Export from the Lekki Free Trade Zone (LFTZ) is projected to hit over $6 billion (about N2.159trn) by 2020, Lagos State governor, Akinwunmi Ambode says.
Ambode gave the projection Thursday saying it was time for Nigeria to continue to build its export capacity focusing on multi-sector products beyond oil to further strengthen the economy.
He spoke at t the second National Committee Meeting on Export Promotion of the National Economic Council (NEC) held in Lagos, on Thursday, saying it was important for the country to put in place infrastructure and other initiatives to support other sectors with the view to preparing them for export.
He noted that efforts were being made in Lagos in this direction, pointing to the development of Lekki free zone as a one-stop export-processing zone.
“We are happy to report that we have made tremendous progress in this particular export zone, and I hope participants would have the time to see what it is that is actually going on in that place”.
“Just to give you a clearer picture of what we are saying. At the end of 2020 when the investment of the Dangote Industries and other Deep Seaport that we are putting in that place will fully come on stream, the export inflows that we are projecting for that place is over $6 billion and that is just the way to go,” the governor said.
He added that through the export initiatives being spearheaded and monitored by the Nigerian Export Promotion Council (NEPC), state government had identified and commenced the process of developing three key commodities in which the state has comparative and competitive advantage including coconut, fish and vegetables.
“For all the years, if you say oil is 90 per cent of what our economy is all about, if there is a flip in the price of oil, what happens to 190 million people on just one product? So, the idea is this, if in 2050, Nigeria is targeted to be the third largest country in the world with 400 million people and then maybe Lagos population by then will be about 50 million people, then there is going to be a problem if by now we are not thinking about other products.
“And then, who cares about oil anyway when there are people using vehicles without oil and so something must be wrong if we are not thinking 2050 in 2018. We have been speaking about this and it is almost sounding like a broken record but if something goes wrong with oil, what are we doing,” he said.
The executive director/CEO of NEPC, Olusegun Awolowo, called on state governments to seriously consider bringing export products in their respective states for the committee on export promotion to look at, saying such was important going forward.
