Bisola David
The Lagos Free Zone, a subsidiary of Tolaram, claims to have attracted investors from Nordic countries in order to increase foreign direct investment into the country.
The Punch reported that investors were urged to establish their firms in the zone by taking advantage of its outstanding infrastructure, business-friendly policies, and simplicity of doing business, according to a statement released by the company on Sunday.
Speaking at the Nordic Nigeria Connect 2023 Conference breakfast session in Lagos, the Managing Director/Chief Executive Officer of the LFZ, Mr. Dinesh Rathi, disclosed that the zone, because of its unmatched ease of doing business and its special incentives for investors, continues to be the most favoured and feasible investment destination in Nigeria.
With so many top-notch facilities and infrastructure in the region, Dinesh pointed out that Nigeria has all it needs to become a regional powerhouse.
“Nigeria’s economy is among the strongest in Africa, and its abundance of natural resources and favourable demographics present opportunities for further economic and industrial activity. With 219 million people, it makes up 20% of Africa, and with a $509 billion GDP, it accounts for 17% of the continent,” according to Dinesh.
He said that because of its importance to industry and logistics, the creation of a free trade zone like the Lagos Free Trade Zone was essential for the Nigerian economy.
The head of the LFZ stated that there is a great chance to use the zone to advance trade between Nigeria and other African nations due to the impending implementation of the African Continental Free Trade Area agreement.
The Lagos Free Zone’s General Manager of Power & Gas, Prem Krishna, stated in his presentation that the zone was prepared to accept investors from the Nordic region.
He emphasized that ready-to-lease factories and warehouses, compressed natural gas, a power plant, a truck park, a medical facility, broadband networks, a fire station, a central processing centre, helipads, residential units and a security command centre were among the essential infrastructure already in place for businesses to prosper.
Krishna disclosed that the business has finished and put into use a cutting-edge Industrial Training Centre, which will act as a training ground and talent pool for businesses in the area.
Having worked in the Lagos Free Zone for many years, the Managing Director of Arla Foods, Peder Pedersen, gave a powerful testimonial of the zone’s business-friendly environment during his remarks.
He stated that the successes that have been achieved in the zone over the past ten years are excellent illustrations of what is possible in Nigeria and that strong collaborations and sound management were essential to the accomplishment.
