Business & Economy
Lekki Free Zone Is Open To Investors. Here Are Benefits That Come With Investing In The Zone
The Lekki Free Zone Development Company (LFZDC) was established in May 2006 as a Joint Venture Partnership pursuant to the Nigeria Export Processing Zones Act.
It is located in the Southeastern corner of Lagos State. It faces the Atlantic Ocean to the south, and the Lekki Lagoon to the north. It is bordered with 5 kilometers of coast line and stretching 50 kilometers away from downtown Lagos city center.
The company provides a choice for investors in the most conducive free zone business environment.
According to Mrs Bolatito Ajibode, the Deputy Managing Director of the Lekki Free Zone, the firm has worked hard, for the past 17 years, to make the zone an investor-friendly area.
In terms of size, the zone sits on 3,000 hectares of land, making it spacious enough for thousands of companies.
Mrs Ajibode, in a video obtained by Eko Hot Blog, explains that the land size is four times that size of Victoria Island, Lagos.
https://www.instagram.com/reel/CzeAwYoomHk/?igshid=b2t3MmhzZ2VjMHdh
Due to the large size, the LFZDC deputy MD says the company sells a minimum of one hectare to each investor.
She, however, notes that the firm understands that this condition might be too harsh for small and medium enterprises (SMEs). Hence, the company has already built factories for SMEs where they can take only the space they require for their business operations.
Mrs Bolatito Ajibode, the Deputy Managing Director of the Lekki Free Zone Development Company (LFZDC)
Today, the LFZDC has 70 companies in the zone, of which 55 are operating; importing, exporting, and producing. The remaining 15 are in the process of beginning operations.
The zone is multi-sectoral, attracting investors from various industries, including manufacturing, oil & gas, real estate, logistics, hospitality, and technical education.
In the last 17 years of LFZFC’s existence, the company’s deputy MD says it has “invested hugely” in infrastructure, providing investors with all they need to operate smoothly.
The Lekki Free Zone boasts its own Independent Power Plant (IPP) that supplies 24/7 electricity to companies, a water plant that supplies water to occupants, and about 30km of road network that eases the free flow of traffic, according to the LFZDC senior official.
Mrs Ajibode also reveals that the company assures maximum security for its investors. The zone has its own police station and private security operatives.
Furthermore, the Lekki Free Zone is a “one-stop shop” for businesses, meaning that all agencies necessary for registering a business in Nigeria are present on the LFZDC site. Essentially, a company that invests in the zone can complete its documentation within the site. For example, a firm that exports products can complete its documentation at the customs processing centre sited on the premises of the zone.
Lekki Free Zone, Lagos
Additionally, the government provides financial incentives for investors or companies operating within the Lekki Free Zone. For example, companies don’t need to pay duty on their plants, machineries, vehicles, and local raw materials.
Also, firms operating within the free zone are exempted from paying corporate taxes. They can employ as many expats as they want without limit.
The Lekki Free Zone houses the Lekki Deep Sea Port, considered the largest seaport in Nigeria and one of the biggest in West Africa.
The zone is 70 kilometers from the Murtala Mohammed International Airport and 10 kilometers from the proposed Lekki international airport.
The zone is also located 50 kilometers away from Apapa Port, the largest port in West Africa.
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