[BUSINESS NEWS] FEDERAL GOVERNMENT PROMISES TO PROVIDE INCENTIVES FOR OPERATORS IN FREE TRADE ZONES

MINISTER OF INDUSTRY, TRADE AND INVESTMENT, OKEY ENELAMAH, SAYS THE NIGERIAN INDUSTRIAL COUNCIL IS SET TO REVIEW FISCAL ARRANGEMENTS AND INCENTIVES FOR OPERATORS OF FREE TRADE ZONES .

THE MINISTRY’S SPOKESPERSON , BISI DANIELS, IN A STATEMENT ON WEDNESDAY, SAYS THE COUNCIL IS EMBARKING ON THE REVIEW WITH THE VIEW TO ENSURE COMPETITIVENESS OF GOODS PRODUCED IN THE FREE TRADE ZONES IN THE LOCAL AND EXPORT MARKETS.

DANIELS SAYS APPROVED ENTERPRISES WITHIN FEDERAL GOVERNMENT-OWNED FREE TRADE ZONES ARE ENTITLED TO CERTAIN INCENTIVES LIKE EXEMPTION FROM LEGISLATIVE PROVISIONS PERTAINING TO TAXES, LEVIES, DUTIES AND FOREIGN EXCHANGE REGULATIONS, FULL REPATRIATION OF FOREIGN CAPITAL INVESTMENT WITH CAPITAL APPRECIATION OF THE INVESTMENT AT ANY TIME, UP TO 100 PERCENT OF FOREIGN OWNERSHIP ALLOWABLE; AND NO IMPORT OR EXPORT LICENCES REQUIRED FOR OPERATIONS; AMONG OTHERS.