Snake Island Integrated Free Zone and Port Development was established to achieve economic efficiencies that would provide registered enterprises the platform to compete at globally competitive levels. The Free Zone was founded under the Nigeria Export Processing Zones Authority Act No. 63 of 1992 and associated Procedures, Regulations & Operational Guidelines issued by the Nigerian Export Processing Zones Authority (NEPZA).
Registered Free Zone Enterprises benefit from duty free import of raw materials, components, equipment, machinery and spare parts and have exemption from all Federal, State, and Local Taxes and Levies including Value Added Tax. Other benefits include no pre-shipment inspections, on-site customs processing, on- site processing of the Combined Expatriate Residence Permit and Aliens Card (CERPAC) and other significant fiscal and operational benefits.