Free trade zones in Nigeria

Free trade zones in Nigeria

Free Trade Zones in Nigeria are the best options for businessmen and women. They were created to provide fewer restrictions for import into the country! Therefore, a free trade zone can be your chance to set up business connections with foreign traders. Let`s take a look at the free trade zones phenomenon.

free trade

Free Trade Zone

Free Trade Zone

Free Trade Zone is considered as an enclave in the country. It`s still regulated by the laws of Nigeria, but they are less strict than in other zones. Any free trade zone can receive a shipment of goods without paying the import duties.

A free trade zone is developed for attracting foreign direct investment into a country. This scheme has been practiced in advanced economies. It was established by the Nigeria Export Promotion Zone Authority. There have been 33 free trade zones established in the country. Every trade zone has its own specifics and specialty.

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List of Free Trade Zones in Nigeria - Top 15 Operational Zones

List of Free Trade Zones in Nigeria - Top 15 Operational Zones

The following financial zones are currently operational in Nigeria. They can provide the biggest and the newest markets for Nigeria. They also have special withholding tax rates in Nigeria.

1. Oils Integrated Logistics Services Free Trade Zone

This trade zone is located in Lagos and was established in 2004. The developer of this trade zone is the Private Oil Field Industry Support Service Ltd. It occupies the land size over 1000 Hectares. This Free Trade Zone is specialized in the services for oil repairs, logistics, and marine.

2. Olokola Free Trade Zone

Olokola Free Trade Zone is located in Ondo and was established in 2004. The developer of this trade zone is the State Government. It occupies a land size over 10500 Hectares. This Free Trade Zone specialises in the manufacture of oil and gas.

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3. Lagos Free Trade Zone

Lagos Free Trade Zone is located in Lagos and was established in 2002. The developer of this trade zone is the Eurochem Technology, Singapore. It occupies a land size over 200 Hectares. This Free Trade Zone is focused on the manufacturing of oil and gas.

4. Ibom Science

Ibom Science is located in Akwa Ibom and was established in 2006. The developer of this trade zone is the State Government. It occupies the land size over 120 Hectares. This Free Trade Zone specialises in Science and Technology.

4. Ibom Science

5. Lekki Free Zone

Lekki Free Zone is located in Lagos and was established in 2008. The developer of this trade zone is the State Government. This Free Trade Zone is focused on logistics and manufacturing.

6. Ogun Guandong FT Zone

Ogun Guandong is located in Ogun and was established in 2008. The developer of this trade zone is the State Government. It occupies a land size over 10000 Hectares. This Free Trade Zone is focused on manufacturing.

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5. Lekki Free Zone

7. Sebore Farms EPZ

Sebore Farms EPZ is located in Adamawa and was established in 2001. It occupies a land size over 2000 Hectares. This Free Trade Zone is specialized in manufacturing, petrochemical and oil&gas manufacturing.

8. ALSCON EPZ

ALSCON EPZ is located in Adamawa and was established in 2004. The developer of this trade zone is the Federal Government. It occupies a land size of over 800 Hectares. This Free Trade Zone is specialized in manufacturing.

9. Airline Services EPZ

8. ALSCON EPZ

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Itis located in Lagos and was established in 2003. This Free Trade Zone is specialises in packaging and food processing.

10. Lado Logistics Free Trade Zone

Lado Logistics Free Trade Zone is located in Lagos and was established in 2006. The developer of this trade zone is the GRML. This Free Trade Zone specialises in the area of oil&gas and logistics.

10. Lado Logistics Free Trade Zone

11. Maigatari Border Free Zone

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Maigatari Border Free Zone is located in Jigawa and was established in 2000. The developer of this trade zone is the State Government. It occupies a land size over 214 Hectares. This Free Trade Zone is focused on manufacturing and warehousing.

12. Snake Island International Free Trade Zone

Snake Island International Free Trade Zone is located in Lagos and was established in 2005. The developer of this trade zone is Nigerdock PLC. It occupies a land size over 59 Hectares. This Free Trade Zone specialises in steel manufacture.

12. Snake Island International Free Trade Zone

13. Tinapa Free Zone and Resort

Tinapa Free Zone and Resort is located in Cross River and was established in 2005. The development of this trade zone is done by the State Government. It occupies a land size over 265 Hectares. The specialisation area is tourism and resorts.

14. Kano Free Trade Zone

Kano Free Trade Zone is located in Kano and was established in 1998. The developer of this trade zone is the Federal Government. It occupies a land size of over 460 Hectares. Its area of specialisation is warehousing, services, logistics, and manufacturing.

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International Free Trade Zone

15. Calabar Free Trade Zone

Calabar Free Trade Zone is located in Cross River and was established in 1992. The developer of this trade zone is the Federal Government. It occupies a land size of over 220 Hectares. This Free Trade Zone is specialized in manufacturing of oil&gas and logistic services.

List of Under Construction or yet to commence Free Trade Zones

List of Under Construction or yet to commence Free Trade Zones

- Enugu Industrial Park;

- Ondo Industrial City;

- Centenary City;

- Ogogoro Industrial Park;

- Nigeria International Commerce Park;

- Nigeria Aviation Handing Company;

- Ogindigbe Gas Revolution Industrial Park;

- Badagry Creek Integrated park;

- Ibom Industrial Free Zone;

- Oluyole Free Zone;

- Koko Free Zone;

- Kwara Free Zone;

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- Imo Guangdong Free Zone;

- Specialized Railway Industrial;

- Banki Border Free Zone;

- Brass LNG Free Zone;

- Living Spring Free Zone;

- Abuja Tech Village Free Zone.

Benefits of Free Trade Zones in Nigeria

Benefits of Free Trade Zones in Nigeria

A Free Trade Zone can accumulate direct foreign investments! It`s one of the crucial factors for the survival of the country. At the same time, foreign traders can expect to pay new duties according to the Nigerian tax law! It`s a win-win situation for both parties.

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Source: Legit.ng

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