In Lagos, four major free trade zones—Lagos Free Trade Zone, Lekki Free Trade Zone, Alaro City, and LADOL—have attracted a massive $8 billion in investment. This investment is fueling Nigeria’s economy and creating many job opportunities.
During a media event led by the Nigeria Export Processing Zones Authority (NEPZA), officials shared these figures, showcasing the positive impact on Nigeria’s non-oil sectors.
Here’s how the investment breaks down: Lagos Free Trade Zone has attracted $2.5 billion, Lekki Free Trade Zone $4 billion, Alaro City $1 billion, and LADOL $500 million.
According to NEPZA’s Managing Director, Olufemi Ogunyemi, by the end of 2023, the country’s 46 licensed zones had already created over 38,000 direct jobs and nearly 173,000 indirect jobs.
At the Lagos Free Trade Zone, Business Development Manager Chinju Nwankwo-Udora noted that the zone, operational since 2012, has focused on building a business-friendly infrastructure.
Currently home to 30 companies, they aim to expand to 150 businesses. Nwankwo-Udora highlighted that the zone has drawn in about $2.5 billion in investments, including the $1.2 billion Lekki Ports project. In 2023 alone, it brought in over N40 billion in customs duties and N400 million in taxes for Lagos State.
Bolatito Ajibode, the Deputy Managing Director of LFZDC, emphasized the job creation within these zones, with around 3,200 people working daily. The zone has 60 active businesses, with 30 more under development. Ajibode shared some of the challenges, like limited roads and currency devaluation, but expressed optimism with plans like a “buy now, pay later” option to support local investors.
At LADOL, Managing Director Dr. Amy Jadesimi spoke about using free zones to enhance manufacturing and expand Nigeria’s economy. She envisions LADOL as an industrial hub that could create up to 30,000 jobs. She emphasized that Nigeria must overcome infrastructure and confidence challenges by supporting one another.
Morgan Oriahi, Project Director for Alaro City, highlighted the strategic position of Alaro City near the Lekki Deep Seaport and airport, making it an ideal location for both local and foreign investors looking to expand in Nigeria’s free trade zones. This unique location boosts Alaro City’s appeal as a prime business growth center.