Investors have the opportunity to
establish and invest in manufacturing industries in the Lekki Free Trade Zone
(FTZ), situated in Lagos State.
The idea behind the Lekki FTZ is to
create a new model city. It is located on the Lekki Peninsula, south-east of
the city of Lagos. The zone will feature its own power plant, deep sea port,
housing, recreational facilities, etc. Phase one of the project was completed
in May 2008.
One of the reasons why the Lekki FTZ
has been introduced is to attract foreign direct investment in
industries such as textiles, household equipment, electronics and food and
beverages. Investors are therefore invited to consider the possibilities.
Reasons to invest in the Lekki FTZ
Market: Situated
close to the Lagos metropolis, the Lekki FTZ provides companies
with easy access to Lagos' population of 18 million people and Nigeria's
total population of close to 150 million. The FTZ is also ideally located
to export to the US and European markets.
Incentives: All goods going into the FTZ will be free from duty
and investors don't have to pay taxes. Companies can be 100% foreign owned,
foreign exchange controls do not apply and investors will be able to easily
move their capital and profits overseas.
Raw materials: Lagos is rich in raw materials. Examples of industrial
opportunities in the beneficiation of some of the raw materials include:
·
ceramics and tiles (from clay)
·
crude oil and bitumen
·
oil, perfume, cosmetics and soap (from coconut palm)
·
boat building, furniture, paper and pulp (from teak and other woods)
·
starch alcohol and flour (from cassava)
·
surgical gloves (from rubber)
·
flour, beverages and jams (from plantains)
·
soft drinks and stimulants (from kolanut)
·
body creams, lotions and animal feeds (from cocoa)
·
varnishes, jellies and animal feeds (from cashew)
· yeast and wine (from
raffia palm trees)
