Lagos Free Zone Targets Additional $5bn Investment

The Lagos Free Zone, which already has a committed investment of $2bn, is poised to attract an additional $5bn over the next four years.

This was disclosed by the Chief Executive Officer, LFZ, Dinesh Rathi, at the corporate headquarters of the company in Ibeju-Lekki during the official visit of the Lagos State Governor, Babajide Sanwo-Olu, and his cabinet members to the zone on Friday.

According to a statement issued by the company on Sunday, Rathi stated that the zone was simplifying the entry and operations for foreign investors and by extension improving the ease of doing business situation.

Speaking during the visit, Sanwo-Olu lauded the management of the LFZ and its promoter, Tolaram Group, for their commitment and investment in the zone which he said would boost the economy of the state and the nation generally.

He also commended the LFZ for making improvements and progress, in partnership with other international and local businesses and brands, and creating opportunities for empowerment.

He noted that the $5bn inflow expected was a key driver for the future of the economy of the state and pledged that his administration would prioritise the issue of the infrastructural development projects that would act as catalysts to speed up investments in the zone.

Making a presentation to the governor and his entourage, the Manager, Business Development and Marketing, LFZ, Chinju Udora, said the zone which was integrated with the Lekki Deep Seaport which had already generated more than 10,000 direct and indirect jobs.

She added that 80,000 more jobs would be generated in the next 10 to 15 years within the industrial and services sector.

Udora stated that the zone would comprise 70 per cent industrial; 20 per cent logistics and support services and 10 per cent real estate to create a live, work and play environment in line with international best practices.