All You Need To Know About Lekki Free Zone and Why You Should Invest In Ibeju-Lekki, Lagos, Nigeria
A Free Trade Zone is an area within which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of custom authorities. It is a region where a group of countries have agreed to reduce or eliminate trade barriers, the basic objective being to enhance foreign exchange earnings, develop export-oriented industries and generate employment opportunities for the host country. Lekki Free Trade Zone is a major catalyst for the development of Lagos state brought about by a collaboration of the Chinese and Nigerian governments. It was started during the administration of former Governor of Lagos state, Bola Ahmed Tinubu. His successor, Babatunde Fashola, continued the project and now the present governor, Akinwunmi Ambode seems to be giving a lot of attention to it.
Lekki Free Zone covers a total area of about 155 square kilometres in Ibeju Lekki Local Government Area, southeast of Lagos, Nigeria, about 50km from the city center. This zone has been designed to become a new modern industrial city and has been granted a series of preferential policies and incentives, and designated as a special economic zone inside Nigeria. The Lekki Free Zone will provide an ideal platform to open up diverse market for all investors and enterprises in the world. It will be a unique landmark of the future development of Lagos.
Facing the Atlantic Ocean in the south and bordering with Lekki Lagoon in the north, Lekki Free Trade Zone has easy access to the Western African market of about 300 million population and the European and USA market with a population of about 600 million. By having great transportation conditions both by land, sea and air as well as its unique geographical and regional advantages, the zone can serve almost as the best springboard for those investors and enterprises who desire to open up to markets all over Africa, Europe and the USA. The zone is fast attracting local and foreign investors. The largest oil refinery in Africa, a fertilizer plant, petrochemical plant and a sub-sea gas pipeline project is under serious construction by African richest man, Alhaji Aliko Dangote, and valued at $17 billion. The Dangote refinery which is the largest single line refinery in the world has a processing capacity of 650,000 barrels of oil per day while the gas pipeline project, according to Dangote, “is meant to supply 3 billion cubic feet of gas daily to Lagos and its axis which can guarantee uninterrupted power supply in Lagos on completion as it will generate 12,000 megawatts of power”. Already, the integrated Agrochemical factory built by CANDEL FZE, a leading Agrochemical company, has been commissioned. There are several other multi-billion dollars investments driven by various Chinese companies.
To fast track development in the zone, in May 2016, Lagos State Government released the sum of N1.6billion as part of its equity contribution in the Lekki Free Zone Development Company (LFZDC) to boost the on-going infrastructural development as well as encourage investors to participate in the project. A World Bank report listed the zone as the fastest growing free zone and according to the Lagos State Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, the Lekki Free Zone project has remained the flagship of the state government industrial development initiative to provide enabling environment for industries to operate as well as attract both local and foreign direct investments into the State.
On 20th of June, 2016, Lagos State Government and the city of Dubai entered a historic partnership that will see Lagos emerge as the first smart city in Africa. They signed a Memorandum of Understanding (MoU) witnessed by Lagos State Governor, Akinwunmi Ambode, and the Chairman of Dubai Holdings, His Excellency, Ahmad Bin Byat who is also the Deputy Prime Minister. According to Governor Ambode, the Smart City (Lagos) is expected to bring multi-billion dollars investments to the state, create thousands of jobs and transform the Ibeju-Lekki axis in particular and the entire Lagos state in general. This means that the smart city will be built around Ibeju-Lekki and the Free Trade Zone as its center. When completed, the Smart City Lagos will have, among other features: a 12-lane road, hotel resorts, world-class technological education facilities, a rail metroline, to mention but a few.
With the construction of the Lekki Deep Sea Port, the New International Airport, Dangote refinery, Pan Atlantic University, St Augustine University, Eleganza Industrial City, different beach resorts, the proposed 4th Mainland bridge, and other amazing infrastructure, it is obvious that an investment in land around Ibeju Lekki especially in areas along the Lekki Free Zone will reap massive returns few years from now. Power Oil and Indomie factories are already set up in the area. The Lekki Free Zone project alone is expected to churn out 300,000 direct jobs and 600,000 indirect jobs with the Dangote refinery expected to create employment for 235,000 people. So, whether you are buying land for residential buildings or to resell when the price comes up, you are on the right track. Make sure to invest now in this emerging industrial, commercial, investment and tourism capital city of the New Lagos.
I work with real estate development companies to sell plots of land (residential and commercial) inside estates at Ibeju-Lekki, some of them just seven minutes from Dangote Refinery. Thousands of people and companies are buying land close to the Free Trade Zone as they realize how lucrative the investment opportunity is, especially with the recent developments. Some estates are even completely sold out. Land in the area currently sell between N1.5million — N6million per plot depending on the location, half-plots are available and payments can be made in installments. The estates have Global C of O or Gazette and physical allocation is immediate. Own a plot of land now and make millions later.
Follow me on Twitter @IgnatiusUkwuoma to get updates on the developments in the area. Send a mail to email@example.com or call me on 08066505627 if you are ready to make an investment in land. New estates are being acquired, contact me to know what else is available.