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Lagos Free Zone eyes $5b investment

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Lagos Free Zone eyes $5b investment – The Lagos Free Zone (LFZ), which has an investment of $2 billion, is poised to attract an additional $5 billion over the next four years.

Its Chief Executive Officer, Mr. Dinesh Rathi, who spoke at the Corporate Headquarters of the company in Ibeju-Lekki, during the visit of the state Governor, Mr. Babajide Sanwo-Olu and his cabinet members to the zone, said it was in line with its vision to be the preferred industrial hub and investment destination in West Africa with world-class infrastructure.

Rathi said the zone, which was established in 2012, is being promoted by Tolaram Group, a leading conglomerate in the country, which has attracted about $2 billion committed investment to the zone.

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On the ease of doing business (EODB), he said the LFZ is simplifying the entry and operations for foreign investors and by extension improving the EODB.

Sanwo-Olu lauded the management of the LFZ and its promoters – Tolaram Group – for their commitment and investment in the zone which would boost the state’s economy and that of the nation.

He praised 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 commended the LFZ for making the youth part of the development conversation and creating opportunities for empowerment.

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