Planning To Invest In Nigeria? Think Of This First The Free Zones in Nigeria are being licensed, managed and regulated by NEPZA or the Nigerian Export Processing Zones Authority. Actually, NEPZA is a Federal Government Agency that was established in year 1992, this is through Nigeria Export Processing Zones Act 63, of 1992. The agency is the one responsible for facilitating and promoting both local as well as international investments to Free Zones in Nigeria. The scheme was created by the Nigerian government in an effort to guarantee the continuous development of investment climate in the nation, particularly by stimulating export type business activities via friendly economic policies. Free Trade Zones, Export Farms, Border Free Zones, Science and Technology Parks and Export Processing Zones as well as Resort and Tourism Centres are where the NEPZA is administering different incentives. Any business that is located in any of the said projects in Nigeria confers automatically upon the owners certain incentives, which have been intentionally designed by Nigeria’s Federal Government for the investors to achieve profitability in shorter period of time while being competitive. For operators, there are few incentives they could get similar to duty free importation of machinery, capital goods, raw materials, consumable items and spare parts into the zone; waiver of all licenses regarding imports and exports; a hundred percent of repatriation of capital, dividends and profits; waiver on all the expatriate quotas; have 100 percent foreign ownership of the investments; legislative provisions that pertain to levies, taxes, foreign exchange and duties shall not apply; 100 percent production could be sold in Customs Territory against valid permit.
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The cost of import duty on processed goods that are assembled or processed and exported to Nigeria Customs Territory should be the rate of the duty applicable to raw materials. Companies that operate in the country could even use banking services in Nigerian Customs Territory. The thing is, they aren’t allowed to have accessibility on foreign exchange in official market.
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Companies that are engaged to imports aren’t required to complete Form “M” but, companies in Nigeria Customs Territory need to complete Form “M” if they plan to import from the said Zone. Industries similar to oil and gas logistics, electrical and electronic products, textile products, garments, wood products and handicraft, leather products, petroleum products, rubber and plastic products, cosmetics and other chemical products, metal products and machinery, educational materials and sports equipment, printing materials, communication and office equipment, medical kits, optical instruments and appliances, biscuits, confectioneries and other food processing, pharmaceutical products and ship building and repairs are just some allowed in Free Trade Zone.
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