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Lagos Free Zone targets $12bn contribution to Nigeria’s GDP

AFTER investing an estimated $2.5billion developing the Lagos Free Zone, it’s managing director, Mr. Dinesh Rathi, at the weekend said the facility would contribute about $12 billion to Nigeria’s GDP over the next 30 years.

This, he said will be made possible through increased economic activities in the zone, which has an ultra modern port considered as Nigeria’s first seaport with a draft of over 16.5 meters.

Speaking on the progress of work at the project commissioned in April this year, Mr Rathi said the 850 hectares zone has already recorded about $2.5billion investment interest with over $2.3billion already realised.

According to him, about 24 warehouses have since been completed on the sprawling free zone while rapid progress is being made with potential offtakers/ investors from within and outside the country to increase utilisation of facilities in the zone.

Source : The Sun