• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Lagos Free zone deploys $2.5m

LFZ

The Matters Press by The Matters Press
February 7, 2024
Reading Time: 3 mins read
0
Japan’s Sumitomo opens third plant in Phnom Penh’s SEZ

Lagos, Feb. 7, 2024: The Lagos Free Zone (LFZ), has received investment of more than $2.5 billion, which had been fully deployed on the ground towards manufacturing assets.

RELATED POSTS

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Mr Dinesh Rathi, Chief Executive Officer (CEO) of LFZ), said they have secured the support of the federal and state governments in fortifying the performance of businesses within the zone.

He noted that over the last 10 years, the zone had created more than 4,000 direct and 15,000 indirect jobs, which had benefited the local youths from the host communities.

He added that it had been projected to grow to more than 35,000 direct jobs by 2035.

Rathi said that while the regulatory environment played a crucial role in business operations, collaborative efforts between the federal and state governments had streamlined regulatory processes.

This, he explained, made it more conducive for businesses to operate within the Free Zone.

According to him, this includes initiatives to simplify licensing procedures and reduce bureaucratic bottlenecks.

“In addition, both levels of government have demonstrated a strong commitment to infrastructure development.

“This includes the ongoing expansion of road networks and power supply enhancements. These infrastructural investments directly benefit businesses by improving connectivity and operational efficiency.

“The two biggest examples of support from government agencies are the efficient customs operations at LFZ and the fast-tracked construction of the coastal road development, ” he added.

The CEO also disclosed that in the past five years, LFZ had demonstrated remarkable growth in trade volume, experiencing steady increase in committed Foreign Direct Investment (FDI) with the total investment of $2.5 billion during the period.

He expressed optimism of a continued upward trajectory, projecting a significant boost in trade volume.

“While specific figures are contingent on various factors, our forecast indicates 100 per cent phase 1 occupancy by 2029.

“This positive outlook is underpinned by our commitment to fostering a business environment, attracting diverse industries, and capitalising on the infrastructural developments, including the recent advancements at Lekki Deep Seaport

“Essentially, we have made it possible for companies to now make in Nigeria for the whole continental market.

“We believe the Lekki Port and LFZ combination can be a silver bullet to the problem of logistics. As such, this development at Lekki Deep Seaport holds tremendous prospects for businesses within the Lagos Free Zone.

“Evidently also, this development unlocks the locational and infrastructural advantages for multiple manufacturing and logistics sectors that will be able to service both the domestic and regional markets from within Nigeria with unprecedented efficiency,” he said.

Rathi, however, acknowledged that operating in a dynamic business environment like that of Nigeria comes with its set of hurdles, chief of which, he said, was the current macroeconomic uncertainties.

“The impact of such volatilities poses challenges for businesses operating in the country.

“However, companies within the Free Zone actively engage in risk mitigation strategies to navigate these uncertainties,” he said.

On the Zone’s gains, Rathi said infrastructural development within LFZ had reached a notable milestone, with its investment profile growing continually.

He said that ongoing projects include the recently EDGE certified Irele Tower, as well as the groundbreaking ceremony for the Natural Gas Facility at Lagos Free Zone.

Raiti noted that the project marks a pivotal moment in its commitment to sustainable and efficient energy solutions.

“We are experiencing an increase in both local and international investments, indicating a high level of confidence in the strategic positioning of the free zone.

“Notable investments span industries such as food and beverages, assembly, pharmaceuticals, engineering, chemicals, and downstream oils to mention a few.

“There are numerous incentives and business opportunities available for any investor who wants to invest in the Lagos Free Zone such as exemption from paying any levies, taxes, or rates at local, state, and federal levels.

“Qualitatively, our biggest impact on the Nigerian economy comes from providing a hassle-free ecosystem with reliable industrial infrastructure that allows companies to focus on growth rather than overcoming operational challenges,” he said.

The CEO urged the Nigerian government to focus on developing and sustaining campaigns to promote both Nigeria and its free zone scheme within the right global and domestic markets to further stimulate investment.

LFZ, currently home to more than 30 companies, reflects a diverse range of industries and sectors that have chosen to establish their operations within the Free Zone.

Globally, brands like TATA International, Kellogg’s, Colgate, Palm-Olive, and Arla have chosen to establish their operations within the Free Zone.

Tags: LFZ
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Next Post
7,000 MT of LPG, others expected at Lagos ports

Nigeria moves with measures to reduce LPG price, availability

Commission plans to liberate 38% illiterate Nigerians

High cost of living attracts attention of ministers, CBN, FIRS

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

AfDB implements $20bn desert-to-power initiative to develop Nigeria, Sahel zones

November 10, 2023
3,000 manufacturers to attend global fair on industrial solution in Lagos

Manufacturers’ confidence index reflects a steadily recovering of Nigeria’s economy

February 26, 2025
CIIN president tasks Insurance directors on manpower development

Insurers, unit trusts big winners in Uganda tax proposals

May 25, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us