European Union (EU) Ambassador pledges support to drive Foreign Direct Investment (FDI) to Lagos Free Zone

LAGOS, Nigeria, February 3, 2023/ -- The European Union Ambassador to Nigeria and ECOWAS, Ms. Samuela Isopi, has pledged her support to drive Foreign Direct Investment to the Lagos Free Zone (LFZ) (). She made this known during an official visit to Lagos Free Zone in Lagos on Friday, January 20, 2023.

During the visit, Ambassador Isopi, commended Tolaram - the promoters of Lagos Free Zone, for the incredible achievements recorded so far. She explained that integrating Lekki Port with the Zone remains the biggest game-changer for the Nigerian economy and the West African region. According to her, LFZ is an economic hub that would significantly help advance regional integration by promoting bilateral trade between Nigeria and other countries within the ECOWAS sub-region.

"We are impressed with the vision and concept we have seen here. We are glad that foreign investors can now find a one-stop shop where all they need in the processing, energy autonomy, and skill sets are available. Not only that, they are now open to some incentives, such as tax exemptions, that would enable them to succeed. In addition, we are glad that we now have Lekki Port which would help decongest existing ports and promote trade among ECOWAS countries. With this, we are highly optimistic that the West Africa region will witness desired development", she said.

In his welcome remarks during the visit, the Chief Executive Officer of Lagos Free Zone, Dinesh Rathi, described the Zone as the best investment destination in Nigeria for foreign direct investment. LFZ’s self-sustainable business ecosystem includes warehouses, standard factories, a logistics hub, a fire station, broadband network connectivity, residential developments, a medical facility, solid waste management, and an independent gas-based power plant.

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 of land. He noted that the Zone is unique in its focus on delivering 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 their businesses in the Zone; these include single-window clearance for regulators, enabling infrastructure, the opportunity to live-work-play, and access to global markets. Another symbolic advantage is that LFZ is the only Zone integrated with a deep seaport," he said.

Distributed by APO Group on behalf of Lagos Free Zone.

About Lagos Free Zone:
Promoted by Singapore-based Tolaram, Lagos Free Zone is Nigeria's first private free trade Zone. Centrally located in Lagos State, the commercial centre of West Africa's largest economy, the Zone covers an area of 850 hectares.

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