EXPORT INCENTIVES FOR NON-OIL SECTOR 

EXPORT PROCEEDS CAN BE RETAINED IN FOREIGN CURRENCY IN A DOMICILIARY ACCOUNT WITH ANY AUTHORIZED BANK IN NIGERIA.

A SPECIAL EXPORT DEVELOPMENT FUND HAS BEEN SET UP BY THE GOVERNMENT TO PROVIDE FINANCIAL ASSISTANCE TO PRIVATE SECTOR EXPORTING COMPANIES TO COVER A PART OF THEIR INITIAL EXPENSES IN SOME EXPORT PROMOTION ACTIVITIES, INCLUDING TRAINING COURSES, SYMPOSIA, SEMINARS AND WORKSHOPS, EXPORT MARKET RESEARCH, ADVERTISING AND PUBLICITY CAMPAIGNS IN FOREIGN MARKETS, TRADE MISSIONS, ETC.

THERE IS ALSO AN EXPORT ADJUSTMENT FUND SCHEME WHICH SERVES AS SUPPLEMENTARY EXPORTS SUBSIDY TO COMPENSATE EXPORTERS FOR THE HIGH COST OF LOCAL PRODUCTION ARISING MAINLY FROM INFRASTRUCTURE DEFICIENCIES, AND OTHER NEGATIVE FACTORS BEYOND THE CONTROL OF THE EXPORTER.

FINALLY, NIGERIAN GOVERNMENT ESTABLISHED IN I991, AN EXPORT PROCESSING ZONE (EPZ), WHICH ALLOWS INTERESTED PARTIES TO SET UP INDUSTRIES AND BUSINESSES WITHIN DEMARCATED ZONES, WITH THE OBJECTIVE OF EXPORTING THE GOODS AND SERVICES MANUFACTURED OR PRODUCED WITHIN THE ZONES.

CALABAR IN CROSS RIVER STATE HAS BEEN DESIGNATED AS THE PRIMARY EPZ TERRITORY IN NIGERIA. INCENTIVES WITHIN THE TERRITORY INCLUDE, TAX HOLIDAY RELIEF; UNRESTRICTED REMITTANCE OF PROFITS AND DIVIDENDS EARNED BY FOREIGN INVESTORS; NO IMPORT OR EXPORT LICENSES ARE REQUIRED; UP TO 100% FOREIGN OWNERSHIP OF ENTERPRISES; SALE OF UP TO 25% OF PRODUCTION IS PERMITTED IN DOMESTIC MARKET; ETC, 

ALL EXPORTS UNDER THE NIGERIAN VALUE ADDED TAX (VAT) SYSTEM IS ZERO-RATED AND DIVIDENDS RECEIVED FROM INVESTMENT IN EXPORT-ORIENTED BUSINESSES ARE TO BE FREE OF TAX.