James Emejo in Abuja
The Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has disclosed that plans are underway to facilitate the listing of the country’s Free Trades Zones and their enterprises on the Nigerian capital market.
He said the development will among other things allow for greater redistribution of wealth and prosperity in the country.
Adesugba disclosed this during a business meeting with the Director-General of the Securities and Exchange Commission (SEC), SEC, Alhaji Lamido Yuguda in Abuja.
He noted that NEPZA was partnering the Nigeria Economic Zones Association (NEZA), the capital market regulator, SEC, as well as the Lagos Free Zone (LFZ) on the effort.
According to him, the prosperity and wealth of the free trade zone would be effectively extended to the investing public through the stock market.
Adesugba, stressed that the law establishing NEPZA gave it substantial latitude to effect changes that ensured dimensional linkages between the free zone and the Nigerian public for mutual benefits.
In a statement issued by NEPZA spokesman, Dr. Martins Odeh, the MD said that best governance structure and framework to drive the innovation was already being worked upon.
He said, “We are not in this alone; it is indeed a synergy between some key agencies of government with the Security and Exchange Commission driving the process in order to grant access to the free trade zone community to trade on the Nigeria Stock Market.
“The best governance structure and framework to drive this innovation is also being worked on. This initiative is a sign of greater things the Authority and the Commission can do together to position the country’s business environment and the stock market for global competitiveness.
“We are, therefore, about to unleash immeasurable wealth, technology and prosperity into the country’s stock market. It is our desire to convert the country’s business space into a free trade zone as obtained in Dubai. This is like a first step towards that direction.”
On his part, Yuguda, expressed delight in the initiative that aimed to pull more players to the stock market adding, however, that all grey areas that could act as impediment must be dealt with.
Yuguda also said that the commission was interested in the governance structure of the free trade zones enterprises as that was fundamental to the declaration of profits and sharing of dividends.