The Lagos Free Trade zone project has received a boost as the United States of America Mission in Nigeria has stated its determination to facilitate increased investments into the country through projects like the Lagos Free Zone (LFZ) for the mutual benefit of Nigeria and the United States.
The Consul General, Consulate of the United States of America, Claire Pierangelo made this known during a visit by the Consulate and the American Business Council to Lagos Free Zone (LFZ) in Ibeju Lekki, Lagos. Pierangelo explained that Lagos Free Zone (LFZ) offers unique opportunities for investors and
She said: “Through production facilitated by Lagos Free Zone, these manufacturers will have accessible channels to Nigeria’s over 200 million consumers. In turn, Nigerians will have access to affordable, domestically produced consumer goods produced by Nigerian workers.
Describing Kellogg Tolaram Nigeria Limited as a wonderful example of U.S. direct investment in Nigeria,
Pierangelo noted that Kellogg’s dedication is exemplified by their increased investment since the creation of the joint venture about six years ago.
She also noted another reputable American company, Colgate Palmolive is about to follow Kellogg’s lead and join with Tolaram Group in the zone. She added that the U.S. Mission is looking forward to welcoming the forthcoming manufacturing plant of Colgate in the zone.
“As we just saw, the Lagos Free Zone and the future Lekki Deep Sea Port represent strides forward for the business community in Nigeria. We applaud the efforts of Tolaram Group and partners for their dedication to this substantial undertaking”, she added.
In his welcome remarks, the Chief Executive Officer, Lagos Free Zone (LFZ), Dinesh Rathi disclosed that the zone as the gateway to the next frontier is ready to attract more investments from the United States of America to Nigeria by offering access to 350mn strong West-African market, unparalleled infrastructure, a host of fiscal incentives and a 360 ecosystem for business and livelihood.
Rathi described Lagos Free Zone as an ideal destination for industrial investment, not only in Nigeria, but also in the entire West African sub-region. He explained that its seamless integration with the Lekki Deep Sea Port, which is set to commence operation by the last quarter of 2022, is one of its key differentiating features.
He said, “Lagos Free Zone is a catalyst to fast track industrialization and for sustainable economic development not just for Lagos state but Nigeria as a whole. We believe this zone is the right investment destination every investor should look into given the unlimited opportunities that abound.”
Also speaking, the President of the American Business Council and Country General Manager, IBM, Dipo Faulkner commended Lagos Free Zone for redefining the ease of doing business and by attracting Foreign Direct Investments (FDIs) into the country through its numerous incentives and advantages.
He advised the member companies to take full advantage of the opportunities by investing in the zone.