The Indian High Commissioner to Nigeria, Shri G. Balasubramanian, and the Ambassador of the European Union to Nigeria and ECOWAS, Ms. Samuela Isopi, have pledged their support to boost foreign direct investment to the Lagos Free Zone (LFZ). They both made this known during an official visit to Lagos Free Zone in Lagos on Friday, January 20, 2023.
His Excellency, Shri G. Balasubramanian expressed his satisfaction with the quality of infrastructure and investment in the Zone. He stated that the Zone has the potential to change Nigeria’s economic landscape by attracting more foreign direct investment. He pledged to share the message of the unique opportunities in the Zone with Indian companies in Nigeria and abroad.
“The Zone offers investors a unique opportunity, particularly in terms of tax benefits and exemptions. Nigeria is the giant of Africa and there is a great opportunity to be explored in the Zone. Lekki Port is a fantastic facility in its own right that will change the way business is done in Nigeria. Of course it will attract a large number of companies and a large number of containers to be handled,” he said.
During the visit, the Ambassador of the European Union to Nigeria and the ECOWAS, Ms. Samuela Isopi, also praised Tolaram – the promoters of Lagos Free Zone, for the incredible achievements made so far. She explained that the integration of Lekki Port with the Zone remains the biggest game-changer for the Nigerian economy and the West African region. According to her, LFZ is an economic center that would significantly promote regional integration by promoting bilateral trade between Nigeria and other countries within the ECOWAS sub-region.
“We are impressed with the vision and concept we have seen here. We are pleased that foreign investors can now find a one-stop shop where everything they need in terms of processing, energy autonomy and skills is available. Not only that, they are now open to some incentives, such as tax exemptions, that would allow them to succeed. In addition, we are happy that we now have Lekki Port, which would help to relieve existing ports and promote trade between ECOWAS countries. With this, we are very optimistic that the West Africa region will see the desired development,” she said.
In his welcome address during the visit, the Chief Executive Officer of Lagos Free Zone, Dinesh Rathi, described the Zone as the best investment destination in Nigeria for foreign direct investment. LFZ’s self-sustaining business ecosystem includes warehouses, standard manufacturing plants, a logistics hub, a fire station, broadband network connectivity, residential developments, a medical facility, solid waste management, and an independent natural gas-based energy source.
Rathi explained that the Zone, promoted by Singapore-based Tolaram, is the first private special economic zone in Nigeria, covering 850 hectares of land. He noted that LFZ is unique in its focus on providing ease of doing business, giving businesses in the Zone a competitive advantage.
“Lagos Free Zone offers many competitive advantages and incentives for investors interested in establishing their business in the Zone; these include one-stop approval for regulators, enabling infrastructure, the ability to live, work and play, and access to global markets. Another symbolic advantage is that LFZ is the only integrated zone with a deep-sea port.” he said.
About the free zone of Lagos
Lagos Free Zone, promoted by Singapore-based Tolaram, is Nigeria’s first private free trade zone. Centrally located in Lagos State, the commercial hub of West Africa’s largest economy, the Zone covers an area of 850 hectares.
It is fully equipped with world-class infrastructure and a single release window for the ease of doing business. Lagos Free Zone is Nigeria’s only free zone integrated with the deep sea port of Lekki, enabling access to regional and international markets. With a focus on the ease of doing business, Lagos Free Zone is at the forefront of serving your business in Nigeria.
Indian High Commissioner, EU Ambassador pledges support to drive FDI to Lagos Free Zone