The Federal Airports Authority of Nigeria (FAAN) has suspended the issuance of licenses to applicants of the free trade zones at the nation’s airports until regulatory conflicts between it and the Nigeria Export Processing Zones Authority (NEPZA) are resolved.
Speaking on Thursday at the ongoing maiden edition of the National Aviation Conference (FNAC) with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport,’ the Managing Director of FAAN, Capt. Rabiu Yadudu, said that there are presently two free trade zone operators, while additional two companies have applied.
He explained that as it stands today, all the five international airports in the country have been designated as free trade zones warning that if not well-regulated, may be a big challenge for the country in the future.
This was even as participants at the event decried the sorry state of Tinapa Free Trade Zone in Cross Rivers State, initiated to boost Foreign Direct Investments (FDIs) into the country with consistent government policy on the resort.
Speaking on the topic: ‘Special Economic Zones at the Airports and Trade Facilitation: Growing Revenue and the National GDP,’ speakers said that there is the need for policy harmonisation by government agencies in order to ensure smooth growth.
