The Indian High Commissioner to Nigeria, Abhay Thakur, has stated that the Lagos Free Zone provides a remarkable and special ecosystem that all Indian companies with growth aspirations must greatly consider for their businesses.
The High Commissioner gave this advice when he led a cross-section of top executives of Indian companies operating in Nigeria on a visit to the Lagos Free Zone, a world-class industrial zone developed by Tolaram Group.
Thakur described the Lagos Free Zone, especially with its integration of the Lekki Deep Sea Port, as a defining project for Nigeria that would impact the economy positively and further open the country to the world as a preferred destination for foreign direct investment.
He said: “I have been very impressed with the scale, size, and potential of the Lagos Free Zone project that I have seen here today and I commend Tolaram Group for having put together such a defining Project in Nigeria.
“I would urge all the Indian companies globally to seriously consider the possibilities at Lagos Free Zone because it is difficult to find a better investment destination in Nigeria today.”
He ascertained the Lagos Free Zone team that the Indian High Commission in Nigeria would do all within its means to help promote and attract the much-needed investment into Nigeria.
Thakur added: “As you may already be aware, Nigeria remains the largest trading partner of India in Africa with a total trade volume of about $14 billion in 2020 and is also one of the leading investors in Nigeria with a cumulative investment base of about $20b in Nigeria.
“We are trying to play a bigger role in Nigeria’s growth story by creating a win-win relationship. In this context, Lagos Free Zone has a special place in furthering India-Nigeria collaboration.”
Addressing the High Commissioner and his entourage on the visit, the Managing Director, Lagos Free Zone, Dinesh Rathi, disclosed that the first phase of the zone, which represents about 45 per cent of the 830 hectare area, would be completed by 2022, with the delivery of critical infrastructures such as the Lekki Deep Sea Port, piped gas distribution network, completion of the ready-built industrial and residential buildings and take-off of the Industrial Training Centre.
Highlighting the incentives of investing in the zone, Rathi explained that investors will enjoy an attractive set of incentives as granted to Free Zone Enterprises under the NEPZ Act.
He stated further that up to 100 per cent of finished goods can be exported into Nigeria’s Customs territory upon the payment of appropriate duties.
He also added that 100 per cent foreign and private ownership of the business is allowed in the zone.