| Summary: |
The free zone scheme is fairly common around the world especially within the so-called less industrialized economies. However, the free zone framework has been shrouded in myths and has also not yielded expected industrialization outcomes for the developing economies like Nigeria. This paper interrogates the legal, regulatory, fiscal and financial framework of free zones schemes in Nigeria. It adopts both descriptive and explanatory methodologies; in providing conceptual clarification for the zone construct, the paper describes and explains the operational realities surrounding free zone management and governance within the country. It finds that the free zones in Nigeria, however labeled, are uniquely designed and applied legal cum policy enclaves whose legislative and regulatory regime are stilled riddled in with needless ambiguities. Following the said finding and towards realizing investment growth and sustainable development for both the investment hubs and other areas within the host country the article proposes a few policy reforms and regulatory amendments to zone governance and operations in Nigeria.
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