LAGOS SET TO REJUVENATE ECONOMY, MEGA CITY THROUGH LFTZ

The Lagos State Government has said that it is developing the Lekki Free Trade Zone, in conjunction with a Chinese consortium, to bring the nation's economy back on track, make it less dependent on oil and enhance the mega city profile of Lagos.

The state Governor, Babatunde Raji Fashola, was quoted as saying this in a statement on the recent inauguration of the N700m administrative complex at the Lekki Free Zone.

He said, 'With what is already on ground, coupled with the ongoing construction within the zone, the state government deliberately embarked on the development of the free trade zone to develop economic, industrial, tourism and trading potential of the state and the nation.'

He added that it was also meant to create a conducive environment for businesses of global status towards expanding the state's internally generated revenue base.

The Lagos Free Zone came to limelight in 2006, when it cemented business relations with the Chinese government. This relationship, however, came to fruition the following year, 2007, under the then governor, Asiwaju Bola Ahmed Tinubu, who led the state government to sign a Memorandum of Understanding with the Chinese government for the development of the Lekki Free Zone.

Set along the Atlantic Ocean coast, some 55 kilometers away from Lagos, the nation's commercial capital, the project was said to be the first of its kind the Chinese government will ever build abroad. It is to be executed in three phases. The first phase was projected to cover an area of 15 square kilometers, with the Chinese side investing $200m, and the Nigerian side $67m. Then, the projection was that the investment has the prospect of dominating the much-coveted West African market.

The LFZ is located in-between Akodo and Lekki village on the south western corner of Lagos State, at Ibeju-Lekki Local Government Area, off the Lagos-Epe Expressway.