The Lekki Free Zone, created in 2006 as a modern free zone and managed in accordance with international best practices, is now a major hub of industrial activities.
It is a region where a group of countries has 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.
Currently, the Lekki Free Zone, located on 16,500 hectares of land is divided into four quadrants and managed by various operators, benefiting from Lagos State's position as the premier distribution hub in West Africa.
It covers a total area of about 155 square kilometers in the Ibeju Lekki local government area, South-East of Lagos, Nigeria, about 50 km from the city center.
The zone boasts of both local and foreign investments running into billions of dollars, amongst which are the largest oil refinery in Africa and a fertiliser plant.
Others are the petrochemical plant, a sub-sea gas pipeline project under construction and the largest deep-sea port in West Africa, primed to open up access for export to West Africa and beyond.
Lekki's free trade zone has provided an ideal platform to open up diverse markets for all investors and enterprises in the world. It is already a unique landmark of the future development of Lagos state and Nigeria as a whole.
The profitable collaboration is a major catalyst for the development of Lagos state brought about by a collaboration of the Chinese and Nigerian governments.
Though, the first private free trade zone in Nigeria and the biggest in West Africa.
This zone has been designed to become a new Lagos and has been granted a series of preferential policies and incentives, and designated as a special economic zone inside Nigeria.
The zone attracts investors due to its great transportation plans, by land, sea and air, with its unique geographical and regional advantages, the zone serves as the best platform for investors and enterprises who desire to open up to markets all over Africa, Europe, and the USA.
According to the World Bank report, Lekki free trade zone is the fastest free zone in the world.
There are several multi-billion dollars investments driven by various Chinese companies that have been commissioned
With massive job opportunities, the zone project alone is expected to churn out 300,000 direct jobs and 800,000 indirect jobs.
With the recently commissioned of Lekki deep sea port and the construction of the new international airport, the Dangote refinery, pan Atlantic university, Eleganza industrial city, the proposed 4th mainland bridge, and other amazing infrastructure, it is obvious that an investment in the land around Ibeju-Lekki will reap massive returns a few years to come
Currently, the zone is under the management of the Lekki free zone development company.
Recently, the House of Representatives Committee on Commerce described the Lekki Free Trade Zone (FTZ) quadrant as Nigeria's new economic powerhouse, explaining that it harbours $25 billion worth of investments.
Deputy chairman of the Committee, Richard Gbande, said that the concept of the free trade zone had revolutionised the development of the Lekki axis of Lagos once upon a time considered an undeveloped peninsular.
The lawmaker noted that the government's effort in trying to diversify the economy resulted in the development of the Lekki Quadrant, which, according to him, would undoubtedly become the country's new economic powerhouse.
Interestingly, many Nigerians and foreign investors are particularly enthused with the conversion of the peninsular to a majestic business city.
Another feature that makes the Lekki Free Zone appealing is the integrated seaport's transhipment capabilities.
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Not that Lekki will be a transhipment hub, but it might be in the future if West Africa requires it. The draft is 16.5 meters, and the capacity of phase one is 1.2 million twenty-foot equivalent units (TEUs).
With seven ship-to-shore cranes and a draft that allows larger boats to dock, the Lekki Seaport will be able to handle 100 movements per hour when completed, which, although not amazing by world standards, is light years ahead of what is currently being done at Apapa and Tin Can Island. It will transform Lekki into a 21st-century port.
Experts predict that once the free trade zone and Lekki seaport are operating at full capacity, the Ibeju Lekki axis would see an increase in trade volume of about $25 billion by 2030.
It is then not a surprise to see why real estate investors are buying land all over Ibeju Lekki. Refusing to purchase land in Ibeju Lekki while it is still available for as little as 1.2 million for a complete plot might be your worst mistake.
*Owen, a social affairs commentator, writes from Port Harcourt.
