Business experts have expressed confidence that the Lagos Free Zone (LFZ) has the capacity to contribute to Nigeria’s Gross Domestic Product (GDP) when fully developed.
This was made known during a virtual Investor showcase by the Common Wealth Enterprise and Investment Council (CWEIC) to host the Lagos Free Zone as its newest Strategic Partner.
LFZ is an 830-hectare development integrated within the Lekki Deep Sea Port that is currently being built in Lagos. The port will be the deepest port in Nigeria and one of the most modern in Africa owned and operated by the Singapore-based Tolaram Group.
The current masterplan divides the LFZ into industrial, logistics and mixed-use area, supported by world class infrastructure, facilities and services.
According to the experts, when fully developed, LFZ will also host more than 100 major businesses and can contribute around two percent of the GDP.
The Group had expressed the Zone’s commitment to enhanced ease of doing business in Nigeria and promised that the zone will provide a work-live-play ecosystem designed to ease doing business in Nigeria and West Africa.
Speaking, Tejaswi Avasarala, General Manager (GM) Strategic Marketing and Business Development at LFZ noted that Nigeria is one of Tolaram Group’s key investment destinations where the group drives its businesses.