NESG expresses support for implementation of Lagos Free Zone

The Nigeria Economic Summit Group (NESG) disclosed that the Lagos Free Zone (LFZ) has the potential to contribute significantly to the country’s gross domestic product (GDP) if fully harnessed.

This was disclosed by Executive Officer, NESG, Tayo Aduloju, when he led a delegation of the Group alongside the Commonwealth Enterprise and Investment Council (CWEIC), on a courtesy visit to the free zone, recently.

Aduloju said the integration of the Lekki Port with the zone remains a unique advantage that would not only help in improving trade facilitation in the country but would make the economy more competitive.

The NESG chief also noted that the integration of the port to the zone would have a game-changing effect on Nigeria’s revenue, saying forex supply was bound to increase through the export of manufactured goods.

Similarly, he advised the government to play its part in showcasing both the zone and Lekki Port on international platforms to attract much-needed foreign investments.

According to the Chief Executive Officer, LFZ, Dinesh Rathi, the zone is the best investment destination in Nigeria given the number of incentives as well as the world-class infrastructure available to prospective investors or businesses.

He said the zone has redefined the Ease of Doing Business (EODB) in Nigeria with the provision of incentives geared towards encouraging trade and investment.