What is the function of Nepza?
They establish, license, regulate and operate highly efficient Free Zones by providing a highly competitive incentive scheme, excellent support facilities and service for the purpose of creating an enabling environment for export manufacturing and other commercial activities.
What is free zone in Nigeria?
A free-trade zone is a class of special economic zone. It is a geographic area where goods may be landed, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation and generally such goods are not subject to customs duty.
What is export promotion zone?
An Export Processing Zone (EPZ) is a Customs area where one is allowed to import plant, machinery, equipment and material for the manufacture of export goods under security, without payment of duty.
Who is the MD of Nepza?
Prof. Adesoji Adesugba
The Managing Director of Nigeria Export Processing Zones (NEPZA), Prof. Adesoji Adesugba, has expressed appreciation to the Association of Local Government Vice Chairmen of Nigeria over the conferment of its coveted” Award of Excellence” on the Chairman, NEPZA board, Hon. Adamu Abdu Fanda on Thursday in Abuja.
When was Nepza established Nigeria?
1992
NEPZA was established in 1992 following the enactment of the Nigeria Export Processing Zones Act 63, of 1992, with the strategic mandate of promoting and facilitating local and international investments into Nigeria’s licenced Free Trade Zones/Special Economic Zones.
Who is Professor adesoji Adesugba?
Adesugba is the founder and the Provost at the Business Entrepreneurship Skills and Technology (BEST) Centre and a Vice President at the Abuja Chamber of Commerce and Industry (ACCI). Prof.
Who owns Lekki free trade?
The largest oil refinery in Africa, a fertilizer plant, petrochemical plant and a sub-sea gas pipeline project is under construction by African richest man, Alhaji Aliko Dangote, and valued at $17 billion.
Who owns Lagos Free Zone?
Tolaram Group
Lagos Free Zone (owned and developed by Tolaram Group) is an 830 ha. development located in the Lekki axis – the sunrise development corridor in Lagos State.
How many EPZ are in India?
All the eight Export Processing Zones (EPZs) located at Kandla and Surat (Gujarat), Santa Cruz (Maharashtra), Cochin (Kerala), Chennai(Tamil nadu), Visakhapatnam (Andhra Pradesh), Falta (West Bengal) and Noida (U.P.) have been converted into Special Economic Zones.
How many export processing zone are in Nigeria?
The Nigeria Export Processing Zones Authority (NEPZA) is the federal agency responsible for promoting and facilitating local and international investments into the 34 licenced Free Export Processing Zones (EPZ) in Nigeria.
How many free trade zones are in Lagos?
9
At 3,577Km, Lagos State hosts 9 (nine) FTZs in Nigeria.
What is SEZ and EEZ?
A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The economic regulations of special economic zones (SEZs) tend to be conducive to—and attract—foreign direct investment (FDI).
Which is the first export processing zone in India?
Kandla
India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965.
What types of operations can be performed in an FTZ?
Here is a list of activities that are permitted in an FTZ:
- Product Assembly.
- Product Testing.
- Sampling.
- Package Relabeling and Repackaging.
- Product Manufacturing.
- Product Storage.
- Merchandise Consolidation.
- Breakdown of shipments into separate deliveries.
Who owns Lekki free-trade?
What does NEPZA stand for?
The Nigeria Export Processing Zones Authority (NEPZA) has solicited the intervention of the National Assembly for a… The Managing Director and Chief Executive Officer of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji…
What is in the updated regulations for NEPA?
The updated regulations incorporate elements of the One Federal Decision policy, codify certain case law and CEQ guidance, revise the regulations to reflect current technologies and agency practices, eliminate obsolete provisions, and improve the format and readability of the regulations. NEPA Implementing Regulations Desk Reference (2020)
What are the rights of a free zone enterprise?
A Free Zone Enterprise may grant any security interest permitted under the laws of Nigeria from time to time to any creditor in security for any debt or other obligation incurred or to be incurred by or binding upon the Free Zone Enterprise or any other person.
What is CEQ doing about the NEPA regulations?
In July 2020, CEQ made wholesale revisions to the NEPA regulations for the first time in more than 40 years. CEQ is now engaged in a comprehensive review of the 2020 rule pursuant to E.O. 13990 (January 20, 2021). In its regulatory agenda, CEQ announced a phased approach to amending the NEPA regulations.