Lagos Free Zone (LFZ), a subsidiary of Tolaram and Nigeria’s first privately-owned, port-based free zone, has successfully drawn the interest of investors from Nordic countries to help increase foreign direct investment (FDI) in Nigeria. These investors are encouraged to establish businesses within the zone, leveraging its superior infrastructure, attractive incentives, and ease of doing business.

Speaking at the Nordic Nigeria Connect 2023 conference in Lagos, themed “Innovation for a Greener Future,” the Managing Director/CEO of Lagos Free Zone, Dinesh Rathi, highlighted the zone’s position as Nigeria’s top investment destination. He emphasized that LFZ offers an unmatched ease of doing business, supported by world-class facilities and incentives designed for investors. Rathi underscored that with its strong economy and natural resources, Nigeria is poised to become a regional hub, and the infrastructure in LFZ serves as a foundation for this transformation.

Rathi explained that LFZ is the ideal investment location due to its heavy investment in infrastructure, such as gas facilities, ready-to-lease warehouses, and factories. Additionally, LFZ is the only free zone in Nigeria integrated with a deep-sea port, streamlining the importation of raw materials and exportation of finished goods. He noted that Nigeria’s strong economy, with a GDP of $509 billion and a population of 219 million, positions it as one of Africa’s most promising countries for further industrial and economic development.

He further mentioned that LFZ is strategically aligned with the African Continental Free Trade Area (AfCFTA), offering a valuable opportunity to enhance trade between Nigeria and other African countries. The zone is designed as a work-live ecosystem, and with ongoing developments such as the Irele Tower, the first commercial tower in the zone, LFZ is set to offer high-quality office spaces for companies operating in or near the Lekki Deep Sea Port.

A key selling point of LFZ, according to Rathi, is its integration with the Lekki Deep Sea Port, which enables rapid delivery of cargo and raw materials within 48-72 hours of berthing. This feature enhances business operations by improving efficiency and connecting Nigeria to global markets.

At the same conference, Prem Krishna, General Manager of Power & Gas at LFZ, welcomed Nordic investors, assuring them that the zone offers critical infrastructure for business success. He highlighted facilities like ready-to-lease factories and warehouses, compressed natural gas, a power plant, a medical facility, broadband networks, and a security command center. He also mentioned the recent completion of an Industrial Training Centre to create a skilled talent pool for businesses operating in the zone. Additionally, LFZ’s innovative single-window digital platform allows companies to engage seamlessly with key regulatory bodies such as the Nigeria Customs Service and NAFDAC, further boosting business efficiency.

Peder Pedersen, Managing Director of Arla Foods, provided a testimonial about the zone’s business-friendly environment, noting that LFZ’s achievements over the past decade exemplify the potential for success in Nigeria. He stressed that strong partnerships and effective management have been crucial to these accomplishments. Pedersen encouraged potential investors to be resilient and prepared to navigate the challenges of operating in Nigeria but reaffirmed the country’s attractiveness as a business destination.

Lagos Free Zone continues to position itself as a prime location for foreign investors, offering an ideal environment for business growth, infrastructure development, and seamless access to international markets.