Lagos Free Zone Investment to Hit $3.5b by 2024’, Speaks on Traffic Gridlock

Caption- Chief Executive Officer, Lagos Free Zone (LFZ), Dinesh Rathi (left); Business Development Manager, LFZ, Chinju Nwankwo-Udora and Chief Technical Officer, Lekki Port LFTZ Enterprise Limited, Steven Heukelom during the media parley organised by LFZ at its’ office in Ibeju Lekki, Lagos.

The Lagos Free Zone (LFZ) has said about $3.5 billion would have been invested into the project by the end of 2024.

The zone also said many road expansion project are ongoing to address emerging traffic congestion in the area.

The Managing Director/Chief Executive Officer, Lagos Free Zone (LFZ), Dinesh Rathi, said this, yesterday, at a media parley held at the zone in Ibeju-Lekki, stressing that the project will reach 35 per cent completion by the end of 2024.

According to Rathi, the goal of the project is to strengthen Nigeria’s position as a commercial centre and preferred industrial hub in West Africa with world-class infrastructure, facilities and services.

“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 said.

He said 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 LFZ has created a seamless environment where business entities will operate without hassles and that it has partnered with other private investors to bring foreign direct investment (FDI) into the country.

According to him, the project is a free-incentive zone that would ensure that residents of the community and other investors operate their businesses seamlessly.

He said significant benefits of the zone include exemption from all taxes, levies and rates and import duties applicable on raw materials imported for finished goods that are sold locally.

Rathi said work was ongoing on the road network infrastructure to increase accessibility to/from the zone, which is strategically located in proximity to major trade gateways and demand centres.

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.


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