India, Friday 4 February 2023: The Indian High Commissioner to Nigeria, Shri G. Balasubramanian, has pledged support to drive Foreign Direct Investment to the Lagos Free Zone (LFZ). He made this know during an official visit to Lagos Free Zone in Lagos on Friday, January 20, 2023.
His excellency, Shri G. Balasubramanian, expressed satisfaction with the quality of infrastructure and investments in the Zone. He stated that LFZ has the potential to change Nigeria’s economic landscape by attracting more foreign direct investments. He pledged to share the message of the unique opportunities available in the Zone with Indian companies in Nigeria and abroad.
“Lagos Free Zone offers investors a unique opportunity, especially in tax benefits and exemptions. Nigeria is the giant of Africa, and there is a great opportunity to be explored within the Zone. Lekki Port, on its own, is a fantastic facility that will change how business is done in Nigeria. Of course, it will attract a large number of businesses and a large number of containers to be handled”, he said.
In his welcome remarks 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-sustainable business ecosystem includes warehouses, standard factories, a logistics hub, a fire station, broadband network connectivity, residential developments, a medical facility, solid waste management, and an independent gas-based power plant.
Rathi explained that the Zone, promoted by Singapore-based Tolaram, is the first privately owned special economic Zone in Nigeria, covering an area of 850 hectares of land. He noted that the Zone is unique in its focus on delivering ease of doing business, giving businesses in the Zone a competitive edge.
“Lagos Free Zone offers many competitive advantages and incentives for investors interested in locating their businesses in the Zone; these include single-window clearance for regulators, enabling infrastructure, the opportunity to live-work-play, and access to global markets. Another symbolic advantage is that LFZ is the only Zone integrated with a deep sea port.” he said.