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FREE TRADE ZONE IN NIGERIA AND THE INVESTMENT OPPORTUNITY.
Just like the one stop shop idea was created to accelerate business activities in Nigeria, the idea of free trade zone is meant to encourage world trade, limit trade restriction and promote employment.
The idea of free trade zone is a well developed system of attracting foreign direct investment {FDI} into a country that has been in practiced in advanced economies and was introduced into Nigeria with the establish of the Nigeria Export Promotion Zone Authority { NEPZA} which as lead to the establishment of different free trade zones across the country.
Free trade zone is an enclave and not considered part of the country to which it is contiguous as far as import regulations are concerned. In order to lessen the difficulties caused by the various import restrictions, free trade zones were initiated. A free trade zone can receive shipment of goods for importation to be stored or processed without paying the required import duties until they leave the free trade zone area. Such functions as processing, repackaging, cleaning and regarding often take place in the zone before they leave for the domestic market or re-export.
Some of the benefits of doing in any of the free trade zones in Nigeria is given below
1. No import or export license required.
2. Unrestricted remittance of profit and dividends earned by investors in the zone.
3. 100% foreign ownership of enterprises in the zone allowed
4. 100% export of goods produced in the zone to any destination
5. Rent – free land during construction of factory space
Free trade zones stimulate export by giving the exporter who produces his product a hedge against duties on the raw materials used in the production.
Some of the business opportunities available in the free trade zones across Nigeria include
1. Supply of raw material
2. Provision of cleaning services
3. Freight Forwarding Services
4. Operating a cold storage facility
5. Providing warehouse facility
6. Security Services
For comparison purpose, bonded warehouses are similar to free trade zones in concept only that they are usually smaller.
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FREE TRADE ZONE IN NIGERIA AND THE INVESTMENT OPPORTUNITY.
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