Thursday, September 29, 2022

FG designates Kano airport, three others Special Economic Zones

The minister said that the Special Economic Zones would help to reduce the tax burden on aviation companies to enable them to compete internationally.

• June 9, 2021
Nnamdi Azikwe International Airport,
Nnamdi Azikiwe International Airport, Abuja

The federal government has announced the designation of four international airports as Special Economic Zones.

The Minister of Aviation, Sirika Hadi, made this disclosure in a statement on Wednesday.

The minister said that the four airports comprised the Murtala Muhammad International Airport, Lagos; the Nnamdi Azikiwe International Airport, Abuja; the Port-Harcourt International Airport, and the Mallam Aminu Kano International Airport.

According to him, the announcement followed the approval granted by President Muhammadu Buhari to that effect.

He said that there were many inherent benefits of the designation and operation of the airports as special economic zones.

“In its desire to address issues concerning taxation, customs duties and fiscal issues in the Nigerian Aviation industry which requires a holistic solution, the Ministry of Aviation had requested the Nigerian Export Processing Zone Authority (NEPZA) to designate the four major international airports under NEPZA Act.

“The request was made so that the benefits of such zones can be accorded all airlines, airport operators, aviation support companies, among others, that reside within the zones which the president noted, and approved.”

He further said that the designation was also expected to attract more international and domestic airlines and world-class organisations into the Nigerian Aviation Industry to fast track the upgrade and development of new infrastructure at the airports.

Mr Hadi noted that the Special Economic Zones would also help to reduce the tax burden on aviation companies to enable them to compete internationally.

He said that the move would also create a more efficient and business-friendly trade environment around the airports comparable to other countries, with less bureaucratic red tape because of the associated fiscal incentives and packages.

The minister said that it would further improve the overall ease of doing business in Nigeria in line with the federal government’s commitments towards national economic development.

“Another benefit is the generation of additional non-aeronautical sources of revenue for the aviation industry,” he said.

Mr Hadi appealed for the cooperation of all relevant stakeholders in the new development to achieve the desired goals.

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