Lekki Free Zone Generated $5b As Revenue, Provided Jobs To 3,200 Nigerians Daily – Management

The management of Lekki Free Zone (LFZ), Lagos State has disclosed that about $5 billion has been generated as revenue through the zone.

It also added that no fewer than 3,200 persons get one form of employment or the other in the zone on a daily basis.

This was disclosed by the Managing Director of LFZ, Bolatito Ajibode during a media tour organized by the Nigeria Export Processing Zone Authority NEPZA in Lagos.

He said the trade zone Boasts of investment ranging from infrastructure to industries and raw materials.

In terms of revenue to the government, the MD pointed out that 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.

Stressing the significant employment opportunities created by the Lekki zones, Ajibode explained that the zone is the largest trade zone with a land area of 3,000 hectares.

He said the business environment 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.

Dwelling on the first challenge, the MD identified the road infrastructure from Lekki to Eleko junction as a major challenge, saying the road has been handled by the Dangote Group and will be completed soon.

For him, another challenge is the devaluation of the naira, revealing how the zone currently sells in dollars to meet its market needs.

According to him, the devaluation of the Naira has been a challenge for investors, whether coming in or going out, especially Nigerian investors who buy the zone’s lands.

Shedding more light on the land, he said the zone has different options for large-scale manufacturers and small retailers, but noted that only people with massive financial strength could invest.

Ajibode revealed how Nigerian investors struggle to cough out the money, saying the development explains why the free trade zone has more foreigners.

He said there are 20 to 80 per cent foreigners around the zones.

The Managing Director NEPZA, Olufemi Ogunyemi had earlier said 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.

He added that free zones in the country have for a while created an enabling environment targeted at enhancing economic growth and development of export-oriented manufacturing in the non-oil sector of the nation’s economy.