Lagos Free Zone to attract additional $5bn investment in 4 years

The Lagos Free Zone (LFZ) said it is targeting an additional $5 billion over the next four years in line with its vision to become the preferred industrial hub and investment destination in West Africa.

The Free Zone, which was established in 2012 and is being promoted by Tolaram Group, a leading conglomerate in Nigeria, already has committed investment of about $2 billion with world-class infrastructure.

Dinesh Rathi, chief executive officer, Lagos Free Zone (LFZ), disclosed this at the Corporate Headquarters of the company in Ibeju-Lekki during the official visit of Governor Babajide Sanwo-Olu of Lagos State, and his cabinet members to the zone recently.

On the ease of doing business, Rathi stated that the Lagos Free Zone is simplifying the entry and operations for foreign investors in Nigeria, and by extension improving the ease of doing business in the Free Zone.

On his part, Governor 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 is currently boosting the economy of the state and that of the nation.

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

The Governor also commended the LFZ for making Nigerian youths part of the development conversation by 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 would become a key driver for the future of the economy of the state.

The Governor however pledged that his administration would prioritise infrastructural development projects that would act as a catalyst to speed up investments in the Zone.

Chinju Udora, manager, Business Development & Marketing of Lagos Free Zone, who made a presentation to the Governor, said the Zone which is integrated with the Lekki Deep Seaport is strategically located about 65KM south-east of Lagos city and is sited on 830 hectares of land.

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