SIRIKA DESIGNATES FOUR NIGERIAN AIRPORTS AS SPECIAL ECONOMIC ZONES

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Senator Hadi Sirika, Minister of Aviation

In line with the Nigerian government’s commitment to improving the economy through the development of Economic Zones in conformity with international best practices, the Minister of Aviation, Sen. Hidi Sirika, has designated four international airports in Nigeria as Special Economic Zones.

This initiative was also necessitated by the need to tackle some of the challenges besieging the Aviation sector such as taxation, custom duties and financial matters.

Following President Muhammadu Buhari’s approval, the designated Airports as Special Economic Zones include: The Murtala Muhammad International Airport, Lagos, Nnamdi Azikiwe International Airport, Abuja, Port-Harcourt International Airport, and the Malam Aminu Kano International Airport.

The Minister said “The Special Economic Zones would also help to reduce the tax burden on aviation companies to enable them compete internationally and create around the airports, a more efficient and business-friendly trade environment comparable to other countries, with less bureaucratic red tape because of the associated fiscal incentives and packages.”

Sirika reassured that the President Buhari led administration remains committed to its promises, one of which is to develop the aviation sector, and further appealed for the cooperation of all relevant stakeholders in the new development in order to achieve the desired goals and make Nigeria a regional hub for air transportation.

The Minister further said that the Nigerian Export Processing Zone Authority (NEPZA) has been mandated to designate the four major International Airports under the NEPZA Act. This is to ensure more socio-economic benefits from civil aviation, create more opportunities for local and Foreign Direct Investments, and also serve as a source of revenue for the government.

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