Construction of the Lekki Free Trade Zone in Lagos State
Locating in any free trade zone (FTZ) in Nigeria automatically confers on the investor certain locational advantages as well as very generous incentives.
Some of the benefits of doing business in a Nigerian FTZ are:
Relative proximity to major markets in Africa, Europe and America.
Large domestic market for the 25% of production that FTZ producers can sell in the Customs Territory.
Favourable quotas on certain products exported from Nigeria to the European Union
(EU) and the United States.
Made in Nigeria products enjoy preferential tariffs concessions in the EU.
Abundant supply of skilled labour at very competitive rates.
In addition to the above, Nigeria's FTZ regulatory regime is liberal and provides a conducive environment for profitable operations. The incentives available are among the most attractive in Africa and compares favourably with those in other parts of the world. These include:
Exemption from all federal, state and local government taxes, levies and rates.
Approved enterprises shall be entitled to import into a zone, free of customs duty on capital goods, consumer goods, raw materials, components and articles intended to be used for purposes of and in connection with an approved activity.
Freedom from legislative provision pertaining to taxes, levies, duties and foreign exchange regulations.
Repatriation of foreign
capital on investment in the zone at any time with capital appreciation of the investment.
100% foreign or local ownership of factory allowable.
One stop approvals which grant all licenses whether or not the business is incorporated in the Customs Territory.
Unrestricted remittance of profits earned by investors.
Permission to sell 100% of total production in the domestic market.
No import or export license.
Rent free land at construction stage, thereafter rent shall be as determined by the management of the zone. Foreign managers and qualified personnel may be employed by companies operating in the zones.
Operations within a zone shall commence on the date when the constructions of the perimeter fence and gate have been completed and the Authority has declared it so.
The table below is list of current free trade zones, border free zones and export processing zones