THE IMPLEMENTATION OF FREE TRADE ZONE POLICY IN NIGERIA

Nigeria Export Processing Zones Authority (NEPZ) is the one-window agency responsible for licensing, approving, monitoring and regulating the activities of Free Trade Zones (FTZs) in Nigeria. The study evaluated the implementation of FTZs to find out whether its objectives are attained or not. Free Trade Zones are expanses of land with improved ports and or transportation, warehousing facilities, uninterrupted electricity and water supply, advanced telecommunications services and other amenities to accommodate business operations. The research work is carried out on three operational Free Trade Zones in the country, comprising of a Public, a Private and a Public Private Partnership Free Zone for the period 2012 - 2016. The methodology used for this research is the documentary method. Benefits-cost analysis is used to analyse the data. The net benefit of the policy is positive. The worthwhile of the policy exceeds the discounted value of the cost. This is comparable to the benefits/cost ratio being greater than one less than zero. The study revealed that the implementation of Free Trade Zones policy has made a positive impact on jobs creation and foreign direct investment in Nigeria. It concludes that the policy increase foreign direct investment, foreign exchange earnings, provided jobs. The study recommended that government should encourage the policy implementation of Free Trade Zones in the country. Also, Private, Public Private Partnership participation should be encouraged.