‘Lekki Free Zone achieved N264bn exports in 3 years’

The Lagos State Government has said that about N264billion worth of finished goods have so far been exported from the Lekki Free Zone project in the last three
years.
The Commissioner for Commerce and Cooperatives, Mrs. Olayinka Oladunjoye, who disclosed this in Ikeja, Lagos, said the government was totally committed to the development of businesses in the Zone, adding that measures were taken to ensure that the goods meet international standard before they are exported out of the country.
She said the Nigeria Customs, Nigeria Export Processing Zones Authority and other supporting agencies coordinated the exporting process of the goods, in conjunction with the Standard Organisation of Nigeria, saying that it was a testament to the fact that the Zone was living up to expectation.
She said the Lekki Free Zone, among other things, was conceptualised to develop an offshore economic growth zone, attract foreign investments, promoting export, creating job opportunities, transferring technology, minimising capital flight and establishing a one stop business haven.
The zone currently has 22 Free Zone Enterprises and 18 manufacturing enterprises in operation, she said.
Oladunjoye also disclosed that to date, the joint venture with the Chinese consortium has a total equity investment of $180.4million and has received Foreign Direct Investment totalling $140.2million out of the $200million FDI expected from the Consortium.
Besides, she said 125 investors have registered, while 59 investors have their Lease Agreements, adding that 726 Nigerians have been employed by the FZEs and N376.5million spent on executing 14 Corporate Social Responsibility projects for host communities.
She listed other achievements in the Lekki Free Zone to include $500million FDI from FZEs in operation, while a Customs Processing Centre for Nigeria Customs Service was established to improve the ease of doing business and eliminate bottlenecks.
The commissioner said the Government has opened its doors to investors willing to partner the State in the provision of inter-modal transportation infrastructure within the Lekki Free Zone axis, with emphasis on road and rail system to accommodate the massive investments coming into the corridor and solve the attendant traffic
challenges.
She said with the emerging industrial revolution within the Epe-Ibeju-Lekki corridor of the state, especially the Lekki Free Zone, the Lekki Deep Seaport, the Dangote Refinery and Fertiliser Plants, Lagos was fast becoming the preferred investment destination across the globe.