European Companies Mull Investment In Lagos Free Zone

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The Lagos Free Zone stated that the European Business Chambers are exploring opportunities for investment in the country, through the zone.

According to the official statement from LFTZ, EuroCham’s President, Adefolu Majekodunmi said during a visit to the zone recently that the visit was done to see the opportunities for European companies and to simplify their investments and operations in Nigeria.

EuroCham is the organisation that represents the interests of top European companies in the country. Its delegation comprising of C-suite executives expressed their delight with the progress made by the LFTZ on infrastructure, its plans and the focus on improving the Ease of Doing Business for its investors.

Majekodunmi was quoted as saying that “My expectation moving forward is that we would see several of our organizations that visited today setting up their facilities within the Lagos Free Zone. We know that many of them have shown interest in it and I think the experience from today has solidified their decision and thought process towards that.”

LFTZ’s Chief Executive Officer, Dinesh Rathi described the zone as the next frontier and the best investment destination not only in Nigeria but also in the entire West African sub-region. Rathi mentioned that phase one of the LFTZ would be completed by 2022, which he said would be marked by the commissioning of the Lekki Deep Sea Port.

Rathi stated “We would leverage technology not only as an enabler but also as a differentiator. Lagos Free Zone would be a full-fledged digitally-enabled zone. We are currently working with a leading telecom and network solutions provider to connect the entire zone with a high-speed fibre optic network.”

Giving a testimonial on the competitive advantage of Lagos Free Zone, Mr Taiwo Ilesanmi, the Managing BASF Operations LFTZ Enterprise was quoted as saying that their experience had been impressive in the last two years of the company’s operations in the zone.

“The Lagos Free Zone team have been very supportive, they extended their full assistance to guide us through the process of setting up our facility and they have also been constantly available to help us resolve any operational issues that arise, efficiently and amicably,” Ilesanmi noted.

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