Lekki Free Zone Achieves $5 Billion Turnover, Boosts Employment

The Lekki Free Zone (LFZ) has generated approximately $5 billion in revenue through a diverse range of investments, including infrastructure, industries, and raw materials, according to Managing Director Bolatito Ajibode.

Ajibode made this known during a media tour organized by the Nigeria Export Processing Zone Authority (NEPZA) in Lagos.

Highlighting LFZ’s economic impact, Ajibode noted that the zone contributes to state revenue through pay-as-you-earn (PAYE) taxes and provides significant employment opportunities.

With 3,200 workers commuting daily, the zone has become a key employment hub.

“The Lekki Free Zone is Nigeria’s largest trade zone, spanning 3,000 hectares. Currently, we have 60 operational enterprises, with 30 more under construction across sectors like manufacturing, real estate, logistics, recreation, and oil and gas,” Ajibode said.

Ajibode identified infrastructure and currency challenges as hurdles for the zone.

“The road from Lekki to Eleko Junction is being handled by the Dangote Group and will be completed soon.

Also, the naira devaluation affects our operations, as we transact in dollars, posing challenges for both local and foreign investors.”

Ajibode pointed out that while LFZ offers opportunities for both large-scale manufacturers and smaller retailers, the investment required often attracts foreign investors.

“Approximately 80% of our investors are foreign, as Nigerian investors face challenges in meeting the financial requirements.”

NEPZA’s Managing Director, Olufemi Ogunyemi, noted that Nigeria’s 46 licensed free zones had collectively created 38,429 direct jobs and 172,930 indirect jobs by the end of 2023.

He emphasized that the free zones foster economic growth and drive export-oriented manufacturing in Nigeria’s non-oil sectors.