NESG, CWEIC Laud LFZ’s Potential Contribution To Nigeria’s GDP

NESG, CWEIC Laud LFZ's Potential Contribution To Nigeria’s GDP

The Chief Executive Officer, Nigeria Economic Summit Group (NESG), Tayo Aduloju has revealed that the Lagos Free Zone (LFZ) – the first private Special Economic Zone (SEZ) in Nigeria, holds immense potential to contribute significantly to Nigeria’s GDP, if fully harnessed.

Aduloju made this declaration while leading a delegation of Nigeria Economic Summit Group alongside the Commonwealth Enterprise and Investment Council (CWEIC) headed by its Chief Executive, Rosie Glazebrook, on a courtesy visit to Lagos Free Zone, Ibeju Lekki, on Friday, April 19, 2024.

Aduloju explained that the integration of Lekki Port with Lagos Free Zone remains a unique advantage that will not only help in improving trade facilitation in Nigeria but make the economy more competitive especially, with the Africa Free Continental Trade Area (ACFCTA) coming on stream soon. He further revealed that the integration of the port to the zone would have game-changing effect on Nigeria’s revenue stressing that forex supply was bound to increase through export of manufactured goods.

Urging the government to play their part in showcasing both the zone and Lekki Port at every international platforms in order to attract much needed foreign investments, he said, “We need to ensure that the port and Lagos Free Zone are bundled together at international promotion opportunities and sold like they are to the rest of the world because I think that if we sell it together as an opportunity, it will do better than if we sell the Lagos Free Zone and the port apart. I believe that, in three or four years, the impact on jobs, GDP, FDI and the whole competitive nature of Nigeria will be high”.

In her remarks, the Chief Executive, Commonwealth Enterprise and Investment Council (CWEIC), Rosie Glazebrook, who was visiting Nigeria for the first time described Lagos Free Zone as a business ecosystem that offers diverse opportunities, which companies from Commonwealth countries can harness.

She shared that Lagos Free Zone, which is a strategic partner of the Commonwealth Enterprise and Investment Council has, no doubt, contributed to breaking down barriers associated with trade in Nigeria, by providing plug and play solutions to the common business operations challenges in Nigeria such as access to power, security, logistics and dealing with regulators.

She said, ‘Lagos Free Zone makes an excellent case for investing in Nigeria. LFZ has the potential to put Nigeria on the global map but providing business streamlined access to the Nigerian market’.

In his welcome remarks, the Chief Executive Officer, Lagos Free Zone, Dinesh Rathi described the zone as the best investment destination in Nigeria given the number of incentives as well as world-class infrastructure available to prospective investors or businesses.

Rathi noted that the zone remains a one-stop shop for businesses that are desirous of leveraging shared facilities and infrastructure. He maintained that the zone redefines the Ease of Doing Business in Nigeria with the provision of tax incentives geared towards encouraging manufacturing, trade and investment.

Stating the advantages of the zone as a self-sustainable business ecosystem with facilities such as warehouses, standard factories, a logistics hub, a fire station, broadband network connectivity, residential developments, a medical facility, solid waste management, and off-grid power source, he said, “Lagos Free Zone offers many competitive advantages and incentives for investors interested in locating their businesses in the zone; these include single-window clearance , enabling infrastructure, the opportunity to live-work-play, and access to global markets. Another competitive advantage is that Lagos Free Zone is the only zone integrated with Lekki Port “.

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