NEPZA

The Nigeria Export Processing Zones Authority (NEPZA) is in discussions with crypto exchange Binance and technology infrastructure company Talent City to create a digital city, referred to as a “Virtual Free Zone.”

NEPZA managing director Adesoji Adesugba said the proposed zone will be a first in West Africa and act similar to Dubai’s virtual zones, which are designed to provide crypto-friendly laws, regulations and tax incentives for crypto businesses.

Nigeria has one of the highest rates of cryptocurrency adoption worldwide, with over 22 million crypto owners, according to Triple A.

Adesugba said the zone would help develop Nigeria’s digital economy and “widen employment opportunities” for Nigerian citizens, stating “Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.”

The early-stage plans were discussed on Friday during a meeting between Adesugba, Binance executive director Nadeem Ladki, Talent City CEO Luqman Edu and NEPZA director Sikiru Lawal in Dubai.

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Adesugba added that the move would be part of Nigeria’s economic development agenda, with the vision to further drive crypto adoption in the West African region.

“We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honorable Minister and the economic development agenda of President Muhammadu Buhari,” he said.

Source: Cointelegraph

The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS) have signed a pact aimed at enhancing a better understanding of the Free Trade Zones Scheme’s tax-exempt index.

The development seeks to end the unbridled suspicion over its implementation over the years.

The Managing Director of NEPZA, Prof. Adesoji Adesugba, said the new tax pact would also put an end to the arbitrary freezing of bank accounts of any of the free zones enterprises or uncontrolled entering of the zones to harass them without permission of the authority and collaborative understanding of the FIRS.

Adesugba, during the signing of the Memorandum of Understanding (MoU) on the new tax regime in Abuja, however, pointed out that all stakeholders would require a deeper understanding of the importance of the Special Economic Zones scheme and its incentives, adding that such understanding would stimulate the needed competition and development of the scheme.

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However, Executive Chairman, FIRS, Mr. Muhammad Nami said NEPZA’s mandate in attracting both the Foreign Direct Investment (FDI) and Local Direct Investment placed it as an important agency to drive the country’s industrialisation.

He said the public must appreciate the mandate of the FIRS basically geared toward the collection of revenues to be used by the government for the good of the citizens, adding that the collaboration is required to set the country’s tax records straight.

On her part, Deputy Comptroller-General of the Nigeria Customs Service in charge of the Free Trade Zone, Mrs. Catherine Ekekezie, expressed delight in the pact struck by the two agencies.

She explained that the perceived misunderstanding of the operations of the zone scheme stemmed from a lack of in-depth knowledge of the laws and regulations that guided the scheme, adding that agencies of government could only work harmoniously when they took time to study sisters’ agencies’ Acts, rules and regulations.

ThisDay

Nigeria, Binance in early-stage talks for the first virtual free zone in west Africa

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NEPZA, FIRS Agree on New Tax Regime for Economic Zones, Sign Pact

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