‘LFTZ… catalyst to Nigeria’s economic development’

Governor Akinwunmi Ambode of Lagos State says the Lekki Free Trade Zone (LFTZ) remains a major catalyst to the economic development of Nigeria, and pledged the commitment of his administration to provide incentives to encourage its completion.

The free trade zone was initiated by Bola Tinubu, former governor of Lagos, and received a major boost under the immediate past government of Babatunde Fashola who completed the entrance gate, commissioned a few factories and an Independent Power Plant (IPP) to encourage investors.

The LFTZ, planned to sit on a total of 16,500 hectares and being development in phases by a consortium of investors in partnership with Lagos State government, is said to have so far attracted 40 investors with interests in oil and gas, real estate and manufacturing.

One of the investors is the Dangote Group, which is currently building an $11 billion refinery set to be ready in 2017.

Ambode, who undertook a tour of the trade zone, on Wednesday, said he was committed to its total delivery, saying “I came here to see the level of development that is going on here. The Free Trade Zone is a major catalyst for the development of Lagos State.

“It was started during the administration of Asiwaju Bola Ahmed Tinubu and continued by my predecessor, Mr. Babatunde Raji Fashola.

“I have come here to give my commitment that we would follow up with this project because it is going to be a major catalyst to the economy to this particular zone as well as the economy of Nigeria.

“Whatever it is that we need to do together alongside with the community, we have gotten their commitment that we would join hands together to move this project forward.”

The governor said his administration would also look at the Lekki deep seaports, which had been idle for about nine years and ensure it was revamped.

“There is no way we would have this Free Trade Zone‎ if the port is not activated. It needs to be reviewed. My administration will look at it and make sure the port is activated and construction starts immediately,” he said.