LFZ will boost economic growth – NESG
30 April, 2024
The Nigeria Economic Summit Group and Commonwealth Enterprise and Investment Council have stated that the Lagos Free Zone has the potential to contribute significantly to Nigeria’s Gross Domestic Product if fully harnessed.
The Chief Executive Officer of NESG, Tayo Aduloju and Chief Executive of CWEIC, Rosie Glazebrook made this declaration during a courtesy visit to Lagos Free Zone, Ibeju Lekki, recently.
Aduloju explained that the integration of Lekki Port with the Lagos Free Zone remained a unique advantage that would not only help in improving trade facilitation in Nigeria but also make the economy more competitive, especially with the Africa Free Continental Trade Area coming on stream soon.
He further revealed that the integration of the port to the zone would have a game-changing effect on Nigeria’s revenue, stressing that forex supply was bound to increase through the export of manufactured goods.
He said, “We need to ensure that the port and Lagos Free Zone are bundled together at international promotion opportunities and sold like they are to the rest of the world because if we sell it together as an opportunity, it will do better than if we sell the Lagos Free Zone and the port apart. I believe that, in three or four years, the impact on jobs, GDP, FDI and the whole competitive nature of Nigeria will be high.”
In her remarks, the Chief Executive of CWEIC described the Lagos Free Zone as a business ecosystem that offered diverse opportunities, which companies from Commonwealth countries could harness.
