Lekki Free Trade Zone (LFTZ) being jointly developed by a consortium of Chinese investors and the Lagos State government will cut down export of raw materials from Nigeria by about 50 percent.
Ding Yonghua, managing director, Lekki Free Zone Development Company, said this when members of the diplomatic corps and trade missions visited the zone on Tuesday, noting that one major challenge facing the Nigerian economy was export of materials in their raw forms, a situation he believed was not in the interest of an economy in dire of growth and development.
According to Yonghua, asides limiting the capacity of the nation’s industrial base, the practice also works against employment creation while promoting jobs in import countries that rely on Nigeria to run their factories.
He believed that many of the industries now springing up within the free trade zone would serve as a ready market for local raw materials, therefore would cut export volume of raw materials from the country.
He said the LFTZ, which had far attracted about 114 registered investors with interest in different sectors of the economy, was projected to create some 30,000 jobs and offer accommodation for about 120,000 residents.
He said “he sees the free trade zone becoming a hub for the Nigerian banking operations,” citing the example of a China free trade zone where over 80 banks have their operations.
Rotimi Ogunleye, Lagos State commissioner for commerce, industry and cooperatives, while welcoming the diplomats, restated the commitment of the state government to the full development of the trade zone.
Ogunleye, who described the zone as industrial paradise, said it was open to investors around the globe, assuring of various incentives including a tax holiday on imported machinery, 100 percent repatriation of profit and secured business friendly environment.
“The essence of inviting you is to see what we have done so far and to say this trade zone is open to any genuine investor around the world.
“We have put in place adequate security including a 24-hour water and power supply to boost business. With other projects such as the deep seaport and the Lekki international airport coming up, the zone is a place to do business,” the commissioner said.
The diplomats were drawn from Canada, Brazil, France, Belgium, Malaysia, Japan, Netherlands, Spain, and Chinese Consulate in Nigeria.
JOSHUA BASSEY
