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Nigeria: Lagos Govt Dangles Investment Incentives At Lekki Free Trade Zoze
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Leadership (Abuja)
28 April 2008
Posted to the web 28 April 2008
A conducive investment climate awaits local and foreign investors coming to Lagos State just as the managing director of Lekki Free Trade Zone (LFTZ), Mr. Tajudeen Babatunde Disiu, said that before the year ends, the establishment would be on ground preparing the land for investors in oil and gas to come in.
Speaking at a press conference in Lagos last week, Disiu said that the incentives include:100 per cent foreign ownership of investment, and diviends; complete tax holiday from all taxes, custom duties and levies from federal, state and local government;waivers of all import and export licences including permission to sell a percentage of manufactured imported and assembled goods into the Nigerian domestic market amongst others.
He disclosed that they have received a plethora of applications of investors in the area of oil and gas which they could but yield to the pressure they have brought to get to site.
Responding to a question, Mrs Olusola Oworu, special adviser to Lagos State governor on commerce and industry, said that incentives earmarked for investors will not be terminated mid-way as they are meant to encourage investors and create jobs for people in Lekki area.
She said the objectives is to attract these investors to Lagos-Nigeria and not any other place, even as the MD, LFTZ added:"The incentives are all over the world, it is a world phenominon. If the United States sees an area of competition for microchips with Japan, they create this set of incentives even in a room for a company to have a free zone incentive to compete with that company in Japan. so, it is a world phenominon".
Oworu further said that the mission of Lagos State government is to build the LFTZ into a 21st century model city as well as Africa's business haven, adding that they have adopted a three pronged investment/development strategy which include: the splitting of the LFTZ area of 16,500 hectares into zones ranging from oil and gas logistic. Park, light and heavy industrial and manufacturing zone; media centre; and urban/residential zone. Others are strategic partnership and alliances plus phasing of its three cycles to fill maturity that have been identified over a 15-year period.
She also said that in addition to the investment opportunities which existed for investors, the LFTZ has competitive advantages which include:
LFTZ is located on the southern coast of Nigeria and connected to the major international waterways via the Atlantic Ocean and the Gulf of Guinea.
Access to the largest consumer market in Africa, with over 500 million potential customers.
Access to abundant natural resources such as oil, Natural gas, Timber, Rubber, cocoa, Arabic gum and Sesame seed to name but a few.
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Favourable geographical location and ascendant location to other part of Africa, Europe, Middle East and the americas.
It has availability of skilled and semi-skilled man power.
The social situation of LFTZ with its natural ecosystem, unpolluted green lands and ecological lakes and lagoon which together make it ideal for a modern, yet serene city.
The Lekki Free Trade Zone shouldn`t a work in-conjunction with Federal Minitry of Trade which the Feredral government sect the rule of trade which the the state abuy by it . althougth it is a good idea if it going to create ameanful job for masses benfitted. I do applaud the state taken the innovation creating wealth for the state. name Razaq A Ajenifuja Chicago Il. USA
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