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    Wednesday, November 29, 2023

    LFZ Attracts Nordic Investors to Nigeria

    The Lagos Free Zone, a subsidiary of Tolaram, says it has attracted investors from the Nordic countries to boost foreign direct investment into the country.

    A statement by the firm on Sunday said that the investors were encouraged to take advantage of the exceptional infrastructure, incentives, and ease of doing business in the zone to set up their businesses.

    Speaking during the breakfast session of the Nordic Nigeria Connect 2023 Conference, held in Lagos, the Managing Director/Chief Executive Officer of the LFZ, Mr Dinesh Rathi, revealed that the zone remains the most preferred and viable investment destination in Nigeria with its unparalleled ease of doing business and the unique incentives available for investors.

    Dinesh noted that Nigeria had all the ingredients needed to catapult itself to a regional hub, considering the quantum of world-class facilities and infrastructure available at the zone.

    “Nigeria is one of the strongest economies in Africa with potential for further economic and industrial activities owing to the presence of natural resources and favourable demographics. With a population of 219 million, it represents 20 per cent of Africa and a gross domestic product of $509bn (17 per cent of Africa),” Dinesh explained.

    He stated that the establishment of a free trade zone like LFZ was necessary for the Nigerian economy due to its significance to manufacturing and logistics.

    The LFZ boss noted that the imminent implementation of the African Continental Free Trade Area agreement presents a significant opportunity to use the zone to promote trade between Nigeria and other African countries.

    Meanwhile, in his presentation, the General Manager of Power & Gas, Lagos Free Zone, Prem Krishna, said that the zone was ready to welcome investors from the Nordic countries.

    He stressed that critical infrastructure for businesses to thrive, such as ready-to-lease factories and warehouses, compressed natural gas, power plant, a truck park, medical facility, broadband networks, fire station, central processing centre, helipads, residential units, and security command centre were already in place.

    Krishna revealed that the company recently completed and commissioned a state-of-the-art Industrial Training Centre that would serve as a place to train and create a pool of talent for organizations within the zone.

    In his remarks, the Managing Director of Arla Foods, Peder Pedersen, shared a compelling testimony about Lagos Free Zone‘s business-friendly ecosystem, having operated in the zone for many years.

    He noted that the achievements recorded in the zone over the last ten years were perfect examples of possibilities in Nigeria, saying that the success could not have come through without strong partnerships and good management.

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