Lagos Free Zone, the first privately owned special economic zone in Nigeria with an integrated deep seaport, is home to several reputable global brands. Located 65 kilometres east of Lagos, in the immediate vicinity of the upcoming Lekki Deep Sea Port, the Lagos Free Zone aims to enhance the ease of doing business in Nigeria.
Developed by the Singapore based Tolaram Group, the LFZ, reflects their more than four decades of commitment to doing business in Nigeria, says Tejaswi Avasarala, General Manager of Strategic Marketing, Lagos Free Zone, who was speaking ahead of the 6th annual West Africa Property Investment (WAPI) Virtual Summit this week (25-26 November 2020).
Regarded as the only premier regional real estate investment and development conference that provides access to more than 600 local and international decision-makers, this year’s WAPI Virtual edition provided attendees with unique content, networking opportunities, and a platform to showcase projects and services to an international audience.
With currently more than 15 operational entities, the 830-hectare (ha) LFZ site is expected to eventually host more than 100 businesses and provide over 50,000 residents with a place to live, work and play, and will offer real estate investors and developers with appealing prospects, the company said.
“We are convinced that Nigeria bears immense growth opportunity and will continue to be a formidable growth engine amongst the emerging market economies. While there are some challenges that are typical of emerging markets, the government has taken steps in the right direction that have resulted in tangible improvement in the ease of doing business in the country over the past 5 years,” said Tejaswi.
In addition to the industrial manufacturing and port-based logistics cluster at LFZ, there are opportunities in the area of commercial developments such as multi-tiered housing, office spaces, business and leisure hotels as well as healthcare and educational projects which are extremely exciting and deliver on the LFZ’s objective of enhancing the ease of doing business in Nigeria.
This effort, as Tejaswi added, begins by providing business and developers with access to un-encroached, secured, and developed land in the immediate vicinity of the deepest seaport in Nigeria, which is expected to start commercial operations by the end of 2022.
While the new deep-sea port solves a lot of historical challenges of the country’s existing shallow and congested ports, investors at Lagos Free Zone would also enjoy access to reliable plug-and-play infrastructures such as access to power, gas, trunk infrastructure, ready-built facilities such as warehouses and standard design factories.
A perspective, which WAPI host Kfir Rusin shares. “The development of the Lagos Free Zone is an exciting development for the Nigerian economy and the industry as a whole, as it will unlock new development opportunities for real estate investors and developers across the value chain. In what has been an extraordinary year, West Africa’s real estate leaders have demonstrated their resilience and their willingness to adapt and innovate to ensure returns in challenging conditions.
We believe that the future is bright and mega-projects such as the LFZ, which is attracting world-class tenants such as Kellogg (USA), Colgate (USA), Indofoods (Indonesia), Arla Foods (Denmark), BASF (Germany), and others is evidence that there are significant opportunities in the market, and we look forward to this week’s discussions,” Rusin said.