The management of the Lagos Free Zone (LFZ) has announced a commitment of more than $3 billion to further develop infrastructure in the free zone through 2024, thereby boosting the country’s industrialisation sector.
The firm, which had already invested over $1 billion in the first phase of its development plan, invested over $400 million of it in the ongoing Lekki Deepwater Port, making it one of the port’s four shareholders, while further committing over $2.1 billion to the achievement of its second and third development phases that will span to 2024.
Lagos Free Zone (LFZ), established in 2012, is a port-based industrial zone in Lagos, Nigeria, with over $2 billion in committed foreign direct investment (FDI) to date.
LFZ is located in Lekki and is promoted by Tolaram, a Singaporean enterprise with over four decades of experience in Nigeria.
A free zone is an area within which goods may be received and stored without payment of duty.
Dinesh Rathi, managing director/CEO of LFZ said the first phase has seen the completion of a standard industrial facility 1, a truck park, fire station, warehouse 1, police station, medical facility, a residential tower, among other things.
“Before the end of the year, we will have a helipad, security command centre, solid waste management, and standard industrial facility,” he said. Adding that, “the LFZ is looking for more hands to come to bring their business into the zone.”
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In addition, Rathi outlined the benefits of businesses coming to the LFZ for its infrastructural services.
“The LFZ provides its occupants with preferential tax policies, ease of doing business, world-class infrastructure, and a hassle-free business environment.”
When asked about the net-zero commitment of the company, he said that the company was dedicated to reducing carbon emissions in the country, as pledged by the Nigerian government in the last Conference of Parties (COP 26).
“We are working in line with the federal government’s commitment to reduce carbon emission in the country,” he said. That is why all our infrastructures are powered by Compressed Natural Gas (CNG).
Rathi further indicated that the long-term goal is to have piped gas running through the zone by 2024.
Meanwhile, the LFZ emphasised its collaboration with Lagos and federal governments on the road network to the zone.
“The government has tried a lot when it comes to the roads linking us,” Rathi said, adding that “five out of the seven road networks are almost ready for use.”
The LFZ is connected to the major demand centres in Nigeria like Abuja, Benin City, Ibadan, and Lagos.
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