LFZ Wins at 2023 Global Free Zones Awards

By Adedapo Adesanya

Nigeria’s first deep seaport-based private free trade zone, Lagos Free Zone (LFZ), has won the Industrial Champion category of the 2023 Global Free Zones awards by the fDi Intelligence, a service from the Financial Times.

The fDi Intelligence monitors global greenfield foreign direct investments across sectors and through the award, recognised industrial ecosystem provided by LFZ as a Special Economic Zone for manufacturing in Africa.

According to the special report released by fDi Intelligence recognizing the world’s best free zones for FDI, LFZ was recognized as the inaugural winner of Africa’s industrial champions category on account of its integration with a deep sea port that receives container vessels from around the world, creating new opportunities for manufacturers looking to export their goods.

“When it comes to staffing projects, manufacturers benefit from the company’s community jobs portal and a future training hub, which is dedicated to vocational skills that align with its priority sectors of food and beverages, pharmaceuticals, engineering, paper, chemicals and non-metallic minerals,” it stated.

Owned and promoted by Tolaram, LFZ was founded in 2012 and is located in Lekki. With $2.5 billion committed to Foreign Direct Investment (FDI) projects to date, it has global brands like BASF, Kellogg’s, Colgate, Arla, Dufil, and Lekki Port among others as its current tenants.

Speaking on the recognition, Mr Olufemi Ogunyemi, Managing Director at the Nigeria Export Processing Zones Authority (NEPZA) said, “We are deeply excited about this development and congratulate the Lagos Free Zone team for their efforts.

“This recognition further strengthens NEPZA’s commitment to driving the Renewed Hope agenda with free zones as the cornerstone of our approach to driving investments into the country.

“We will continue to provide a conducive environment for businesses to thrive and contribute to our nation’s prosperity. We are excited about the opportunities that lie ahead.”

On her part, the newly appointed CEO of the Nigerian Investment Promotion Commission, Mrs Aisha Rimi, congratulated Lagos Free Zone saying, “We are glad to see investment hubs like the Lagos Free Zone get global recognition and congratulate the team at Lagos Free Zone for being announced the Industrial Champions for the African continent at the Global Free Zones awards this year.

“We are committed to working constructively with public and private sector players towards the common goal of driving inward investments and contributing to the economic growth of the country.”

In his remarks, the Chief Executive Officer of the Lagos Free Zone, Mr Dinesh Rathi, described the award as a testament to the commitment of the promoters to attract global manufacturers by providing a world-class industrial ecosystem and thereby creating employment opportunities for Nigerians.

Mr Rathi noted that the company is extremely delighted at the recognition and would continue to take giant steps that would attract both local and foreign investments in the manufacturing sector.

“At Lagos Free Zone, we make it possible for businesses to make Made in Nigeria for Africa by providing a world-class industrial ecosystem integrated with Lekki Port, Nigeria’s most modern and deepest seaport.

“We invite global and local manufacturers to unlock hassle-free growth in West Africa and beyond through this ecosystem. We humbly dedicate this prominent recognition to all Nigerians,” he said.