The Nigerian Export Processing Zone Authority (NEPZA) has licensed three new Free Trade Zones (FTZs) in Lagos State. Managing director of the agency Emmanuel Jime disclosed this in a statement.
“Under my stewardship, we have so far been able to licence three new industrial parks the Nasco Town Free Zone, Quit Aviation Services Free Zone, and the Tomaro industrial park
.The Nasco Town Free Trade Zone is located along the Lagos Badagry expressway. Tomaro industrial park is located in Tomaro island, off the popular Tarkwa Bay in Amuwo-Odofin local government.
What is a free trade zone ?
A free trade zone is an area within which goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities.
Advantages of a free trade zone
Free trade zones are usually a kick starter for industrialization as they benefit from a lack of customs regulations, as well as the presence of necessary infrastructure.
Why this big news
Lagos State will benefit from the newly established zones in several ways. Investors will establish companies in those zones, thus creating new jobs. Host communities for these zones will also experience development, as the companies tend to provide amenities and infrastructure to ease their operations.
The newly established free trade zones, are also along fast growing industrial corridors in the state. Lagos State urrently has the highest number of free trade zones in the country, though several of them are currently inactive.
NEPZA was established by Decree 63 of 1992 during the Ibrahim Babangida administration. NEPZA’s functions include the establishment and regulation of free trade zones, approval of their development plans, the supervision and co-ordination of the functions of various public sector and private sector organisations operating within the Zones and resolving any dispute that may arise amongst them.