The Nigeria Economic Zones Association (NEZA), an umbrella body of Free Trade Zones operators and enterprises in zones, has urged members of the National Assembly, Ministries, Departments and Agencies (MDAs) of government to take actions that would protect over $25 billion Foreign Direct Investments (FDIs) attracted to the country through the Special Economic Zones scheme.
Toyin Elegbede, Executive-Secretary of the Association stated this in Abuja while reacting to the invitation of private zone owners and their enterprises by the Committees of the National Assembly for questioning.
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Elegbede said: “With all intent and purpose, this association is worried about frequent infractions committed by the National Assembly committees aimed at undermining the laws that established both the Nigeria Export Processing Zones Authority (NEPZA) and the Oil & Gas Free Zone (OGFZA) without recourse to their limitations as enshrined in both Acts.
“While recognising the oversight functions of our lawmakers, we kindly urge them against breaching existing laws capable of eroding gains already recorded in attracting FDIs into the country through these zones.”
Elegbede further explained that as much as no entity is above the law, the practice and the law are that companies operating in the special economic zones exist under special arrangements with their activities regulated by the regulator.