7 August 2012

Nigeria: Lekki Free Trade Zone Attracts N170.5 Billion Investment

Nigeria's Lekki Free Trade Zone has attracted a total of $1.1 billion (N170.5 billion) investment commitment from 48 investors, the Minister of Trade and Investment, Olusegun Aganga, has said.

Aganga, who spoke based on briefings by the Managing Director of the Zone, Mr. Chen Xiaoxing, noted that the LFTZ had all the features to make it one of the most successful Free Trade Zones (FTZs) in Africa.

He spoke during the LFTZ Investment Forum and opening ceremony of the Eko Expo 2012, in Lagos, at the weekend.

Some of the top investors in the zone include Puma Energy Free Zone Enterprise, which is investing in oil and gas terminal depot construction. The company, which has already commenced construction, is investing $400 million in the zone.

Others are Imad Oil and Gas FZE, which is investing $200 million; China Railway Construction Corporation ($50 million); and YFK Pharmaceutical FZE ($30 million), among others.

Aganga said: "The Lekki Free Trade Zone is indeed the biggest of the 19 Free Trade zones Chinese investors have presently outside China and it has all the features to make it one of the most successful FTZs in Africa. I have been informed by the Managing Director of the Zone that about 48 investors have already committed to investing close to $1.1 billion in the Zone

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