The United States Diplomatic Mission in Nigeria has expressed readiness to drive foreign direct investment to the Lagos Free Zone, Nigeria’s first private special economic zone.
In a statement on Monday, it was revealed that the U.S. Ambassador to Nigeria, Richard Mills Jr, gave this assurance when a delegation of the U.S. Embassy & Consulate General in Nigeria visited the LFZ.
The Lagos Free Zone is located in Lagos State, the commercial centre of West Africa’s largest economy, and is promoted by Singapore-based Tolaram. It covers an area of 860 hectares and is equipped with world-class infrastructure and a single clearance window for ease of doing business.
Recall that recently, Mills Jr at a Fireside Chat at the Lagos Business School announced that the USA would be focusing on private sector-led investment instead of aid in its engagement with Nigeria and sub-Saharan Africa.
During the visit, Mills Jr stated that his team will encourage more US companies to consider investing in the Lagos Free Zone, adding that the forthcoming 2025 U.S.-Africa Business Summit in Angola offers a veritable platform to meet with U.S. investors and companies.
“I am impressed with the master plan for the Zone, the infrastructure and the level of investment here at the Lagos Free Zone, and it is gratifying to see major American companies and brands such as Kellogg’s and Colgate already having operations in the Zone,” he said.
He expressed surprise that many Nigerian businesses had yet to take advantage of the African Growth Opportunity Act, which was enacted 25 years ago. He noted that such trade initiatives or bilateral agreements were pivotal to deepening economic relations with Africa.
In her welcome remarks, the Chief Executive Officer of Lagos Free Zone, Mrs Adesuwa Ladoja, described the Zone as the most preferred investment destination with world-class infrastructure and incentives that any serious business needs to thrive and make huge returns on investments.
Ladoja explained that LFZ’s ecosystem is self-sustaining with facilities such as the integration of Lekki Port, warehouses, standard factories, Compressed Natural Gas, a fire station, broadband network connectivity, a helipad, a medical facility, solid waste management, a residential tower, a security command centre, and an industrial training centre.
She stressed the need for the United States diplomatic community to assist by helping to convince American businesses and investors to consider the Zone as their investment destination of choice. She explained that establishing the Zone has had a monumental impact on Nigeria’s economic prosperity, stating that this is evident in the increased volume of economic activities in Nigeria and the thousands of jobs generated.
Expressing appreciation to the Federal Government for the immense support, she disclosed that the ongoing construction of the Lagos-Calabar Coastal Highway and the proposed rail alignment on the route would further boost cargo evacuation from the zone.
The CEO noted that the Zone has been instrumental in driving exports in Nigeria, as many of the businesses in the Zone have been taking advantage of different trade initiatives and agreements, including the African Continental Free Trade Agreement.
