In a decisive move to bolster the nation’s economic landscape, the Zimbabwean government has announced plans to significantly reduce taxes and regulatory fees within the next six months. This initiative…

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Concerns have continued to mount over the negative impact of operations in Nigeria’s Free Trade Zones (FTZs) on local businesses and manufacturers, as industry stakeholders decry what they describe as unfair competition and regulatory loopholes.

Prominent manufacturers and trade experts have lamented that several companies operating within the FTZs are allegedly circumventing import regulations by routing goods into the Nigerian market without paying the appropriate customs duties and taxes.

Mr. Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), raised alarm over the abuse of the FTZ scheme, which was originally designed to stimulate export-driven manufacturing and attract foreign investment. According to him, “some of these FTZ-based operators now import finished goods under the guise of raw materials and repackage them for the local market, robbing genuine manufacturers of fair competition.”

He further called on the Nigeria Export Processing Zones Authority (NEPZA) and the Nigeria Customs Service to strengthen monitoring mechanisms to prevent leakages and ensure operators adhere strictly to trade guidelines.

Echoing his concerns, the President of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole, noted that while FTZs offer potential for economic growth, current regulatory gaps are harming indigenous businesses and discouraging local production.

Industry players are urging the government to conduct an urgent review of FTZ operational policies and enforce stiffer penalties for defaulters to protect the integrity of Nigeria’s manufacturing sector.

The post How Free Trade Zone Operators Undermine Local Industries, Stakeholders Cry Out appeared first on Radarr Africa.