A lot of people keep asking me what a Lekki Free Trade Zone is, well in this post I will clarify what a Free Trade Zone means and also tell you key things you don’t know about Lekki Free Trade Zone (LFTZ).
A Free Trade Zone is an area within which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of custom authorities.
It is a region where a group of countries have agreed to reduce or eliminate trade barriers, the basic objective being to enhance foreign exchange earnings, develop export-oriented industries and generate employment opportunities for the host country.
Lekki Free Trade Zone was started during the administration of former Governor of Lagos state, Bola Ahmed Tinubu. His successor, Babatunde Fashola, continued the project and now the present governor, Akinwunmi Ambode seems to be giving a lot of attention to it.
Things You Don’t Know About The Lekki Free Trade Zone (LFTZ)
Number #1: Area Size
Lekki Free Trade Zone covers a total area of about 155 square kilometres in Ibeju Lekki Local Government Area, southeast of Lagos, Nigeria, about 50km from the city center.
This zone has been designed to become a new Lagos and has been granted a series of preferential policies and incentives, and designated as a special economic zone inside Nigeria.
Lekki Free Trade Zone will provide an ideal platform to open up diverse market for all investors and enterprises in the world. It will be a unique landmark of the future development of Lagos state and Nigeria as a whole.
Number #2: JOINT VENTURE PARTNERSHIP.
Lekki Free Trade Zone Is a joint venture partnership established in May 2006 pursuant to the Nigeria Export Processing Zones Act (NEPZA).
The LFZDC comprises a consortium of Chinese Companies by the name China-Africa Lekki Investment Ltd (CALIL) with 60% stakes and Lekki Worldwide Investments Limited (LWIL) owned by the Lagos State Government holding 40% stakes.
Lekki Free Trade Zone is a major catalyst for the development of Lagos state brought about by a collaboration of the Chinese and Nigerian governments.
Currently, the zone is under the management of Lekki Free Zone Development Company (LFZDC).
Number #3: HISTORY MAKING.
It is no longer news that the Lekki Free Trade Zone is the first private free trade zone in Nigeria and the biggest in the whole of West Africa.
Number #4: THE FRONTIER OF TOMORROW’S ENTERPRISE.
Lekki Free Trade Zone is going to become the leading hub and major driver of the Nigerian economy and West Africa as a whole by the time all the infrastructure that is planned starts operation.
Number #5: FAST ATTRACTING INVESTORS.
Lekki Free Trade Zone is Facing the Atlantic Ocean in the south and bordering with Lekki Lagoon in the north, which makes it easy to access the Western African market of about 300 million population and the European and USA market with a population of about 600 million.
By having great transportation conditions both by Land, Sea and Air as well as its unique geographical and regional advantages, the zone serves as the best springboard for any investors and enterprises who desire to open up to markets all over Africa, Europe and the USA.
Because of all this The Zone is fast attracting local and foreign investors. The largest oil refinery in Africa, a fertilizer plant, petrochemical plant and a sub-sea gas pipeline project is under serious construction by African richest man, Alhaji Aliko Dangote, and valued at $17 billion.
The Dangote refinery which is the largest single line refinery in the world has a processing capacity of 650,000 barrels of oil per day while the gas pipeline project, according to Dangote, “is meant to supply 3 billion cubic feet of gas daily to Lagos and its axis which can guarantee uninterrupted power supply in Lagos on completion as it will generate 12,000 megawatts of power”.
Already, the integrated Agrochemical factory built by CANDEL FZE, a leading Agrochemical company, has been commissioned.
There are several other multi-billion dollars investments driven by various Chinese companies.
According to The Commissioner for Commerce, Industry & Cooperatives, Mr. Rotimi Ogunleye, He said thatThe Zone had already attracted 116 domestic and foreign investors, 16 of which had started operating.
Number #6: LEKKI FREE TRADE ZONE IS THE FASTEST GROWING ZONE.
A World Bank Report, it listed Lekki Free Trade Zone as the fastest growing free zone in the world.
Number #7: THE BIGGEST JOB CREATION ZONE IN WEST AFRICA.
Lekki Free Trade Zone project alone is expected to churn out 300,000 direct jobs and 600,000 indirect jobs with the Dangote Oil Refinery expected to create employment for 235,000 people.
Just imagine how many people will be coming into the zone both within and outside the country, you can only see this as an opportunity if you are smart.
With the construction of the Lekki Deep Sea Port, the New International Airport, Dangote Oil Refinery, Pan Atlantic University, St Augustine University, Eleganza Industrial City, different beach resorts, the proposed 4th Mainland bridge, and other amazing infrastructure, it is obvious that an investment in land around Ibeju Lekki especially in areas along the Lekki Free Trade Zone will reap massive returns few years from now.
Power Oil and Indomie factories are already set up in the area. So, whether you are buying land for residential buildings or to resell when the price comes up, you are on the right track.
Make sure to invest now in this emerging industrial, commercial, investment and tourism capital city of the New Lagos.
There are numerous secured estates in the market, that is ranging from N900,000 to N18,000,000 you can choose from don’t make the mistake of not owning a piece of property in Ibeju-Lekki.