Lagos Free Zone (LFZ) the first privately owned special economic zone in Nigeria with an integrated deep seaport has drawn investors to with commitments running into billions. is home to several reputable global brands.
Located 65kms east of Lagos, in the immediate vicinity of the upcoming Lekki Deep Sea Port, the Lagos Free Zone aims to enhance the ease of doing business in Nigeria.
Developed by the Singapore based Tolaram Group, the LFZ, reflects their more than four decades of commitment to doing business in Nigeria, says Tejaswi Avasarala, General Manager, Strategic Marketing, Lagos Free Zone, who was speaking ahead of the 6th annual West Africa Property Investment (WAPI) Virtual Summit taking place this week (25-26 November 2020).
With currently more than 15 operational entities, the 830-hectare (ha) LFZ site will eventually host more than 100 businesses and provide more than 50,000 residents with a place to live, work and play, and will offer real estate investors and developers with appealing prospects.
“We are convinced that Nigeria bears immense growth opportunity and will continue to be a formidable growth engine amongst the emerging market economies. While there are some challenges that are typical of emerging markets, the government has taken steps in the right direction that have resulted in tangible improvement in the ease of doing business in the country over the past 5 years,” said Tejaswi.
In addition to the industrial manufacturing and port-based logistics, LFZ will provide opportunities for commercial developments such as multi-tiered housing, office spaces, business and leisure hotels as well as healthcare and educational projects which are extremely exciting and deliver on the LFZ’s objective of enhancing the ease of doing business in Nigeria.
This effort, as Tejaswi added, begins by providing business and developers with access to un-encroached, secured and developed land in the immediate vicinity of the deepest seaport in Nigeria, which is expected to start commercial operations by the end of 2022.
While the new deep-sea port solves a lot of historical challenges of the country’s existing shallow and congested ports, investors at Lagos Free Zone would also enjoy access to reliable plug-and-play infrastructure such as access to power, gas, trunk infrastructure, ready-built facilities such as warehouses and standard design factories.
“The development of the Lagos Free Zone is an exciting development for the Nigerian economy and the industry as a whole, as it will unlock new development opportunities for real estate investors and developers across the value chain. In what has been an extraordinary year, West Africa’s real estate leaders have demonstrated their resilience and their willingness to adapt and innovate to ensure returns in challenging conditions.
We believe that the future is bright and mega-projects such as the Lagos Free Zone, which is attracting world-class tenants such as Kellogg (USA), Colgate (USA), Indofoods (Indonesia), Arla Foods (Denmark), BASF (Germany), and others is evidence that there are significant opportunities in the market, and we look forward to this week’s discussions,” West Africa Property Investment (WAPI) summit host Kfir Rusin said.