LEKKI FREE TRADE ZONE- THE GOLDMINE IN THE PENINSULA - Part II

LEKKI FREE TRADE ZONE- THE GOLDMINE IN THE PENINSULA

Part II

In a bid to further enhance the economic fortunes of the state and expand the frontiers of the ever growing mega city, Lekki Free Trade Zone (LFTZ) was conceived in partnership with China-Africa Lekki Investment Company.  An initiative of Asiwaju Bola Ahmed Tinubu, former governor of Lagos state, the Zone sits on over 3000 hectares of land along the coastal corridor. The blueprint, over the years, has manifested into physical infrastructural development along the Lekki corridor.

It was launched in 2004 as a vehicle to fully utilize the investment and tourism potential of the State. The Zone is a multi-use facility with zones for industry, manufacturing, residential and tourism. The development is being built over three phase; the residential district in the north, industrial district in the middle and commercial trading/warehousing & logistics district in the southeast. The first phase of the zone has an area of 30 square kilometres, with about 27 square kilometres for urban construction purposes, which would accommodate a total resident population of 120,000. The rest of the Zone is opened to other investors. Investors have the incentive to retain 100% ownership and capital, profit and dividends can be repatriated. Tax holidays, license waivers and various other concessions and advantages apply to investors in the Lekki Free Trade Zone [LFTZ].

Towards the full realization of the Lekki Free Trade Zone initiative, the Ambode administration have committed over N2billion in partnership with the Dangote group as a major stakeholder in the construction of a deep sea port that is valued at about N4billion in the zone. The idea is to turn the Lekki corridor into a thriving industrial, commercial and economic hub. As a one stop business community with its full complements, the zone is being equipped with capacity to generate its own electricity. The construction of over 36 kilometers inner roads have been completed for the benefits of subscribers. Meanwhile, proper security arrangement has been put in place to ensure that lives and properties are well secured in the zone. A police station has been completed in this regards.

Presently, over116 investors have registered with Lekki free Trade Zone, out of which 16 have commenced full operations while another 100 have signified their intention to register and situate their business within the zone. Against bureaucratic delay involved in clearing goods/raw materials, with its attendant cost implications at the nation’s ports of entry, investors who operate at the zone are exempted from paying import duties on raw materials imported for production/ excise duties for final products if not sold to local market. As part of method of operation, duties will only be paid only on products that are sold into local market.

As against the over dependence of many states in the country on federal allocation as major source of revenue, Lagos is practically extending her frontiers of wealth creation by providing basic infrastructures, capable of driving Lekki Free Trade Zone to generate further wealth for the state and, indeed, the country as a whole. Without a doubt, by the time current efforts of the state government and her partners to transform the Lekki Free Zone into a huge economically thriving focal point, the state and its residents would be the better for it.

Make sure to invest now in this emerging industrial, commercial, investment and tourism capital city of the New Lagos.

FOR INVESTMENT IN LEKKI FREE TRADE ZONE

Contact: F. A. ESAN CONSULTING

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