Minister of Industry, Trade and Investment, Otunba Niyi Adebayo has directed that the validity period of licenses for operators in free trade zone areas be increased to five years.
The Minister gave the directive at a Stakeholders Forum Organised by the Nigeria Economic Zones Association on Thursday in Lagos with the theme : “Streamlining Free Zone Operations for Global Competitiveness””.

Adebayo noted that the ministry had in 2020 temporarily suspended the issuance of new free trade zone licenses, due to the need to overhaul the system.
He, however, stressed that yearly returns must be made by the operators following the directive on license expansion.
The Minister also tasked the Nigeria Export Processing Zones Authority (NEPZA) and the Oil and Gas Free Zones Authority to fully digitalise its operations before the end of the year.
He reiterated government’s commitment to ensuring a more harmonised operating system for all stakeholders in the free trade zones across the country.
Adebayo added that the Federal Government was aggressively pursuing brilliant ways of driving industrialisation through the efficient and effective operationalization of the free trade zones

Earlier, the Managing Director of NEPZA, Prof. Adesoji Adesugba called on the stakeholders to come together to collectively work in achieving the various objectives of the free trade zone scheme.
He revealed that over $25 billion had come in through the scheme so far and lauded the Federal Government for the 50 megawatts of electricity allotted to the free zone.
In a remark, the Executive Director, Nigeria Economic Zones Association, Mr Toyin Elegbede emphasized the need for sensitization of stakeholders and interested investors to enable them have a better understanding of operations under the free trade zones.
Some free trade zone stakeholders and other speakers at the event stressed the need for various intervention in line with international best practices to address the challenges facing special economic zones operators in Nigeria.


https://webtimes.com.ng/2022/03/11/free-trade-zones-nigerian-government-increases-license-validity-to-five-years/