Lagos Free Zone to boost Nigeria’s GDP by 2 percent

Business experts have expressed confidence in the Lagos Free Zone (LFZ), capacity to contribute around two percent of Nigeria’s Gross Domestic Product (GDP) when fully developed.

Experts stated this during a virtual investor showcase by the Common Wealth Enterprise and Investment Council (GDP), to host the Lagos Zone as its newest strategic partner.

According to them, when fully developed, LFZ, an 830-hectare development integrated within the Lekki Deep Sea Port, will also host more than 100 major businesses.

The port will be the deepest port in Nigeria, and one of the most modern in Africa, owned and operated by the Singapore-based Tolaram Group. The current master plan divides the LFZ into industrial, logistics and mixed-use areas, supported by world-class infrastructure, facilities and services.
The Group had expressed the Zone’s commitment to enhanced ease of doing business in Nigeria.

It also promised that the zone will provide a work-live-play ecosystem designed to ease doing business in Nigeria and West Africa. Speaking, the General Manager, Strategic Marketing and Business Development at LFZ, Tejaswi Avasarala, noted that Nigeria is one of Tolaram Group’s “key investment destinations” where the group drives its businesses.

Avasarala said: “The Zone has expertise in developing end-to-end value chains for multiple products in Nigeria, and have been in the country for the past four and a half decade, and have grown with Nigeria and successfully developed and built brands that have testimonies to our experience and expertise in the country.”
“We have positioned ourselves as a trusted partner for global brands in Nigeria, like Kellogg’s (USA), Colgate (USA), Salim Group (Indonesia), Arla Food (Denmark), BASF (Germany) and SBS LFTZ (Nigeria).”

Commenting, the Chief Executive Officer, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, said: “The fact that the Toloram Group, promoters of the Lagos Free Zone are active investors in Nigeria, underscores not only the fact that they know what the challenges are, but the success the Group has recorded in operating in Nigeria also demonstrates that it is possible to undertake good business and be successful even in a challenging market.”