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Lekki Free Trade Zone Attracts N170 billion in Investment Commitments

By on August 6, 2012

The Lekki Free Trade Zone has attracted N170 billion in investment commitments, according to the Federal Minister of Trade and Investments, Dr. Olusegun Aganga.

The amount which is equivalent to $1.1 billion is to be invested by about 48 firms spanning different sectors of operation including Energy, Transportation and Real Estate.

The minister disclosed this at the LFTZ Investment Forum at the Eko Expo 2012 opening cermony in Lagos on Friday.

Some of the companies slated to invest in the Zone include Puma Energy Free Zone Enterprise, which seeks to invest $400 million or N64 billion in petroleum products depot installations. Imad Oil and Gas will invest $200 million in a similar project.

China Railway Construction Company will invest $50 million, YFK Pharmaceutical is investing $30 million.

Aganga said, “The Federal Government is ready to work with the African Free Trade Zone through NEPZA and also work with investors within the free zone for good return on investment.

“Nigeria is trying to replicate the China’s innovation of free trade zone for economic development. The highest Gross Domestic Product rate of the Chinese economy is from investment in the free trade zone and that is exactly what we are trying to do in Nigeria.”

He added, “The Lekki Free Trade Zone is indeed the biggest of the 19 Free Trade zones Chinese investors have presently outside China and it has all the features to make it one of the most successful free trade zones in Africa. I have been informed by the Managing Director of the zone that about 48 investors have already committed to investing close to $1.1 bn in the zone.

“I, therefore, salute the commitment of the major stakeholders in the LFTZ venture — the Lekki Worldwide Investment Limited, the China African Lekki Investment Limited, the Nigeria Export Processing Zones Authority, and indeed, the host community. I also commend the staff and management of LFTZ for their hard work and dedication, which have helped to shape this ongoing success story.”

The project is expected to create 300,000 direct and 600,000 indirect jobs in the next five years.