Lagos Free Trade Zone (LFTZ) attracts $2.2 Billion Investment 3
Promoters of the Lagos Free Trade Zone (LFTZ) said it has attracted about N438.4 Billion investment and that the sum is targeted at infrastructure development and business ventures within LFTZ.
They added that, more than $1.65 Billion has been committed to the development of the Deep Sea Port, in addition to $400 Million already spent to develop LFTZ.
Giving an update on the investments, Head of Legal Counsel, Lagos Free Trade Zone (LFTZ); Mrs Ololade Oladipupo, disclosed that within the Lagos Free Trade Zone is an integrated Deep Sea Port being promoted by Lekki Port LFTZ Enterprise in conjunction with Lagos State Government and Nigerian Ports Authority, which occupies an area of 90 hectares with the capability to handle container, liquid and dry bulk cargoes. The Port will be the key to West Africa, and will become operational by June 2019.
She said in a statement that, there are about 17 registered enterprises within Lagos Free Trade Zone with five of them currently fully operational and it is forecasted that they will bring in over $600 Million in FDI in the near future. The various incentives being offered to investors within Lagos Free Trade Zone and the one- stop- shop services has also served as a major catalyst to attracting investment in the Zone.
She revealed that given the huge plans for LFTZ, it is expected that the Lagos Free Trade Zone will serve as a commercial hub for both Local and International investors in the nearest future.
The Lagos Free Trade Zone was envisioned with the aim of promoting the vision of the Federal Government by contributing significantly to the growth of FDI and employment generation. Lagos Free Trade Zone was therefore established in 2002 and is located 65km east of Lagos, currently covering an area of 805 hectares in the Ibeju – Lekki area of Lagos State. When fully developed, LFTZ will house about 250 industries including petroleum, petrochemical, food & beverages, chemicals & pharmaceuticals, metals & engineering, non-metallic minerals and agri-commodity manufacturing complexes. Lagos Free Trade Zone will also offer excellent infrastructure including power plant, natural gas & other utilities coupled with modern facilities such as Residential Units, Recreational areas, supermarkets and restaurants, Banks, medical facility, corporate centre and offices.
According to Ololade, the Free Trade Zone Regime was promoted by the Federal Government as a means of encouraging Foreign Direct Investment (FDI), the development of Trade & Industry as well as the generation of employment in Nigeria. In line with this, there have been a couple of established Free Trade Zones within the Ibeju – Lekki Axis, including Dangote Refinery, the Lekki Free Zone which is jointly owned by the Lagos State Government and the Chinese consortium, and the Lagos Free Trade Zone.
Discussion about this post