The Lekki Free Trade Zone (LFTZ) in Lagos, Nigeria, is indeed a major hub for industrialization, with the goal of promoting economic growth and development:
Before attempting to bring some facts about the Lekki Free Trade Zone let us know exactly what a Free Trade Zone (FTZ) is.
A free trade zone is any location where goods can be shipped, handled, manufactured, reconfigured and re-exported without the involvement of customs agencies. A major seaport, an international airport or a border facility between two or more countries may be designated a free trade zone.
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The body in charge of overseeing the activities of the free trade zones in Nigeria is called the Nigeria Export Processing Zones Authority (NEPZA), and it is established under the Nigeria Export Processing Zone Act Cap N107 Laws of the Federation of Nigeria 2004.
Worthy to note is the fact that apart from the Lekki Free Trade Zone, there are other Free Trade Zones in the Nigeria like the Calabar Free Trade Zone.
Now let us take a look at the 5 undisputable facts about the LFTZ
It is a joint venture:
The zone is a joint venture between Chinese companies and the Lagos state government, and its development began in 2006.
The Peninsula is Privately owned:
The Lekki Free Trade Zone is located in the Lekki Peninsula area, which is over 16,500 hectares and is divided into four quadrants, all privately owned.
It is truly an Industrial Hub:
The zone is home to various industries, including manufacturing, petrochemicals, and logistics.
Home to Dangote Refinery:
The Dangote Refinery and Petrochemical Plant, Lekki Deep Sea Port, and Lagos Smart City are some of the major projects in the zone.
The Fastest growing Free Trade Zone in Nigeria:
The zone has been gaining momentum in Nigeria’s socio-economic drive, significantly accelerating the process of industrialization and job creation.
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