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The Authority is Nigeria's Investment Promotion Agency for investment into the Free Zone areas in Nigeria . The licensing, monitoring and regulation of Free Zones Scheme in Nigeria is vested on the Nigeria Export Processing Zones Authority by the Nigeria Export Processing Zones Act 63 of 1992.
Several factors are responsible for the adoption of Free Zones Scheme in Nigeria , amongst which are the diversifications of the revenue base of the economy, employment generation and to encourage export through local production.
Several factors are responsible for the adoption of Free Zones Scheme in Nigeria , amongst which are the diversifications of the revenue base of the economy, employment generation and to encourage export through local production.
The enabling Act also confers on the Authority the power to approve and grant all licenses and permits to the exclusion of all other Agencies, enforce obedience and compliance to rules and regulations. In effect, the Act is an omnibus law, which permits the Authority and its Board the power to define the policy directions and provide a One-Stop-Shop business transaction without bureaucracy.
The idea of setting up Free Zones in Nigeria dates back to the early seventies, when evidences of the efficacy of the scheme began to show in the Far East and the Caribbean. This now prompt the Federal Government commissioned the United Nations Industrial Development Organization (UNIDO) to conduct further investigation on the viability of immediate establishment of an Export Processing Zone in Calabar and identify other locations suitable for the scheme.