General
Committee Makes Recommendations for Smooth FTZ Operations
By Adedapo Adesanya
The tripartite of the Acting Comptroller-General of Customs, the Managing Director/CEO of the Nigeria Export Processing Zones Authority (NEPZA) and the Managing Director/CEO of the Oil and Gas Free Zone Authority (OGFZA) have received a six-point recommendation report on the Free Trade Zones Operational Remodelling.
The committee was constituted on July 28 when Mr Adesoji Adesugba, MD/CEO of NEPZA, his counterpart, Mr Tijjani Kaura MFR MD/CEO OGFZA, and Mr Toyin Elegbede, Exeutive-Secretary of the Nigeria Economic Zones Association (NEZA) visited the Acting Customs chief, Mr Bashir Adewale Adeniyi to demand the streamlining of customs’ operations within the free zones.
The report was presented by Mr Toyin Elegbede, Chairman of the committee, who expressed delight in the confidence reposed on the members of the committee to undertake the onerous assignment.
He stated that the prompt implementation of the committee’s report would help reposition the scheme for a greater impact on the economy.
“While I thank you, the Acting Comptroller-General of Customs, the Managing Directors/CEOs of NEPZA and OGFZA, on behalf of other members of the committee for the confidence reposed on us to carry out this assignment, please permit me to present the Report of the committee for your consideration,’’ Mr Elegbede said.
The recommendations included the stoppage of irregular invitations of Free Zone Enterprises to the customs headquarters on procedural matters that should be handled by the Area Controllers, including approval for local purchases, rents and hires.
The committee also prescribed the immediate integration of all Free Zone Enterprises into the IM5 (5900) customs operations portal and to redesign it to resolve the VAT implication for sales to the Customs territory.
The recommendation further requested the immediate formulation of SOPs and Procedure Codes for both Intra and Inter Zone Sales, Imports of vehicles, capital goods, spare parts, equipment, furniture, and fixtures destined for consumption within the free zone.
Furthermore, the committee requested the service to allow the exports of finished and processed goods containing 100 per cent local raw materials with minimum stipulated VAT either mentioned in the Import Prohibition list of customs or in the 44 restricted items of the Central Bank of Nigeria (CBN) FX ban list.
In addition, the committee recommended the immediate creation of Procedure Codes that would kickstart the implementation of the Federal Ministry of Finance Circular No. F182079 dated December 22, 2022, and letter Ref. No. HMFBNP/NCS/LPG/10/2022 dated October 4, 2022, respectively, on some specific incentives.
The report listed the incentives to include a 75 per cent Duty Rebate for approved products in Oil and Gas gas-free zones and the exemption of domestic production and sale of LPG from customs duty and VAT.
The rest of the incentives are to comply with regulatory procedures provided in OGFZA and NEPZA Regulations with respect to inspection of free zones containers without the knowledge of the Authorities, delay in the inspection of cargo, stoppage of cargo in transit, and raising queries on importation of same as well as posting of customs officers to the free zones without the knowledge of the two Authorities.
Finally, the committee recommended expeditious harmonization of all the areas of conflict contained in the legal frameworks of NCS, NEPZA, and OGFZA, respectively.
The customs boss promised to immediately adopt those recommendations that fell within the operational policy of the service for implementation.
“We must do what is necessary to boost the economy. I was worried to hear that some of our actions had inhibited the free flow of revenues from the scheme.
“We were meant to have a coordinated collaboration and cooperation to ensure the country obtains significant benefits from the free zone scheme. All hands must now be on deck to make that happen.
“In demonstrating our commitment to streamline our policy and operations for effective management of the free zones, I wish to suggest that this committee is converted to become the Implementation Committee that will midwife the implementation of these recommendations. I wish to thank all of you for a job well done,’’ the Acting CGC said.
On their parts, Mr Adesugba and Mr Kaura applauded the genuine commitment of the new customs boss toward addressing all the listed conflict areas, noting that the two regulatory bodies and the entire free trade zones’ stakeholders through NEZA would scale up collaboration with the service to make the scheme more attractive.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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