Investments in free trade zones now $8b – Officials

Officials of the free trade zones (FTZ) have disclosed that economic activities in the country’s FTZ presently stand at $8 billion.

The officials disclosed this during a media tour of the free trade zones in Lagos, adding that the four located in the state have contributed to national development in the last 12 years, while encouraging more international investors.

The four zones in Lagos State are Alaro City, Lagos Deep Offshore Logistics, Lagos Free Trade Zone and the Lekki Free Trade Zone.

The media tour was organised by the Nigeria Export Processing Zones Authority (NEPZA) which said so far, $2.5billion was attracted to develop the Lagos FTZ.

It also said that the Lekki FTZ reached $4billion in attracted investment, while $1billion has been invested in the development of Alaro City and $500million to develop LADOL, a privately owned logistics and engineering facility.

According to NEPZA, free zones create an enabling environment targeted at boosting economic growth and development of export-oriented manufacturing in the non-oil sector of the economy.

The Managing Director NEPZA, Olufemi Ogunyemi had earlier said the country’s free zones, numbering 46 licensed zones in 2022, have provided 38,429 direct employment jobs and an additional 172,930 indirect jobs as of the end of 2023.

The Manager, Business Development and Marketing, Chinju Nwankwo-Udora, Lagos Free Zone also spoke at the event.

Nwankwo-Udora said the zone, established in 2012 has achieved remarkable accomplishments through world-class infrastructure to enable ease of doing business for its investors.

She added that it presently accommodates 30 registered and operational companies with plans to attract 150 companies in the coming years.

“The Lagos Free Trade Zone has contributed about $2.5billion in committed investments and employed investments. These include the Lekki ports project which was $1.2billion, the land acquisition of the free zone and other factories that have been set up and infrastructure we have put in place till date,” Nwankwo-Udora said.