The Lekki Free Zone (LFZ) has been described as an Industrial Paradise where companies can operate freely without any hitch because it is equipped with all necessary facilities for optimal operation with a good ambience for investment.
The Lagos State Commissioner for the Ministry of Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye stated this at the ongoing 2017 Ministerial Press Briefing in commemoration of the second year in Office of Governor Akinwunmi Ambode and the 50years anniversary of Lagos State.
The Commissioner maintained that the LFZ is a landmark industrial project of the State government and a testament to the undying resolve of the present administration to ensure sustainable industrialisation that would translate into improved job and wealth creation as well as economic growth through the attraction of local and foreign direct investment.
Commenting on the veracity, sustainability of the project and government’s commitment to it, the Commissioner disclosed that the State has 40% equity funding in partnership with its Chinese counterpart, the China-Africa Lekki Investment Limited who has 60% equity funding, adding that the State is making payment in installments and is up to date in payment.
In addition, he said it is the most successful Free Zone in Nigeria with over 4billion dollars in foreign and local investment alone apart from the Dangote investment in Petro-Chemical, refineries and allied products with over 650 thousand barrels per day which is more than the capacity of the four refineries in the country and estimated at over 11billion dollars in value.
Ogunleye further noted that 116 investors have registered with LFZ out of which 16 have commenced full operations while some factories are currently under construction and a hundred investors also signifying their intention to register and situate their business within the zone.
The Commissioner said the project is alive and realistic with huge potential for the future, stressingthat it holds the key to future recovery and diversification of Nigeria’s economy.