Investments in the Lekki Free Zone (LFZ) will be focusing on key areas such as oil and gas, real estate, infrastructure, transportation, and electronic home appliances among others, an investment guide for the LFZ has said.
The guide said investments projects in LFZ would comply with the industrial policies, laws and regulations of Nigeria. It will also be in compliance with the approved master plan while conforming with to the environmental protection requirements.
It explained that in the face of economic globalisation with support of both Chinese and Nigerian governments, the LFZ is being developed as a model of cooperation between the two countries for the purpose of mutual benefits and bilateral relationship.
The project is a long term public-private partnership three-phased development project aimed at developing a modern industrial city in the Epe region of Lagos State.
According to the master plan, the LFZ project is expected to be developed into four main sectors of investments. The first sector encompasses the integrated commercial service area with professional market, trade exhibition, amusement park, hotel, cultural centre, gulf course among others.
The phase one of the project is planned to be an industrial mega city which will be home for commercial and trading investors, manufacturing, warehousing, logistics and service industries.
“The LFZ will be developed and transformed into a modern multi-functional township for investment, trade, finance and residential with complete infrastructure, sufficient service and supporting facilities which would serve as a successful model and landmark of cooperation between China and Nigeria,” it said.
The report said the LFZ will not only target the local market of Nigeria, but also have the easy access to the neighbouring countries in West and Central Africa with total population of 500 million. It said the LFZ has been accorded full support from both governments of China and Nigeria.
Also, infrastructure in the zone have been improving rapidly. For instance, the road network and site clearance for phase I Development of the zone covering 11.76 square kilometre have already begun to take shape. The Customs office building and two standard workshops have been completed and put into use.
There is also a set of 1500KW generators have been put into use and is able to meet initial requirement of the investors for power consumption in the zone. Also provided are water and communication. However, in order to provide better telecommunication service in the zone, a telephone base station will be erected. This will be able to offer telephone, fax, mobile phone, internet and telecoms value-added services for the investors and all staff in the zone.
There is also plan to set up service centre that will provide efficient and convenient services to the investors and enterprises in the zone.
The centre will assist in handling and assisting investors and enterprises in the zone to apply for the operating licence and other legal paper on behalf of relevant government authorities.
It will also help in submitting applications to government authorities and receiving the operating licence and other legal paper approved and issued on behalf of applicant investors among other roles.
The Lekki Free Zone Development Company (LFZDC) was incorporated and registered in Nigeria in 2006 as the sole developer and investor for establishment, development, operation and management of LFZ in the form of joint venture between China-Africa Lekki Investment Limited and Lagos State Government and Lekki Worldwide Investment Limited.
Information from The Nation was used in this report.