Payment of 30% balance at the end of the 10th year.

5.Leasing of serviced plots

Down payment of 40% on completion of factory building;

30% at the end of the 5th year;

30% at the end of the 10th year.

Construction must be completed within a period of one year, which can be extended for another 6 months. 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.

4.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.

5.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.

6.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.

7.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 lease 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 Permissible 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 Confectioneries

 Printed Materials, Office Equipment and Appliances

 Paper Materials-

 Food Processing

 Pharmaceutical Products            <Page 5>