LFZ records $2bn investment, targets $3.5bn by 2024
The Managing Director/Chief Executive Officer of the Lagos Free Zone, DineshRathi, has said that the zone presently has close to $2bn investment.
Rathi made this disclosure while addressing journalists on during a tour of the zone, adding that by 2024, investment in the area was expected to hit $3.5bn.
He disclosed that five Deposit Money Banks had indicated interest to operate in the area, noting that currently 20 companies had commenced operations in the zone.
“We expect investment in this area to hit $3.5bn by 2024. Presently, we have close to $2bn investment here. The Lekki Deep Seaport which is inside the Lagos Free Zone alone has around $1.2bn investment as of today, and that value is still growing.
“The Lagos Free Zone in itself has around $400m that has been invested into it by Tolaram Group.
“The other companies that are currently located within the Lagos Free Zone have also invested around $400m in terms of investment. So for now, we have about $2bn invested in the Lagos Free Zone and we expect that to grow to $3.5bn in two years’ time,” he added.
According to him, the number of companies operating inside the Lagos Free Zone was expected to grow once the Lekki Deep Seaport commences operation by September 2022.
The Lagos Free Zone, bosssaid, “We have about 20 companies operating inside the Lagos Free Zone as of today. Some of the companies include Kelloggs factory, Raffles Oil, Sane building system, Insignia Print Technology, among others.
“Just last week, Main One launched its optic fibre broadband services here. That means every firm domiciled within the Lagos Free Zone can have access to unfettered internet services.
“Also, about five banks have already signified interests to operate from here. StanbicIBTC is already here, and we expect another four to join very soon. The benefits for companies operating from the Lagos Free Zone are enormous.
“Companies operating from the Lagos Free Zone are exempted from all taxes, levies and rates from the federal, state and local governments.”
He further noted that there was no import duty applicable on goods imported from outside the country into the Lagos Free Zone, as companies operating there would also enjoy remittances of profit and dividends without withholding tax.
Rathi said, “There is also 100 per cent repatriation of capital investment for operators within the Lagos Free Zone. Also, there is 100 per cent foreign ownership of businesses within here, among others.”
On accessibility into the Free Zone, Rathi stated that the roads leading into the zone were being expanded in anticipation of the volume of operations that would commence soon.
He said, “The Eleko road is currently being expanded. The Lekki-Epe road is being converted into a dual-lane from Ibeju-Agbe to T-junction at Epe. Epe road to Ijebu-Ode is being upgraded also as we speak.
“Itoikin to Ijebu-Ode road is also being expanded and upgraded too. A new road, the 7th Axial road is being built under a public-private partnership arrangement.”
