The Indian High Commissioner to Nigeria, H.E, Mr. Abhay Thakur visited the Lagos Free Zone (LFZ) with a high-powered corporate delegation and remarked that the LFZ provides a unique and special ecosystem that all the Indian companies with growth aspirations must seriously consider for their businesses.
The High Commissioner gave this advice when he led a cross-section of top executives of Indian companies operating in Nigeria on Friday, May 7, 2021 for a visit to the Lagos Free Zone, a world-class industrial zone developed by Tolaram Group.
Thakur described the Lagos Free Zone, especially with its integration of the Lekki Deep Sea Port, as a defining project for Nigeria that would impact the economy positively and further open the country to the world as a preferred destination for foreign direct investment (FDI).
“I have been very impressed with the scale, size and potential of the Lagos Free Zone project that I have seen here today and I commend Tolaram Group for having put together such a defining Project in Nigeria. I would urge all the Indian companies globally to seriously consider the possibilities at Lagos Free Zone because it is difficult to find a better investment destination in Nigeria today.” he said.
He assured the Lagos Free Zone team that the Indian High Commission in Nigeria would do all within its means to help promote and attract the much-needed investment into Nigeria.
“As you may already be aware, Nigeria remains the largest trading partner of India in Africa with total trade volume of about $14b in 2020 and is also one of the leading investors in Nigeria with a cumulative investment base of about $20b in Nigeria. We are trying to play a bigger role in Nigeria’s growth story by creating a win-win relationship. In this context, Lagos Free Zone has a special place in furthering India-Nigeria collaboration,” he added.
Addressing the High Commissioner and his entourage on the visit, the Managing Director, Lagos Free Zone, Mr. Dinesh Rathi disclosed that the first phase of the zone which represents about 45 percent of the 830 Hectare area would be completed by the year 2022 with the delivery of critical infrastructure such as the Lekki Deep Sea Port, the piped gas distribution network, completion of the ready-built industrial and residential buildings and take off of the Industrial Training Centre.
Highlighting the incentives of investing in the zone, Dinesh explained that investors will enjoy an attractive set of incentives as granted to Free Zone Enterprises (FZEs) under the NEPZ Act. He stated further that up to 100% finished goods can be exported into Nigeria’s Customs territory upon the payment of appropriate duties. He also added that 100% foreign and private ownership of business is allowed in the zone.
Rathi stated that Nigeria with a population of over 200 Million people and projected to reach 350 Million by 2050 remains one of the strongest economies in Africa with potential for further economic & industrial growth owing to presence of raw materials, human capital, and favorable demographics.
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