Stakeholders to leverage free trade zone for new investments

To strengthen its position as the commercial nerve of the country, the Lagos State Government and promoters of the Lagos Free Zone (LFZ), have expressed optimism in attracting new investments into the State from the trade facility.

Having committed an investment of $2 billion, the LFZ noted that the hub is poised to attract an additional $5 billion over the next four years.

The Chief Executive Officer, Lagos Free Zone (LFZ), Dinesh Rathi stated this at the LFZ Ibeju-Lekki office during the official visit of the Governor of Lagos State, Babajide Sanwo-Olu and his cabinet members to the zone recently.

Rathi further explained that the zone, which was established in the year 2012 is being promoted by Tolaram Group, a leading conglomerate in Nigeria – that has already attracted about $2 billion committed investment to the Zone currently.

On the ease of doing business, he stated that the Lagos Free Zone (LFZ) is simplifying the entry & operations for foreign investors in Nigeria & by extension improving the EODB situation.

Speaking during the visit, the Executive Governor of Lagos, Babajide Sanwo-Olu lauded the management of the Lagos Free Zone and its promoters – Tolaram Group, for their commitment and investment in the zone which would boost the economy of the state and that of the nation.

He praised Lagos Free Zone for being one of very first settlers in the area and for making tremendous improvements and progress, in partnership with other international and local businesses and brands.

He also commended the LFZ for making the Nigerian youth part of the development conversation and creating opportunities for empowerment.

Sanwo-Olu noted that with over $2 billion already committed investment in the zone and the forecast of another $5 billion inflow expected within the next four years, the Lagos Free Zone is a key driver for the future of the economy of the state.

The Governor pledged that his administration would prioritize the issue of infrastructural development projects that would act as catalyst to speed up investments in the Zone.

Making a presentation to the Governor and his entourage, the Manager, Business Development & Marketing, Lagos Free Zone, Mrs. Chinju Udora explained that the Zone which is integrated with the Lekki Deep Seaport is strategically located 65KM south-east of Lagos City on 830 hectares of land and has already generated more than 10,000 direct and indirect jobs with 80,000 more jobs to be generated in the next 10 -15 years within industrial and services sector.

Udora described the zone as a 360 – degree ecosystem that would transform the way of doing business and strengthen Lagos’ position as the commercial nerve centre of West Africa.

She stated that the zone will comprise of 70% Industrial; 20% logistics and support services and 10% real estate to create a live, work and play environment in line with international best practices.