Lagos Free Zone GDP contribution to hit $12bn in 2032, says promoters

By Cynthia Ezekwe 

Promoters of the Lagos Free Zone (LFZ), have projected a significant rise in the revenue generation from the zone,which is expected to contribute over $12 billion to Nigeria’s annual gross domestic product (GDP) by 2032.

According to Chinju Nwankwo-Udora, the business development and marketing manager, LFZ, the zone currently contributes about one per cent to the GDP, but expected to hit 2-3 per cent by 2032.

He added that the  LFZ is on track to commission a dedicated skills development center at the zone by 2024 to further enable absorption of local youth into its employment pool.

In the same vein, Dinesh Rathi, the managing director and chief executive officer, LFZ, at a media tour of the zone, pointed out that developed economies like China and Dubai have both recorded significant economic growth with the help of free zones and deep sea ports, noting  that  the  free zone along with the Lekki port would be a game changer for the Nigerian economy in the years to come.

Rathi disclosed that since inception,the free zone has generated Foreign Direct Investment (FDI) worth over $2.5 billion. He expressed confidence that with the current rate of committed investment into the zone, FDI is likely to grow more than $5 billion over the next 10 years.

The LFZ MD stressed  that the zone has also keyed into the federal government’s ease of doing business mandate by simplifying the entry and operations for foreign investors and by extension, improving the ease of doing business in the country.

He noted that over 15,000 jobs have been created in the zone with over 32,000 more jobs to be created in the next ten years within the industrial and services sector.