CITING the exceptional infrastructure and a plethora of incentives, including its integration with the Lekki Deep Sea Port, United States Consul General, William Stevens has said the Lagos Free Zone is capable of attracting increased foreign direct investments from the United States. This surge is attributed to the zone’s exceptional infrastructure and a plethora of incentives, including its integration with the Lekki Deep Sea Port.
Stevens, leading a delegation from the United States Consulate General, expressed this optimism following a comprehensive tour of companies and facilities within the Lagos Free Zone, the first privately owned zone in Nigeria.
Stevens, who lauded the impressive and outstanding business relationship between Tolaram and US companies, said through the opportunities at the Lagos Free Zone, investors from the United States of America have deepened penetration in the Nigerian market by introducing world-class goods and services to Nigerians
He noted that the influx of investments from US companies would not only fortify the economic ties between Nigeria and the USA but also underscored the unique incentives offered by the Lagos Free Zone for US companies looking to establish a robust presence in the Nigerian market.
“It is amazing to see the partnership between Tolaram and US companies and the opportunities therein. We are constantly looking at how we can attract more American companies to this market both in terms of investment and trade,” he said.
Dinesh Rathi, the Chief Executive Officer of Lagos Free Zone, echoed this sentiment, emphasising that the Zone remains the preferred investment destination, showcasing world-class infrastructure and enticing incentives for potential investors.
During the delegation’s tour of companies within the Zone, Dinesh highlighted that LFZ provides the optimal environment for conducting business, having effectively addressed regulatory permit challenges and infrastructural hurdles He underscored the Zone’s role in redefining the Ease of Doing Business in Nigeria, offering incentives and infrastructure that foster a conducive economic climate, thereby promoting trade and investment.
Established in 2012, Lagos Free Zone (LFZ) is a unique and award-winning port-based industrial zone (850 hectares) in Lagos, Nigeria, with over USD 2.5 billion committed FDI projects to date. Owned and promoted by Tolaram, LFZ is located in Lekki, the sunrise development corridor in Lagos, with the vision is to be the preferred industrial hub in West Africa with world-class infrastructure.
The zone is already serving global brands like BASF, Kellogg’s, Colgate, Arla, Dufil, and Lekki Port, among others, as tenants. Lekki Port at LFZ started operations in April 2023. It is the deepest seaport in Nigeria, with a draft of 16.5m and the capacity to handle 1.2mn TEUs per annum.