The Lagos Free Zone (LFZ) which already has a committed investment of $2 billion is poised to attract an additional $5 billion over the next 4 years, in line with its vision to be the preferred industrial hub and investment destination in West Africa with world-class infrastructure.
Mr. Dinesh Rathi, Chief Executive Officer, Lagos Free Zone (LFZ), made the disclosure at the Corporate Headquarters of the company in Ibeju-Lekki during the official visit of the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu and his cabinet members to the zone at the weekend.
Rathi further explained that the zone, which was established in the year 2012 is being promoted by Tolaram Group, a leading conglomerate in Nigeria – who have already attracted about $2 billion committed investment to the Zone currently.
Mr. Babajide Sanwo-Olu, Executive Governor of Lagos, while speaking during the visit, lauded the management of the Lagos Free Zone and its promoters – Tolaram Group, for their commitment and investment in the zone which would boost the economy of the state and that of the nation.
He applauded Lagos Free Zone for being one of very first settlers in the area and for making tremendous improvements and progress, in partnership with other international and local businesses and brands.
He also commended the LFZ for making the Nigerian youth part of the development conversation and creating opportunities for empowerment.
Sanwo-Olu noted that with over $2 billion already committed investment in the zone and the forecast of another $5 billion inflow expected within the next 4 years, the Lagos Free Zone is a key driver for the future of the economy of the state.