Market News
Lagos Free Zone woos Nordic investors with incentives - TH GUARDIAN
By Adaku Onyenucheya
Lagos Free Zone (LFZ) has attracted investors from the Nordic countries to boost investment and foreign direct investment (FDI) flow into the country.
They were encouraged to set up businesses within the zone, capitalising on its exceptional infrastructure, incentives and ease of doing business.
Speaking during a breakfast session of the Nordic Nigeria Connect 2023 held in Lagos, the Managing Director/Chief Executive Officer, Lagos Free Zone, Dinesh Rathi, revealed that the zone remains the most preferred and viable investment destination in Nigeria with its unparalleled ease of doing business and the unique incentives available for investors.
Dinesh noted that Nigeria has all the ingredients needed to catapult itself to a regional hub, considering the quantum of world-class facilities and infrastructure available at the zone.
He explained that the Lagos Free Zone remains the ideal destination for investment in Nigeria with huge investment in infrastructure, including gas, ready-to-lease warehouses, and factories, as well as being the only free zone integrated with a deep-sea port, which makes it easy to bring in raw materials, and export finished goods.
Dinesh stated that the imminent implementation of the African Continental Free Trade Area (AfCFTA) agreement presents a significant opportunity to use the zone to promote trade between Nigeria and other African countries.
He explained further that the Lagos Free Zone is conceptualized to be a work-live ecosystem, outlining the advantages such as businesses looking for an office location with proximity to the Lekki Deep Sea Port.
Dinesh said the zone’s seamless integration with the Lekki Deep Sea Port guarantees the companies operating within the zone the rapid delivery of cargo and raw materials within 48-72 hours of berthing at the port, thereby creating an enabling business-friendly environment, enhancing efficiency, and connecting Nigeria to the global markets.
The General Manager Power and Gas, LFZ, Prem Krishna, said the zone is ready to welcome investors from the Nordic countries, noting that critical infrastructure for businesses to thrive, such as ready-to-lease factories and warehouses, compressed natural gas, power plant, a truck park, medical facility, broadband networks, fire station, central processing centre, helipad, residential units and security command centre is already in place.
He added that another innovative feature is the zone’s single-window digital platform that enables companies to engage with key regulators such as the Nigeria Customs Service and National Agency for Food Drugs Administration and Control (NAFDAC) more efficiently, leading to enhanced business efficiency.
