Nigerian Economy Benefits Over $226m From Lagos Free Zone

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VENTURES AFRICA – The MD of Lagos Deep Offshore Logistics Base (LADOL), Dr Amy Jadesimi has disclosed that the Lagos Free Zone (LFZ) so far has pooled investments worth at least 36 billion naira ($228 million) and $226.5 million into Nigeria’s economy.

She said this at a presentation in Lagos, during a farewell tour of LFZ by the outgoing MD of Nigerian Exports Processing Zones Authority (NEPZA), Dr Adeshina Agboluaje.

Dr Agboluaje, who is a long-time player in Nigeria’s free zone sector, said the sector has enough potential to develop the country’s economy to globally competitive levels.

According to Nigeria’s top business daily BusinessDay, the outgoing MD said at the event: “Free zones sell ideas… Every free zone has its own peculiarity.” He said: “It is actually the direction to go for Nigeria to take a leap… This is the future, and the future lies with free zones operation both in the areas of manufacturing for export and in jobs creation.”

During her presentation, Dr Jadesimi gave a breakdown of LADOL’s remunerations to the Federal Government and national export entities.

From reports, Dr Jadesimi made it known that through LADOL’s operations, Nigeria’s Federal Government has earned nothing less than 12 billion naira ($76 million) and $22.404 million; the Nigerian Ports Authority (NPA) generated revenue of about 3.537 billion naira ($22 million) and $22.4 million; and 94.8 million naira ($601,522) and $600,000 has been remunerated to NEPZA.

She also added that Lagos Free Zone which had earlier attracted investments worth 791 million naira ($5 million) and $125 million has created over 500 direct jobs, and about 5,000 indirect jobs over the years, through environmental specialised works at the operation base.

LADOL is a Nigerian ultra-modern base for deep offshore operations. The operational base of LADOL, operator of LFZ, is located in the estuary of Atlantic Ocean, Apapa, Lagos.