• April 18, 2021

LFZ Projected To Attract Additional $5bn Investment To Lagos State In Four Years

(AGENDAWATCHDOG) – In line with its vision to be the preferred industrial hub and investment destination in West Africa with world-class infrastructure, the Lagos Free Zone (LFZ), which already has a committed investment of $2 billion, is poised to attract an additional $5 billion over the next 4 years.

This was disclosed by the Chief Executive Officer, Lagos Free Zone (LFZ), Mr. Dinesh Rathi at the Corporate Headquarters of the company in Ibeju-Lekki during the official visit of the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu and his cabinet members to the zone.

Rathi further explained that the zone, which was established in the year 2012 is being promoted by Tolaram Group, a leading conglomerate in Nigeria – who have already attracted about $2 billion committed investment to the Zone currently.

READ ALSO: Lekki Deep Sea Port To Commence Operations In 2023, To Create 170,000 Jobs

On the ease of doing business, he stated that the Lagos Free Zone (LFZ) is simplifying the entry & operations for foreign investors in Nigeria & by extension improving the EODB situation.

Speaking during the visit, the Executive Governor of Lagos, Mr. Babajide Sanwo-Olu lauded the management of the Lagos Free Zone and its promoters – Tolaram Group, for their commitment and investment in the zone which would boost the economy of the state and that of the nation. 

Sanwo-Olu noted that with over $2 billion already committed investment in the zone and the forecast of another $5 billion inflow expected within the next 4 years, the Lagos Free Zone is a key driver for the future of the economy of the state.

The Governor pledged that his administration would prioritize the issue of the infrastructural development projects that would act as catalyst to speed up investments in the Zone.

PROJECTED IMPACT: The Zone which is integrated with the Lekki Deep Seaport is strategically located 65KM south-east of Lagos City on 830 Hectares of land and has already generated more than 10,000 direct and indirect jobs with 80,000 more jobs to be generated in the next 10 -15 years within industrial and services sector. The zone is a 360 – degree ecosystem that would transform the way of doing business and strengthen Lagos’ position as the commercial nerve centre of West Africa.

Agenda Watchdog

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