The Ministry of Industry, Trade & Investment, has revealed that it is driving regulatory collaboration with the Central Bank of Nigeria (CBN) to promote clement exporting environment to suit local manufacturing needs.

The ministry noted that it is working on the regulatory framework and opening discussions on policies with CBN and other stakeholders to make exporters comfortable and committed to bringing back their export proceeds to the Nigerian economy.

The Minister of Industry, Trade & Investment, Dr. Jumoke Oduwole while speaking on the policy direction also assured manufacturers that the country’s free trade zones are designed to accelerate exports and not to harm local manufacturers.

Oduwole, went further to address concerns by local industrial stakeholders while speaking in Lagos, where she emphasized that the zones must operate within the intended guidelines to foster economic growth.

She explained that the fundamental purpose of free zones is to provide tax relief to facilitate exports but clarified that only 25 percent of goods produced in these zones may be sold at the local market without incurring taxes.

Oduwole allayed local manufacturers’ fears of abuse, stressing the ministry’s commitment to balancing interests.

She emphasized that compliance and discipline are essential in free trade zones’ operations, with the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority under the ministry’s watch.