Nigeria
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the company would be permitted to redeem specified dollar-denominated<br />
promissory notes and use the proceeds to finance the local costs of its<br />
<strong>Nigeria</strong>n projects.<br />
6. Approved User Scheme<br />
Manufacturers of certain items for which imported raw materials are required<br />
may be granted either a concessionary rate of or complete relief from, import<br />
duty for a period not exceeding three years. To qualify for relief the importer<br />
must comply with certain statutory requirements.<br />
7. The Duty Drawback Scheme<br />
Under this Scheme importers can claim a refund of import duty paid on goods<br />
used to manufacture products for export. This Scheme was set up under the<br />
Customs and Excise Management Drawback (Customs) Regulations, Chapter<br />
C45, LFN 2004.<br />
8. Downstream Gas Sub-sector<br />
The CITA also provides specific incentives for companies that utilise gas.<br />
9. Export processing zones<br />
For special development purposes, the government has created export<br />
processing zones where manufacturing can be undertaken under conditions<br />
that exempt companies within a zone from all Federal, State and Local<br />
Government taxes, levies and rates. This in effect means that companies’<br />
income tax, value added tax, withholding tax, capital gains tax, customs<br />
duties and all state taxes and local government taxes, levies and rates<br />
will not apply to companies operating within an export processing zone.<br />
STRACHAN PARTNERS 33
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