The Lagos Free Zone (LFZ) is targeting to recoup 21 percent of the estimated $3.5 billion to be invested in the project by the end of 2024. The project was designed to strengthen Nigeria’s position as a commercial centre and preferred industrial hub in West Africa with world-class infrastructure, facilities and services.
Dinesh Rathi, managing director and chief executive officer of the Zone, said that the project will reach 35 percent completion by 2024.
The port-based industrial zone in Lagos services about 26 companies with infrastructure such as warehouses, standard factories, police stations, truck parks, compressed natural gas, medical facility, residential apartments and retail banks, among others, Rathi said.
The LFZ managing director described the project as a free-incentive zone that would ensure that residents of the community and other investors operate their businesses seamlessly.
“We understand how important the project is for the Nigerian economy and the country needs more projects to unleash its potential. With the Lekki port completion, the real benefit of what we have been building in the next five years, will put Ibeju-Lekki as one of the communities contributing largely to the gross domestic product (GDP) of the economy,” he added.
Rathi further disclosed that the LFZ has created a frictionless environment where business entities will operate without hassle, while partnering with other private investors to bring foreign direct investment (FDI) into the country.
He highlighted significant benefits of the zone to include, exemption from all taxes, levies and rates and import duties applicable on raw materials imported for finished goods that are sold locally.
Rathi also noted that work on the road network infrastructure to increase accessibility to and from the zone, which is strategically placed near key trade ports to major trade gateways and demand centres, was still underway.
He listed multiple evacuation channels undergoing work to include expansion of the four kilometres Eleko Road from its junction to Eleko Town, dualisation of Lekki-Epe Road from Ibeju-Agbe to T-Junction and the upgrading of the 34km Epe Road to ljebu Ode Expressway.