Free Trade Zones

NEPZA Welcomes LFZ Financial Times Global Free Zone Award


Nigeria Export Processing Zone Authority (NEPZA) Managing Director Prof. Adesoji Adesugba described the listing of the Lagos Free Zone as “Highly Recommended Free Zone in Africa” ​​by Financial Times magazine FDI as a consequence of the sustained reform of the sector by the federal government. .

Adesugba, who is also the CEO of NEPZA, in a statement issued by Director of Corporate Communications (NEPZA) Martins Odeh, said LFZ’s defeat against other world-class free zones on the continent resulted adoption of a global system of corporate governance.

He said, “This award is therefore a progress of the zone towards obtaining the most prestigious credit in the global free trade zone rating and it will help attract foreign investment into the economy.

“This recognition shows that President Muhammed Buhari’s vision and policy for rejuvenated area operations is starting to produce the desired results. “

For us at NEPZA, we are sure of the sector’s capacity to revive the country’s economy.

“So allow me, on behalf of the NEPZA management team and all the staff, to congratulate the LFZ management on this great outing,” Adesugba said.

The NEPZA boss, however, reiterated that the zone has shown long-term strategic thinking by prioritizing its priority industrial sub-sector as the world moves towards shorter supply chains. .

LFZ, developed by the Singapore-based Tolaram Group, has put together a compelling case this year by tying its fortunes to that of the integrated port of Lekki Deep Sea, which is expected to begin operations by 2022 following the financial close of the project in March 2020. .