Managing Director, Lekki Free Zone (LFZ), Bolatito Ajibode has said about $5 billion has been generated as revenue through the zone, with investment ranging from infrastructure to industries and raw materials.
Ajibode disclosed this during a media tour organized by the Nigeria Export Processing Zone Authority NEPZA in Lagos, stating that In terms of revenue to the government, the zone remits pay as you earn tax to the state government, with 3,200 workers coming to the zone each day to earn a living, which is a significant employment opportunities created by the Lekki zones.
According to the MD, “The zone is the largest trade zone with a land area of 3,000 hectares, it currently has 60 enterprises in operation and an additional 30 under construction across various sectors, including manufacturing, real estate, logistics, recreation, and oil and gas.
“The first challenge in that area is the road infrastructure from Lekki to Eleko junction, which has been handled by the Dangote Group and will be completed soon. Another challenge is the devaluation of the naira. We currently sell in dollars, and it has been a bit of a challenge for investors, whether coming in or going out, especially Nigerian investors who buy our lands.
“We have different options for large-scale manufacturers and small retailers, but it’s people who have deep pockets that can come in. Nigerian investors struggle to cough out the money, which is why we have more foreigners here, like 20 to 80 per cent foreigners around the zones.
The Managing Director NEPZA, Olufemi Ogunyemi had earlier disclosed that Nigeria’s free zones, numbering 46 licensed zones in 2022, have provided 38,429 direct employment jobs and an additional 172,930 indirect jobs towards the end of 2023, so far free zones in the country have created an enabling environment aimed at enhancing economic growth and development of export-oriented manufacturing in the non-oil sector of the economy.
