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Lagos Free Zone (LFZ), Nigeria's first privately owned zone, is set to witness a surge in foreign direct investments from the United States, a testament to the zone's outstanding infrastructure and a range of incentives, including its integration with the Lekki Deep Sea Port.
The Lekki Port at LFZ commenced operations in April 2023, establishing itself as Nigeria's deepest seaport with a draft of 16.5 meters and the impressive capacity to handle 1.2 million TEUs annually.
United States Consul General, William Stevens, spearheading a delegation from the United States Consulate General, expressed optimism after an extensive tour of companies and facilities within LFZ. Stevens commended the strong business relationship between Tolaram and US companies, highlighting the potential for US investors to deepen their presence in the Nigerian market through LFZ.
Stevens noted that the influx of investments from US companies not only strengthens economic ties between Nigeria and the USA but also underscores the unique incentives provided by Lagos Free Zone for establishing a robust presence in the Nigerian market.
“It is amazing to see the partnership between Tolaram and US companies and the opportunities therein. We are constantly looking at how we can attract more American companies to this market both in terms of investment and trade,” Stevens remarked.
Dinesh Rathi, the Chief Executive Officer of Lagos Free Zone, echoed this sentiment, emphasizing LFZ as the preferred investment destination, showcasing world-class infrastructure and enticing incentives for potential investors.
During the delegation's tour of LFZ, Rathi highlighted the optimal business environment provided by the Zone, having effectively addressed regulatory permit challenges and infrastructural hurdles. He emphasized LFZ's role in redefining the Ease of Doing Business in Nigeria, offering incentives and infrastructure fostering a conducive economic climate and promoting trade and investment.
“Our vision is to be the preferred industrial hub in West Africa with world-class infrastructure, and we are proud to serve global brands like BASF, Kellogg’s, Colgate, Arla, Dufil, and Lekki Port, among others, as our current tenants,” Rathi added.
Established in 2012, LFZ stands as a unique and award-winning port-based industrial zone spanning 850 hectares in Lagos, Nigeria, with over $2.5 billion committed FDI projects to date.
