Lagos Free Trade Zone Lagos Free Trade Zone is located in Lagos and was established in 2002. By choosing Healy Consultants you are laying the perfect foundations. It occupies a land size of over 460 Hectares. Built-up area should not exceed 70% of the leased land, and construction should start within 3 months after execution of the agreement. Setting up free zones in Nigeria does make economic sense.
The Kano industrial cluster, which specialises in leather production, faces due to the absence of quick and reliable transportation facilities to deliver their products from the hinterland to finished leather goods producers in other parts of the country or port cities for export. In order to lessen the difficulties caused by the various import restrictions, the free trade zone idea was initiated. Commodity prices are volatile, making economies that rely on their export vulnerable. The developer of this trade zone is the State Government. Often they have relaxed jurisdiction of customs or related national regulations.
Obviously, this significantly reduced patronage to businesses located there. See also: and In special economic zones business and trades laws differ from the rest of the country. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. The Zone is run directly by the Government of India. Some of these incentives are listed below. A key problem is the lack of a stable electrical supply in the country, as well as the road and rail networks being sparse and poor.
Remit your investment capital through banks located in the Zone which will in turn issue a Certificate of Capital Importation. We need to pay attention to the dominant sectors against the weaker sectors. On Sunday, Nigerian President Muhammadu Buhari at the signing ceremony. The African Union wants to change this and launch the world's largest free trade area. The policy has proven successful , and as is so often the case, poor implementation appears to be holding Nigeria back.
Chinese companies will use the facility to manufacture goods for export throughout Africa. Upon receipt of these documents, the Authority will conduct a due diligence to evaluate the legitimacy of the proposed venture. He pointed out that the agreement contains provisions that would come into force in such cases. The idea of free trade zone is meant to encourage world trade, limit trade restriction and promote employment. Government has designed the process to be as streamlined and user friendly as possible. It was established by the Nigeria Export Promotion Zone Authority. Many international airports have free ports, though they tend to be called customs areas, customs zones, or.
For comparison purpose, bonded warehouses are similar to free trade zones in concept only that they are usually smaller. If you have already purchased this Report or have a website subscription, please login to continue. There are currently four oil and gas free zones in Nigeria The dream of the Oil and Gas Free Zones Authority is to be the regulator of reference that can compare with regulators of free trade zones in other jurisdictions such as Singapore, Malaysia, Dubai, etc. Soare, Ionica, and Nechita, Daniela. The process is just that easy! It occupies a land size over 214 Hectares.
Crucially, the overarching and all-encompassing focus and basis of the zone is facilitating logistics, says Chairman Olusegun Jawando of the Lekki Free Zone Development Company in an exclusive interview with World Finance. This Free Trade Zone is focused on the manufacturing of oil and gas. Therefore, a free trade zone can be your chance to set up business connections with foreign traders. Private Sector participation and partnership with the Federal Government and other tiers of government has helped spread the scheme. Choose from the options below to purchase print or digital editions of our Reports.
From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. This would be ideal for manufacturing plants that could not otherwise survive in the face of erratic or costly power supply. Maigatari Border Free Zone Maigatari Border Free Zone is located in Jigawa and was established in 2000. Some of the companies above are not operational yet. Industry preparedness The Nigerian Aviation Handling Company Nacho and Skyway Aviation Handling Company Sahco Plc are taking the lead in making the requisite investments to take advantage of the Free Trade Zones to be established in Nigerian airports. But rather than trying to tackle individual issues, the government could focus on addressing the most pressing challenges for a few industries at a time to speed up their growth in the short-term.
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. Dunarea de Jos Uiniversity of Galati. It is at this point that the Free Zone will discuss your location on site with you and assign and reserve a space for you. It offers easy access to the existing international airport and sea port of Lagos. Second, governments are then able to analyse the impact of the zone and draw lessons on what to do next. It is encouraging that the Nigerian Government has introduced crucial economic reforms to ease doing business and it is suggested that special attention be paid to Free Trade Zones to position them within the ambits of modern global practices of doing business.