• Saturday, May 18, 2024
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LFZ has the potential to boost Nigeria’s GDP – NESG

LFZ has the potential to boost Nigeria’s GDP – NESG

Tayo Aduloju, chief executive officer of the Nigeria Economic Summit Group (NESG), has said that the Lagos Free Zone (LFZ) holds the potential to boost Nigeria’s gross domestic product (GDP) if fully harnessed.

Aduloju stated this when he led a delegation of NESG alongside the Commonwealth Enterprise and Investment Council (CWEIC) headed by Rosie Glazebrook, to visit the Lagos Free Zone, last Friday. The free zone is Nigeria’s first private special economic zone (SEZ).

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Aduloju explained that the integration of the Lekki Port with the Lagos Free Zone was a unique advantage that would not only help in improving trade facilitation in Nigeria but make the economy more competitive, especially with the Africa Free Continental Trade Area coming on stream soon.

He noted that the integration of the port to the zone would have a game-changing effect on Nigeria’s revenue stressing that forex supply was bound to increase through the export of manufactured goods.

He urged the government to play its part in showcasing both the zone and Lekki Port on every international platform to attract much-needed foreign investments.

“We need to ensure that the port and Lagos Free Zone are bundled together at international promotion opportunities and sold like they are to the rest of the world because I think that if we sell it together as an opportunity, it will do better than if we sell the Lagos Free Zone and the port apart. I believe that, in three or four years, the impact on jobs, GDP, FDI and the whole competitive nature of Nigeria will be high,”

Also speaking, Rosie Glazebrook, CEO, Commonwealth Enterprise and Investment Council, who was visiting Nigeria for the first time, described the Lagos Free Zone as a business ecosystem that offers diverse opportunities, which companies from Commonwealth countries can harness.

Read also: NESG, State Assemblies sign MOU to boost economy

She added that the Lagos Free Zone, which is a strategic partner of the Commonwealth Enterprise and Investment Council, has contributed to breaking down barriers associated with trade in Nigeria, by providing plug-and-play solutions to the common business operations challenges such as access to power, security, logistics and dealing with regulators.