The Lagos Free Zone has attracted investors from the Nordic countries to boost investment Nigeria. They were encouraged to set up businesses within the zone, leveraging its infrastructure, incentives and ease of doing business.
Speaking during a breakfast session of the Nordic Nigeria Connect 2023 conference held in Lagos recently, with the theme “Innovation for a greener future,” Dinesh Rathi, the managing director/CEO Lagos Free Zone, said the zone was the most preferred and viable investment destination in Nigeria with its unparalleled ease of doing business and the unique incentives available for investors.
Dinesh noted that Nigeria has all the ingredients needed to catapult itself to a regional hub, considering the quantum of world-class facilities and infrastructure available at the zone.
He explained that the Lagos Free Zone remains the ideal destination for investment in Nigeria with huge investment in infrastructure, including gas, ready-to-lease warehouses, and factories, as well as being the only free zone in Nigeria integrated with a deep-sea port, which makes it easy to bring in raw materials, and export finished goods.
“Nigeria is one of the strongest economies in Africa with potential for further economic and industrial activities owing to the presence of natural resources and favorable demographics, with a population of 219 million representing 20 percent of Africa and a GDP of $509 billion (17% of Africa),” he said.
He stated that the establishment of a free trade zone like LFZ was necessary for the Nigerian economy due to its significance to manufacturing and logistics, noting that the imminent implementation of the African Continental Free Trade Area agreement presents a significant opportunity to use the zone to promote trade between Nigeria and other African countries.
He explained further that the Lagos Free Zone is conceptualised to be a work-live ecosystem, outlining the advantages such as the ongoing construction of the first commercial tower in the zone, Irele Tower, which will provide world-class office spaces for organisations operating in the zone as well as businesses looking for an office location with proximity to the Lekki Deep Sea Port.
“One of our unique selling propositions is that we are the only free zone integrated with a port. Our seamless integration with the Lekki Deep Sea Port guarantees the companies operating within the zone the rapid delivery of cargo and raw materials within 48-72 hours of berthing at the port, thereby creating an enabling business-friendly environment, enhancing efficiency, and connecting Nigeria to the global markets”, he added.