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‘Lagos Free Zone’ll unlock economic opportunities’

By Sulaimon Salau
14 November 2021   |   3:32 am
The Lagos Free Trade Zone (LFZ) has the potential to unlock economic opportunities for Nigeria by attracting foreign direct investment (FDI), stakeholders have said.

Lekki Free Zone

The Lagos Free Trade Zone (LFZ) has the potential to unlock economic opportunities for Nigeria by attracting foreign direct investment (FDI), stakeholders have said.

The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, and the Chief Executive Officer, Nigerian Exchange Group (NGX), Temi Popoola, during a visit, said the Free Trade Zone holds the key to Nigeria’s future.

Yuguda commended LFZ for already contributing immensely to the economy by attracting international brands like Kellogg’s (USA), Dano (Denmark), BASF (Germany) and Colgate (USA) to the Zone. 

He said: “Lagos Free Zone is enough to give domestic and international business communities the hope and courage to make valuable investments in Nigeria. You can imagine how much we spend traveling to buy goods abroad. With LFZ, I am convinced that we can transfer some of our demand to local production. I believe this is a bold step by Tolaram to bring back Nigeria’s industrial prowess”. 

He pledged SEC’s backing to ensure that LFZ remains attractive to investors and all other stakeholders. 

He said, “On the regulatory front, we would give you as much support as we can. This is where government needs to pay serious attention.  Policymaking can assist investors to produce goods and services that have the potential to increase the standard of living of our people. We will be your advocate in every respect”.   
   
The Chief Executive Officer, LFZ, Mr. Dinesh Rathi, described LFZ as the foremost investment destination for manufacturing and logistics sector in the country. 
   
He highlighted that Lekki Port, a project of national importance and the only deep seaport in Nigeria, is situated in Lagos Free Zone and will commence operations in the first quarter of 2023. 
   
He, however, sought government’s support for an enabling environment and proper infrastructure surrounding the Zone, noting that achieving this would go a long way in boosting investor confidence.