Tayo Aduloju, the CEO of the Nigeria Economic Summit Group (NESG), has underscored the potential of the Lagos Free Zone (LFZ) to enhance Nigeria’s Gross Domestic Product (GDP) if effectively leveraged.
Aduloju made this assertion during a recent visit to the LFZ alongside a delegation from NESG and the Commonwealth Enterprise and Investment Council (CWEIC), led by Rosie Glazebrook.
As Nigeria’s first private special economic zone (SEZ), the LFZ presents a unique opportunity for trade facilitation and economic competitiveness, particularly in light of the impending implementation of the African Continental Free Trade Area (AfCFTA).
Aduloju highlighted the integration of the Lekki Port with the LFZ as a game-changer, emphasizing its potential to boost Nigeria’s revenue and foreign exchange earnings through increased exports of manufactured goods.
He called upon the government to actively promote the LFZ and the Lekki Port on international platforms to attract foreign investment.
He stressed the importance of presenting these entities as a cohesive opportunity to maximize their impact on job creation, GDP growth, Foreign Direct Investment (FDI), and Nigeria’s overall competitiveness.
Rosie Glazebrook, CEO of the Commonwealth Enterprise and Investment Council, echoed Aduloju’s sentiments, describing the LFZ as a dynamic business ecosystem with diverse opportunities for companies from Commonwealth countries.
She praised the LFZ for its role in addressing common business challenges such as access to power, security, logistics, regulatory compliance, and facilitating trade in Nigeria.
Glazebrook emphasized the strategic partnership between the LFZ and the Commonwealth Enterprise and Investment Council, highlighting the zone’s contribution to breaking down barriers to trade and fostering a conducive environment for business operations in Nigeria.
