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INVESTMENT PROCEDURES WITHIN THE NIGERIA EXPORT PROCESSING ZONES (EPZ)
...Continued
A plan of the building shall be submitted to the Authority for approval. The land lease contract shall be signed within 2 months after allocation of land. The area occupied by such building shall be between 60%-70% of the leased land and construction shall start within 3 months after signing the lease contract.
iv) With condition(s) in (iii) fulfilled, the investor may proceed to carry out the following:
Remittance of Investment Capital through banks in the zone and notify the Authority on arrival.
v) When the factory building is ready, investor(s) may bring in machinery for installation and workers employed. Therefore, the Authority shall be required to carry out pre-inspection, and if found satisfactory, a certificate to commence production will be issued.
vi) Companies intending to sell the permitted 25% of their total production in the domestic market will be required to notify the Authority for necessary documentation and payment of appropriate levies and charges as applicable.
vii) The company shall apply to the Authority for assessment of invested capital for later repatriation purposes. This is applicable to companies which are 100% foreign owned and those with part foreign equity participation only.
INVESTMENT REQUIREMENTS
1. Industries must be guaranteed to be environmentally friendly.
2. At least 75% of total products to be exported.
3. Maximum of 25% of products can be exported to the customs territory on payment of appropriate levies and duties.
4. Minimum investment capital outlay is 500,000 US Dollars or its Naira equivalent.
TYPES OF INDUSTRIES PERMISSABLE IN NIGERIA EXPORT PROCESSING ZONES
- Electrical and Electronic Products
- Leather Products
- Plastic Products
- Petroleum Products
- Rubber Products
- Cosmetics
- Garments
- Chemical Products
- Metal Products
- Educational Materials and Equipment
- Communication Equipment and Materials
- Sports Equipment and Materials
- Machinery
- Handicraft
- Optical Instruments and Appliances
- Medical Kits and Instruments
- Biscuits and Confectionaries
- Printed Materials, Office Equipment and Appliances
- Paper Materials
- Food processing
- Pharmaceutical Products.
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