Glossary
Everything you need to know about Itana, setting up a business in Africa, real estate opportunities, and more!
| Term | Definition |
|---|---|
Free Zone Management Company (FZMC) | An entity registered under NEPZA that serves as an operator in a free zone with the ability to admit enterprises into a free zone. It also serves as an intermediary in offering certain services to enterprises registered in the free zone. |
Free Zone Enterprise (FZE) | An entity registered under NEPZA through the FZMC with the ability to carry out business activities within a free zone. |
Operating License (OPL) | A license issued to a FZE by the FZMC to carry out business activities within a free zone. It is usually renewed annually with the FZMC. |
Certificate of Registration | A certificate issued by NEPZA to an enterprise registering in a free zone. Whilst the certificate is issued by NEPZA, the FZMC shares the certificate with the enterprise as proof of registration to become a FZE. |
Nigeria Export Processing Zones Authority (NEPZA) | This is the Authority responsible for regulating all activities across Special Economic Zones in Nigeria. |
Gazette | An official publishing of information in a Government preferred publication or format. Examples include; regulations, laws, etc. |
One Stop Shop | A digital platform that allows FZE to access various public services which include; business registration, visa application process, banking and others. |
Activities | This is specifically related to business activities within the free zone |
Zone Administrator | This is a NEPZA administrator stationed within free zones providing support to FZE operating under these free zones. Their support are carried out through interactions with both FZMC and NEPZA |
Nigeria Startup Act | This is a legislation signed into law on 19th of October 2022. It is focused on supporting technology startups by creating an enabling environment in order for these startups to harness the potential of Nigeria’s digital economy. Some of the content of the Act include; Seed Investment Fund, Establishment of Technology Development Zones, Tax and Fiscal Incentives and others. |
Digital Free Zone | This is specifically related to business activities within the free zone |
Digital Economy | This is specifically related to business activities within the free zone |