Lekki Free Zone investments soar to $15 Billion

Eniola Ajayi, Lagos

Investments in the Lekki Free Zone (LFZ) on the Island of Lagos State in Nigeria have risen to $15 billion, just as the number of investors that have registered to operate within the zone is now 116.

The Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye who made his known to journalists at a ministerial briefing, said that 16 firms had already commenced operations while 100 companies were preparing for take-off.

Prince Ogunleye said the 16 firms are valued at $4 billion apart from the Dangote Refinery and fertilizer plant which were estimated at $11 billion.

He described the LFZ as the most successful free zone in Nigeria stressing that almost on a daily basis; prospective investors had not stopped showing interests to operate in the area.

I am very happy to inform you that 116 investors have so far registered with LFZ out of which 16 have commenced full operations;while some factories are currently under construction, 100 investors have also signified their intention to register and situate their businesses within the zone,” he added.

List of firms

According to the Commissioner, the investors currently in operation in the Zone are-

The Candel FZE- Agro- Chemical Formulation Plant

Lovinghome Furnishing FZE- Office Furniture Manufacturing

Sinotruk FZE- Dump Trucks Assembling

Crown Natures Nigeria FZE- Garment Factory

H&Y International FZE- Artificial Hair and Wigs Making

Dabu Pump FZE- Water Pumps Assembly

Bollore Africa Logistics FZE- Logistics Services

Huachuang Steel Structure FZE- Steel Structures and Iron Sheets

Yulong Steel Pipes FZE- Steel Pipes Mill

Asia-Africa FZE- Vehicles Assembly

Aslan Nigeria FZE- Manufacturing of Security Doors

Coral Beach FZE- Estate Development

CCECC Nigeria FZE- Construction and Civil Engineering

ZNI Jian Nigeria FZE- (Construction)

Jiangsu Geology & Engineering Nigeria+ ZE-Construction Service and ZCC

Construction FZE.

 

Equity contribution

The Commissioner reiterated that the Lagos State Government during the period under review had released almost 700 million to the joint venture as part of the State’s 40 percent equity contribution.

This is part of the effort to ensure the speedy development of the Free Zone and to honour the State’s obligation on counterpart funding of the project, the counterpart funding will keep coming in phases,Lagos holds 40 percent equity while our Chinese counterparts hold 60 percent stake,” he said.

Local Entrepreneurs

Prince Ogunleye maintained that many local entrepreneurs were being encouraged to be part of the Free Zone Area after they had gone through the incubation stages.

We have incubation centres across different locations in the state, local entrepreneurs are being aided from incubation centres to industrial parks and final graduation to the free zone which is the tertiary stage,” he hinted.