FEDERAL EXECUTIVE COUNCIL APPROVES FREE ZONE LICENSE FOR ENYIMBA ECONOMIC CITY

The Federal Executive Council on September 12, 2018 approved the status of Enyimba Economic City as a Free Trade Zone.

Enyimba Economic City is also a Special Economic Zone (SEZ) under the Made in Nigeria for Export (MINE) programme of Federal Government of Nigeria. It is being developed through a Public-Private Partnership (PPP) of a successful entrepreneurial company represented by Crown Realties Plc, Abia State Government and Federal Government of Nigeria, with private sector providing leadership.

With the declaration of September 12, 2018, an investment within the city will automatically benefit from complete holiday from all federal, state and local government taxes, rates, and levies, duty free importation of capital goods, machinery/components, spare parts, raw materials and consumable items in the zones.

Others include 100% foreign ownership of investments, 100% repatriation of capital, profits and dividends, waiver of all imports and export licenses, waiver on all expatriate quotas for companies operating in the zones, 100% capital allowance in any year of assessment.

Furthermore, benefits such as up to 100% on export into the Nigerian customs territory of product produced, assembled or packaged within the Zones; Tax exemption on proceeds re-invested, tax exemption on gain arising from take-overs, absorption or merger, double taxation relief, tax exemptions on interest on bonds and short-term securities, and proceeds of the disposal of Government and corporate securities.

These benefits are in addition to those of Abia State Government which exempts any territory recognized as a Special Economic Zone in the State from all revenue drivers by State Ministries, Departments, Agencies and or Local Government or Agents.

With the above and various other attributes, Enyimba Economic City will soon become the most preferred investment destination in Nigeria for a long time.