NESG makes case for full implementation of Lagos Free Zone

The Nigeria Economic Summit Group (NESG) said the Lagos Free Zone (LFZ) has the potential to contribute significantly to the country’s gross domestic product (GDP) if fully harnessed.

Executive Officer, NESG, Tayo Aduloju, said this when he led a delegation of the Group alongside the Commonwealth Enterprise and Investment Council (CWEIC), on a courtesy visit to the free zone, recently.

Aduloju stressed that the integration of the Lekki Port with the zone remains a unique advantage that would not only help in improving trade facilitation in the country but would make the economy more competitive.

He said this would be made possible especially, with the Africa Free Continental Trade Area coming on stream soon.

The NESG chief said the integration of the port to the zone would have a game-changing effect on Nigeria’s revenue, stressing that forex supply was bound to increase through the export of manufactured goods.

He urged the government to play its part in showcasing both the zone and Lekki Port on international platforms to attract much-needed foreign investments.

According to him, doing this would positively impact job creation, grow GDP and generate more Foreign Direct Investment (FDI), thereby making Nigeria more competitive in the global market.

The Chief Executive Officer, LFZ, Dinesh Rathi described the zone as the best investment destination in Nigeria given the number of incentives as well as the world-class infrastructure available to prospective investors or businesses.

He maintained that the zone has redefined the Ease of Doing Business (EODB) in Nigeria with the provision of incentives geared towards encouraging trade and investment.

The Chief Executive, CWEIC, Rosie Glazebrook, who was on her first visit to Nigeria, described the zone as a business ecosystem that offers diverse opportunities, which industries and companies from commonwealth countries could harness.

Expressing the willingness of CEIC to support the zone, she stated that the shared establishment of the zone, which is a strategic partner of the council has, no doubt, contributed to breaking down barriers associated with trade in Nigeria.

She said it has contributed by providing plug-and-play solutions to the common business operations challenges in Nigeria, such as access to power, security, logistics and dealing with regulators, especially showcasing how businesses can make easy entrance into the Nigerian market.

She noted that the zone remains a veritable opportunity for Nigeria to be on the global map as businesses would now have easy access to the Nigerian market,

Earlier, the Chief Executive Officer, LFZ, Dinesh Rathi maintained that the zone redefines the EODB in Nigeria with the provision of tax incentives geared towards encouraging manufacturing, trade and investment.