The Aerial View of Lagos Free Trade Zone: Ibeju Lekki

A Free Trade Zone is an area set aside for special economic activities. It is where a good may be landed, handled, manufactured, or reconfigured, stored, and re-exported without intervention about customs duties. This means it is a place where trade activities can be carried out without delays from customs authorities.

However, only goods that are moved out of the Free-trade zone are subjected to customs duties. The Free-trade zones are usually built around major international airports, seaports or areas with geographical trade advantage. The goal is to eradicate the hindrances to trade caused by complex regulations and high tariffs from the seaport, airport, or other borders.




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