The Lagos Free Zone (LFZ) is to have a positive impact on the Nigerian economy by making it a preferred investment destination for foreign direct investment from global players, and most particularly, Indian investors, the Indian High Commissioner to Nigeria has said.
Mr. Abhay Thakur, High Commissioner, disclosed this in his visit to the LFZ accompanied by high-ranking delegates and corporate executives of Indian companies that have operating presence in the country.
The Punch reports that “the LFZ is a world-class industrial zone being developed by Singapore-based Tolaram Group and is the first private free trade zone in Nigeria.”
It further said that the High Commissioner described the “…LFZ, especially with its integration of the Lekki Deep Sea Port, as a defining project for Nigeria that would impact the economy positively and further open the country to the world as a preferred destination for foreign direct investment.
He continued, “I have been very impressed with the scale, size and potential of the Lagos Free Zone project that I have seen here today and I commend Tolaram Group for having put together such a defining project in Nigeria.
“I urge all the Indian companies globally to seriously consider the possibilities at Lagos Free Zone because it is difficult to find a better investment destination in Nigeria today.”
Assuring India’s participation in promoting the LFZ, he added, “As you may already be aware, Nigeria remains the largest trading partner of India in Africa with total trade volume of about $14bn in 2020 and is also one of the leading investors in Nigeria with a cumulative investment base of about $20bn.
“We are trying to play a bigger role in Nigeria’s growth story by creating a win-win relationship. In this context, Lagos Free Zone has a special place in furthering India-Nigeria collaboration.”
In his own speech, the MD, LFZ, Mr. Dinesh Rathidis, disclosed “…that the first phase of the zone which is about 45 per cent of the 830-hectare area would be completed by 2022.”
Azuka Edokobi is a Writer and Entrepreneur