DESIGNATION OF AIRPORTS AS SPECIAL ECONOMIC ZONES – THE BENEFITS

DESIGNATION OF AIRPORTS AS SPECIAL ECONOMIC ZONES – THE BENEFIT
Lately, the Minister of Aviation, Senator Hadi Sirika introduced the designation of 4 worldwide Airports, the Murtala Muhammad Worldwide Airport, Lagos, Nnamdi Azikiwe Worldwide Airport, Abuja, Port-Harcourt Worldwide Airport, and the Mallam Aminu Kano Worldwide Airports as particular financial zones.
The announcement adopted the approval granted by President Muhammadu Buhari to that impact.
It has develop into needed to focus on the inherent advantages of the designation and operation of the airports as particular financial zones.
The Ministry of Aviation in its need to handle points regarding taxation, customs duties and financial points within the Nigerian Aviation business which require a holistic resolution, had requested the Nigerian Export Processing Zone Authority (NEPZA) to designate the 4 main worldwide Airports underneath NEPZA Act.
The request was made in order that the advantages of such zones will be accorded to all airways, airport operators, Aviation help firms and so forth. that reside throughout the zones which the President famous, and authorised.
Among the advantages embody; Harnessing the socio-economic advantages derivable from Civil Aviation, producing revenues for Authorities and creating avenues to mobilize native and overseas direct funding for the general development of the economic system.
The designation can be anticipated to draw extra worldwide and home Airways and world-class organisations into the Nigerian Aviation Trade thereby fast-tracking the improve and improvement of latest infrastructure/amenities on the airports.
The Particular Financial Zones would additionally assist to cut back the tax burden on Aviation Firms to allow them to compete internationally and create across the airports a extra environment friendly and business-friendly commerce surroundings similar to different nations, with much less bureaucratic purple tape due to the related fiscal incentives and packages.
The operation of the airports as particular financial zones would additionally assist to generate employment alternatives and human capital improvement, enhance the general ease of doing enterprise in Nigeria which is according to the Federal Authorities’s commitments in the direction of nationwide financial improvement.
One other profit is the technology of further non-aeronautical sources of income for the Aviation Trade.
As promised on the inception of the Buhari administration, the federal government stays dedicated to the event of an investment-friendly Aviation sector that won’t solely make Nigeria a regional hub for air transportation however enhance its contribution to the nationwide gross home product (GDP).
The Minister of Aviation Senator Hadi Sirika, due to this fact, appeals for the cooperation of all related stakeholders within the new improvement to realize the specified targets.