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NigeriaDecides2023

Lekki FTZ is Nigeria’s new economic powerhouse with $25bn investments – Reps

The House of Representatives Committee on Commerce has described the Lekki Free Trade Zone (FTZ) quadrant as Nigeria’s new economic powerhouse, explaining that it harbours $25 billion worth of investments.

Richard Gbande, deputy chairman of the Committee, said this when he led some members of the committee on inspection of the Lagos Free Zone, Lekki Free Zone, and the Dangote Free Trade Zone Enterprises in Lagos. Gbande said that the concept of the free trade zone had revolutionised the development of the Lekki axis of Lagos once upon a time considered as an undeveloped peninsular.

The lawmaker noted that the government’s effort in trying to diversify the economy resulted in the development of the Lekki Quadrant, which, according to him, would undoubtedly become the country’s new economic powerhouse.

“We have gone round as part of our oversight functions to see this magical economic enclave called Lekki Quadrant and it is indeed a sight to behold. The committee is particularly enthused with the conversion of the peninsular to a majestic business city that boasts of the Deep Sea Port, Dangote Refinery, and over 200 other enterprises sustaining the country’s economy,” a statement on Friday signed by Martins Odeh, head, corporate communications, at the Nigeria Export Processing Zones Authority (NEPZA) quoted him saying.

“For the umpteenth time, NEPZA’s inexorable push to carry out its mandate and mission of galvanising both the Foreign Direct Investment (FDI) and Local Direct Investment (LDI) must be supported. We can see how difficult these tasks are with the prevailing environment,’’ he added.

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The deputy chairman further pointed out that the ministry of transport must hasten the construction of railway lines in the Lekki free zone area for seamless movement of cargoes. Gbande also urged the new minister of transport to urgently move and work toward implementing the directive of President Muhammadu Buhari to construct road and rail infrastructure across that part of Lagos.

“The legislative body is prepared to appropriate funds for the construction of the road and rail system for this important national economic gateway without delay. Already, we are late as both the deep sea port and the refinery shall open for operation by September and January respectively. The government must avoid repeating the recurrent gory experience of the failed Apapa Sea Port logistic system with the Lekki free zone quadrant,’’ Gbande said.

Adesoji Adesugba, managing director, NEPZA expressed delight on the inspection tour carried out by the committee members, adding that it had obviously spurred them to become advocates of the free zone scheme. Adesugba assured that the NEPZA was up to the task of using the scheme to industrialise the country for the greater good of the citizens.

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