INVESTMENT INTO THE LEKKI FREE TRADE ZONE HITS N100BN
Investments into the Lekki Free Trade Zone, LFTZ, an emerging business hub in the Lagos axis of the State has risen to over N100 billion in the last 10 years, even as more investors have indicated interest in coming to set up businesses in the Zone.
The recent effort by the governor especially in the change of baton in the management of the zone has yielded positive results over the last one year. With the massive investments coming into the zone as well as interests from new investors, the current administration has identified the need for the road network to be expanded to accommodate the expected high influx.
The Lagos state Governor, Akinwunmi Ambode in partnership with its Chinese partners is set to commit $62 million in the next six months as part of its counterpart funding to advance the ongoing development of the Lekki Free Trade Zone (LFTZ. The current administration has reiterated its financial commitment to LFTZ and the state will now accelerate to quickly clear out outstanding counterpart funding for the zone.
Putting funds at the zone at a time when Nigeria was gradually easing its way out of recession would not only improve infrastructure and boost development, but will also help attract more investors to the Zone.
Plans to dualise the Lekki-Eleko Road beyond the Zone in order to withstand the influx of vehicle that will be making use of the road to access the Zone are also now in view. With this, the investment in the area would be sustainable With the Lekki Deep Sea Port, Dangote Refinery and Lekki Airport coming on board, the Lagos East axis would witness massive economic turnaround within the next two years.
The overall interest is for the residents of Lagos asides growing the GDP of the state, this zone will help to reduce unemployment and capacity for the future.