The Lagos Free Zone, a Tolaram subsidiary, has successfully drawn investors from Nordic countries, aiming to bolster foreign direct investment (FDI) into Nigeria.
In a statement released on Sunday, the firm highlighted the enticing prospects for investors, encouraging them to leverage the exceptional infrastructure, incentives, and favorable business environment within the zone to establish their ventures.
During the breakfast session of the Nordic Nigeria Connect 2023 Conference held in Lagos, Mr. Dinesh Rathi, the Managing Director/Chief Executive Officer of LFZ, emphasized the zone’s status as the foremost and most viable investment destination in Nigeria. He underlined its unparalleled ease of doing business and the unique incentives available for prospective investors.
Rathi underscored Nigeria’s potential to emerge as a regional hub, citing the abundance of world-class facilities and infrastructure within the zone.
“Nigeria’s economic strength and potential for further growth and industrial activities are evident due to its abundant natural resources and favorable demographics,” explained Dinesh. “With a population of 219 million and a GDP of $509bn (17% of Africa), Nigeria represents a significant share of the continent’s economy.”
He stressed the necessity of establishing a free trade zone like LFZ for the Nigerian economy, particularly highlighting its relevance to manufacturing and logistics. Rathi also emphasized the imminent implementation of the African Continental Free Trade Area agreement, which presents a substantial opportunity to foster trade between Nigeria and other African nations.
In his presentation, Prem Krishna, the General Manager of Power & Gas at Lagos Free Zone, reiterated the readiness of the zone to welcome Nordic investors. He highlighted the availability of critical infrastructure essential for business success, including factories, warehouses, compressed natural gas, power plants, medical facilities, broadband networks, and more.
Krishna further announced the completion and commissioning of a cutting-edge Industrial Training Centre aimed at nurturing and training a skilled workforce for organizations within the zone.
Adding to the discourse, Peder Pedersen, Managing Director of Arla Foods, shared a compelling testimony about the business-friendly ecosystem of the Lagos Free Zone. He praised the zone’s achievements over the past decade, attributing its success to strong partnerships and effective management.
