economic zones an opportunity for Europe to diversify its partnerships.

“As the global order shifts from a predictable, rules-based system to one shaped by shifting alliances and economic pressures, the European Union should increasingly leverage Nigeria’s Special Economic Zones to expand and deepen our existing economic partnership,” he stated.

He noted that recent EU policy directions stress economic resilience, strategic autonomy, and diversified supply chains, aligning closely with Nigeria’s free zone framework.

According to Ogunyemi, increased European activity in Nigeria’s SEZs would reduce concentration risks, safeguard critical supply chains, and attract investment into West Africa’s fast-growing markets.

Highlighting trade imbalances, the NEPZA chief said Africa remains heavily reliant on raw material exports, limiting industrial growth and human capital development.

He suggested that investment in Nigeria’s SEZs could promote manufacturing, processing, and export-oriented industries, driving job creation and technology transfer.

Also read: Nigerians Spend N1.54tn on Beer Amid Economic Stress

The meeting was attended by ambassadors of European countries, heads of EU member state delegations, and officials from the European Commission and the European External Action Service.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

11 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.