Lagos Free Zone to enhance Indian FDI to Nigeria
The Indian High Commissioner to Nigeria, Mr Abhay Thakur recently said that the Lagos Free Zone, (LFZ) would impact the Nigerian economy positively and make it a prefer destination for foreign direct investment, (FDI) from Indian companies and the world at large.
Thakur said this during a visit to the LFZ in company of senior delegates and corporate executives of Indian companies operating in Nigeria.
The LFZ is a world-class industrial zone being developed by Singapore-based Tolaram Group and is the first private free trade zone in Nigeria.
The High Commissioner described the LFZ, especially with its integration of the Lekki Deep Sea Port, as a defining project for Nigeria that would impact the economy positively as well as open the country to the world as a preferred destination for FDI.
He said, “I have been very impressed with the scale, size and potential of the Lagos Free Zone project that I have seen here today and I commend Tolaram Group for having put together such a defining project in Nigeria.
“I urge all the Indian companies globally to seriously consider the possibilities at Lagos Free Zone because it is difficult to find a better investment destination in Nigeria today.”
He confirmed to the Lagos Free Zone team that the Indian High Commission in Nigeria would do all within its means to help promote and attract much needed investment to Nigeria.
He said, “As you may already be aware, Nigeria remains the largest trading partner of India in Africa with total trade volume of about $14bn in 2020 and is also one of the leading investors in Nigeria with a cumulative investment base of about $20bn.
“We are trying to play a bigger role in Nigeria’s growth story by creating a win-win relationship. In this context, Lagos Free Zone has a special place in furthering India-Nigeria collaboration.”
The Managing Director, Lagos Free Zone, Mr Dinesh Rathidis, told the High Commissioner and his entourage that the first phase of the zone which is about 45 per cent of the 830-hectare area would be completed by 2022.
