Indian High Commissioner, EU Ambassador pledge support to drive FDI to Lagos Free Zone

The High Commissioner of India to Nigeria, Shri G. Balasubramanian, and the Ambassador of the European Union to Nigeria and ECOWAS, Ms. Samuela Isopi, has pledged his support to drive Foreign Direct Investment into the Lagos Free Zone (LFZ). The two made this known during their official visit to the Lagos Free Zone in Lagos on Friday, January 20, 2023.

His Excellency, Shri G. Balasubramanian, expressed his satisfaction with the quality of infrastructure and investment in the Zone. Hestated that the Zone has the potential to change the economic landscape of Nigeria by attracting more foreign direct investment. He promised to share the message of the unique opportunities available in the Zone with Indian companies in Nigeria and abroad.

“The Zone offers unique opportunities for investors, especially in terms of tax benefits and exemptions. Nigeria is a giant of Africa, and there are great opportunities to explore in the Zone. Lekki Port, itself, is a fantastic facility that will change the way business is done in Nigeria. It will certainly attract a lot of business and a lot of containers to handle”, he said.

Also, during the visit, the European Union Ambassador to Nigeria and ECOWAS, Ms. Samuela Isopi, commended Tolaram – the promoter of the Lagos Free Zone, for the outstanding achievements he has recorded so far. He explained that merging Lekki Port with Zoneremain is the biggest game changer for the economy of Nigeria and the West African region. According to him, the LFZ is an economic hub that will help promote regional integration by boosting bilateral trade between Nigeria and other countries in the ECOWAS sub-region.

“We are impressed by the vision and concept that we see here. We are glad that foreign investors can now find a one-stop shop where everything they need in processing, energy autonomy, and skill set is available. Not only that, they are now opening several incentives, such as tax exemptions, which will be successful. In addition, we are happy that we now have the Port of Lekki which will help to reduce the existing ports and improve trade among ECOWAS countries. With this, we are very optimistic that the West African region will witness the development that expected,” he said.

In his welcome remarks during the visit, the Chief Executive Officer of the Lagos Free Zone, Dinesh Rathi, described the Zone as the best investment destination in Nigeria for foreign direct investment. LFZ’s independent business ecosystem includes warehouses, standardized factories, logistics hubs, fire stations, broadband network connectivity, housing development, medical facilities, waste management, and independent natural gas-based resources.

Rathi explained that the Zone, promoted by Singapore-based Tolaram, is the first privately owned special economic Zone in Nigeria, covering an area of ​​850 hectares. He noted that the LFZ is unique because it focuses on providing ease of doing business, giving businesses in the Zone a competitive edge.

“Lagos Free Zone offers many competitive advantages and incentives for investors interested in locating businesses in the Zone; these include one-window clearance for regulators, enabling infrastructure, opportunities to live-work-play, and access to global markets. Another symbolic advantage is the LFZ is the only Zone integrated with a deep sea port.” he said.

About Lagos Free Zone

Promoted by Singapore-based Tolaram, the Lagos Free Zone is Nigeria’s first private free trade zone. Centrally located in Lagos State, the largest economic commercial center in West Africa, the Zone covers an area of ​​850 hectares.

Equipped with world-class infrastructure and a single clearing window for ease of doing business. The Lagos Free Zone is the only free Zone in Nigeria integrated with the Lekki deep sea port, allowing access to regional and international markets. With a focus on ease of doing business, Lagos Free Zone is at the forefront of serving your business in Nigeria.

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