Articles Tips for The Average Joe

Business In Nigeria NEPZA or the Nigerian Export Processing Zones Authority, regulates, manage and license the Free Zones in Nigeria. NEPZA is actually a Federal Government Agency that was established in the year 1992 through Nigeria Export Processing Zones Act 63, of 1992. Basically, it is the responsible of the agency to facilitate and promote local as well as international investments to Free Zones in Nigeria. As a matter of fact, the scheme was organized by the Nigerian government to be able to guarantee the continuous development of investment climate in their nation, specially by stimulating export type business activities via friendly economic policies. NEPZA administers different incentives ranging from Free Trade Zones, Export Farms, Border Free Zones, Science and Technology Parks and Export Processing Zones as well as Resort and Tourism Centres. Businesses that are located to any of the said projects in Nigeria is conferring automatically upon the owners certain incentives; truth is, this have been designed intentionally by Nigeria’s Federal Government for the investors to achieve profitability in shorter period of time while being competitive. 100 percent production could be sold in Customs Territory against valid permit; legislative provisions that pertain to levies, taxes, foreign exchange and duties shall not apply; duty free importation of machinery, capital goods, raw materials, consumable items and spare parts into the zone; waiver on all the expatriate quotas; waiver of all licenses regarding imports and exports; a hundred percent of repatriation of capital, dividends and profits and have 100 percent foreign ownership of the investments are just some of the incentives that the operators can acquire.
The Ultimate Guide to News
The cost of import duty on processed goods that are assembled or processed and exported to Nigeria Customs Territory ought to be the rate of duty applicable to raw materials. Companies operating in the country may use banking services in Nigerian Customs Territory. The thing is, they aren’t allowed to have accessibility on foreign exchange in official market.
Smart Tips For Finding Articles
For companies in Nigeria Customs Territory, it is critical for them to complete the Form “M” if they have plans of importing from the said zone but for companies engaged to imports, they’re not required to complete Form “M”. There are many different industries that are permissible in free trade zones 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.