Owners of the Lagos Free Zone (LFZ) have stated that its investment in the LFZ is expected to hit over $3.5 billion in 2024.
According to them, the move is a clear demonstration of its commitment to the Nigerian economy, adding that over $2 billion has been expended so far in the LFZ project.
The Managing Director and Chief Executive Officer, LFZ, Mr. Dinesh Rathi, at a media parley to hint newsmen over the level of progress made so far said over 30 per cent of the zone has been developed so far with plans to take the development to 35 per cent by the end of 2024.
He said the LFZ is Nigeria’s first private owned free zone that aims to be the most preferred industrial hub in West Africa with world class-infrastructure, facilities and services.
He noted that the zone is open to business and has readily available infrastructure such as warehouse standard factory, police station, truck park, compressed natural gas, medical facility, residential apartments and retail banks.
“We believe that with the African Continental Free Trade Agreement (AfCFTA) with a market of over 1.2 billion people, Nigeria is the best place to set up investment due to its large population. We are very optimistic going forward,” he said.
Rathi said the goal of the project is to strengthen Nigeria’s position as a commercial centre and preferred industrial hub in West Africa with world-class infrastructure, facilities and services.
Highlighting the benefits of the zone, the LFZ boss said operating in the zone guarantees no federal, state and local government taxes, levies and rates, no import duties applicable on goods imported from outside the country, up to 100 per cent finished goods may be exported into Nigeria Customs Territory on the payment of appropriate duties along with a valid license.
Promoted by Tolaram, a Singaporean enterprise with over four decades of experience in Nigeria, LFZ is located in Lekki, the sunrise development corridor in Lagos.
“We understand how important the project is for the Nigerian economy and the country needs more projects to unleash its potential. With the Lekki port completion, the real benefit of what we have been building, in the next five years, will put Ibeju-Lekki as one of the communities contributing largely to the gross domestic product (GDP) of the economy,” he said.
