Lagos Free Zone showcases opportunities at the 11th German-Nigeria Business Forum in Lagos
25 October, 2024
Lagos Free Zone, the first privately-owned free zone in Nigeria, is positioned to support German businesses with their growth journey in Nigeria and across the West African region.
The Chief Executive Officer, Lagos Free Zone, Mrs. Adesuwa Ladoja, disclosed this while delivering her goodwill remarks at the 11th edition of the German Nigerian Business Forum (GNBF) titled ‘Building Effective Partnership for Successful Business Development’ held in Lagos on Monday, October 7, 2024.
Mrs. Ladoja stated that Lagos Free Zone provides a comprehensive ecosystem for businesses to maximise opportunities with minimal risk. According to her, it remains the only free zone in Nigeria that is integrated with a deep sea port and equipped with world-class infrastructure and facilities that can help businesses thrive.
Acknowledging the fact that LFZ remains a strategic partner committed to the prosperity of German businesses in Nigeria going by the trade volume between the two countries estimated at $3 billion in 2023, she cited a classic example of the fruits of this long-standing relationship in BASF whose investment at Lagos Free Zone demonstrates how companies can leverage the ecosystem for strategic growth.
“By establishing operations in the Free Zone, BASF enhances its competitive edge while aligning perfectly with Nigeria’s ambitions for industrialisation and economic diversification,” she said.
She went on encourage prospective investors to see Nigeria not merely as a market, but as a strategic launch pad for their next phase of growth.
Describing Tolaram, Lagos Free Zone’s parent company, as one of the early movers in Nigeria, the CEO of Lagos Free Zone explained that the conglomerate has unlocked a lot of growth opportunities in Nigeria’s manufacturing and infrastructure sectors with twenty successful consumer brands and two transformational infrastructure projects already in place.
Noting that factors such as local presence and localised value chain, long-term commitment, and empowered management were key to investors and businesses thriving in the Nigerian market, she advised investors to stop seeing Nigeria solely as a trade or export destination, but a place to develop a strong local presence and a stronger supply chain to manage input and output logistics to enable sustainable success.
Citing the example of Tolaram, which has 20,000 employees in Nigeria, with each business unit authorised to make decisions independently, she emphasised the need for businesses to be run by empowered management, stating that doing so would enable the team to respond to the evolving dynamics of the market.
“Investing in Nigeria is not simply about tapping into a market or making quick gains. It is about forging a long-term partnership for creating immense mutual value,” she added.
She noted that such a forum remains crucial in fostering collaboration and connecting German companies with the right opportunities for growth.
During the panel session titled “Agribusiness, Food Manufacturing and Processing,” the CEO of Lagos Free Zone also reiterated the need for investors to take advantage of the opportunities, stating that the Zone had so far attracted about USD2.75 billion in investment from different parts of the world.
The panel session had an impressive line-up of speakers that included the Honourable Commissioner for Agriculture, Lagos State, Ms. Abisola Olusanya, Executive Director, Chi Farms, Johannes Flosbach, Founder, Gartner Calaway, Yomi Williams, Expert, Afos Foundation, Dietmar Speckmaker among others.
