Lekki Free Zone’s Turnover Hits $5 Billion - Politics

 

Managing Director, Lekki Free Zone (LFZ), Bolatito Ajibode has said about $5 billion has been generated as revenue through the zone, with investment ranging from infrastructure to industries and raw materials. Ajibode disclosed this during a media tour organized by the Nigeria Export Processing Zone Authority NEPZA in Lagos, stating that In terms of revenue to the government, the zone remits pay as you earn tax to the state government, with 3,200 workers coming to the zone each day to earn a living, which is a significant employment opportunities created by the Lekki zones. According to the MD, “The zone is the largest trade zone with a land area of 3,000 hectares, it currently has 60 enterprises in operation and an additional 30 under construction across various sectors, including manufacturing, real estate, logistics, recreation, and oil and gas. “The first challenge in that area is the road infrastructure from Lekki to Eleko junction, which has been handled by the Dangote Group and will be completed soon. Another challenge is the devaluation of the naira. We currently sell in dollars, and it has been a bit of a challenge for investors, whether coming in or going out, especially Nigerian investors who buy our lands. “We have different options for large-scale manufacturers and small retailers, but it’s people who have deep pockets that can come in. Nigerian investors struggle to cough out the money, which is why we have more foreigners here, like 20 to 80 per cent foreigners around the zones. The Managing Director NEPZA, Olufemi Ogunyemi had earlier disclosed that Nigeria’s free zones, numbering 46 licensed zones in 2022, have provided 38,429 direct employment jobs and an additional 172,930 indirect jobs towards the end of 2023, so far free zones in the country have created an enabling environment aimed at enhancing economic growth and development of export-oriented manufacturing in the non-oil sector of the economy. https://thenationonlineng.net/lekki-free-zones-turnover-hits-5b/ 3 Likes

Re: Lekki Free Zone’s Turnover Hits $5 Billion by FreeStuffsNG: 10:56am

Awesome!! That's just a single business entity in Lagos o. Gradually, we are getting there. Thumbs up to everyone who made this a reality and our appreciation goes to the visioneer of this, Asiwaju Bola Ahmed Tinubu. May God continue to bless you sir. This is the best time to invest in Lagos. Bring your legitimate and patriotic investments to Lagos to enjoy the greatest ever return on investment and the best investment-friendly environment in Nigeria and Africa. May God continue to bless Nigeria for ever! Check my signature for free stuffs! 23 Likes 2 Shares

Re: Lekki Free Zone’s Turnover Hits $5 Billion by yoruboid: 11:00am

Yorubaland is moving forward, no time This is a visionary project and the brainchild of President Bola Ahmed Tinubu, just like Eko Atlantic which has not only protected the shoreline of Victoria Island but has become a sprawling city with over 10 highrises completed and over 15 projects currently under construction (including the biggest USA embassy in the world) Can anyone show me one thing the Agulu clown envisioned that is benefiting the people of his state today? 22 Likes 3 Shares