Lagos Free Zone To Generate $12bn By 2032

Lagos Free Zone To Generate $12bn By 2032

Dinesh Rathi, the General Director of the Lagos Free Zone (LFZ) stated that the company (LFZ) aims to contribute around $12 billion to Nigeria’s annual GDP by 2032.

Rathi stated the aim would be met when the zone is fully operational, with more enterprises taking use of the potential in the area, during a recent discussion with journalists at the LFZ’s offices in Ibeju Lekki.

According to him, the free zone requires at least 150 enterprises to be fully operational.

“If you look at the zone and the master plan, today, we are having 24 companies operating inside the zone, once you have 150 to 160 companies operating inside the zone, and if you put a number based on that, we can easily get an output equivalent of $12 billion,” he said.

“We did our workings and that is our vision. And then, with that number, you will be 2 to 3 percent of the national GDP.

“This whole free zone along with the Lekki port can be a game changer in the years to come. And this has happened in the case of China and Dubai.”

According to Rathi, who also serves as the LFZ’s CEO, the $12 billion aim is contingent on the influx of enterprises into the zone.

The managing director stated that plans are in the works to bring local businesses into the zone.

“We are in constant touch with a lot of Nigerian operators to get them inside the zone and leverage the port and the zone to create, not only a hub for domestic sales but also for exports under the continental free trade agreement and under the ECOWAS treaties,” he said.

“So, that is our goal: to get as many people as possible to come and operate in the zone.”

As part of its expansion plans, LFZ stated that it expects to build a gas infrastructure to meet the electricity needs of local businesses.


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