By Adedapo Adesanya
The Nigeria Export Processing Zone Authority (NEPZA) and operators of the country’s Free Trade Zones (FTZs) have called on the Central Bank of Nigeria (CBN) to quicken the process for granting approval for the operation of offshore banking across the zones to further aid the ease of doing business among others.
According to the stakeholders, this will help resolve current difficulties their businesses face in accessing foreign exchange and further ease pressure of the Naira.
The stakeholders in the FTZs also maintained that offshore banking would provide businesses with a more stable financial environment to thrive.
They made their desires known when NEPZA embarked on a media tour to some of the zones in Lagos, with a view to ascertaining their state of operation, providing visibility and their challenges as well as allow journalists to assess the level of investments in the zones.
On his part, the Zone Administrator, NEPZA, Mr Garba Hayatu, called on the central bank to address grey areas that had slow down the process of approving the take-off of offshore banking to attract more investments and boost the development of the zones.
“Currently, Free Zones in Nigeria cannot access forex directly from the Central Bank of Nigeria. Offshore banking can solve this problem.
“Operators in the Free Zone are often affected by currency volatility, and the inability to access dollars directly adds to their challenges.
“Offshore banking would provide businesses with a more stable financial environment.”
He pointed out that there had been ongoing discussions with CBN, and hoped the knotty issues would be resolved as soon as possible, adding that its actualisation would mean a “major win for free zone operators”.
Similarly, operators of the Lekki Free Zone Development Company (LFZDC), said currency fluctuation had made it harder for Nigerian investors to buy land for investment as the former is priced in Dollars.
Deputy Managing Director of LFZDC, Mrs Bolatilo Ajibode, while also supporting the operation of offshore banking in the zones, said, “With the current exchange rate, it’s tough for many”, adding however, that “we have flexible payment options to ease the burden”.
