Take advantage of Free Trade Zones

Free zones are special economic zones in a country where there is minimal to no interference from Federal, state and local government authorities.

It is heavily driven by the private sector, so lots of the bottlenecks and bureaucracy involved in commerce - exports and imports and local trade is bypassed.

As a result, free zones are largely attractive to international and local investors and drive massive foreign direct investment (FDI).

Nigeria has some of such free zones like;

• Eko Atlantic
• Alaro city
• Free Trade Zone by LFZDC (Lekki Free Zone Development Company)
• Dangote Refinery

Some of the benefits of the companies located in these special economic zones - Free zones called Free Zone Enterprises (FZEs) include:

• Zero withholding tax on dividends.
• Zero corporate income tax on free zone income.
• Zero VATs on purchases made within the free zone.
• Zero custom duties on imports
• Exemption of Fx controls and de-dollarization policies.
• No strikes, long stay of goods in the ports.

The largest Deep-Sea Port in West Africa is currently under construction and located to the south of the Free Zone by Lekki Free Zone Development Company (LFZDC).

A bridge links Alarocity; another Free zone; to other Free zones namely Dangote Refinery and the Freezone by LFZDC.

Already, there are a combined number of 300 private businesses in Eko Atlantic, Alaro City, Free Trade Zone by LFZDC; that are registered free zone enterprises in the different Free zones in Lagos already poised to benefit from these amazing benefits.

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