Insights Behind The Lekki Free Trade Zone in Lagos
Lekki Free Trade Zone ( “Lekki FTZ” or the Zone) is located in Lekki
peninsula, Ibeju-Lekki local government area, approximately 50 kms from the city centre of Lagos, the
economic capital of Nigeria. It borders Lekki Lagoon in the north and
faces the Atlantic in the south. The entire Zone is featured with flat
topography and beautiful scenery. Lekki FTZ was approved by the Chinese
Government in 2007 as one of the overseas economic and trade cooperation
zones.
Lekki
FTZ has been established jointly among China-Africa Lekki
Investment Limited ( “CALI”, a Chinese Consortium), the Lagos
State Government and Lekki Worldwide Investments Ltd. in Lagos with a
view to boosting economic growth for mutual benefits and win-win. CALI
is composed of four Chinese shareholders, i.e, China Railway
Construction Corporation Ltd., China Civil Engineering Construction
Corporation, China-Africa Development Fund Ltd. and Nanjing Jiangning
Economic & Technological Development Corporation.
The
Master Plan for Lekki FTZ covering a total area of 30 square kilometers
is aimed to develop and turn the Zone into a modern satellite city of
the international metropolis of Lagos with new economic functions by
taking manufacturing/production and warehousing/logistics as the leading
industries, and urban service industries and real estate property
development as the pillar so as to promote the overall industrial
development of the Zone.
“One stop service” will be provided to the prospective investors and enterprises in the Zone to meet their demands for efficient services. The principal preferential policies and incentives granted to the investors in the Zone include :
>>Complete tax holiday for all Federal, State and Local Government taxes, rates, customs duties and levies;
>>100% repatriation of capital, profits and dividends;
>>99 years of land leasehold and 50 years of concessionary right of the Zone’s operation /management;
>>one-stop approvals for all permits, operating licenses and incorporation papers etc.
“One stop service” will be provided to the prospective investors and enterprises in the Zone to meet their demands for efficient services. The principal preferential policies and incentives granted to the investors in the Zone include :
>>Complete tax holiday for all Federal, State and Local Government taxes, rates, customs duties and levies;
>>100% repatriation of capital, profits and dividends;
>>99 years of land leasehold and 50 years of concessionary right of the Zone’s operation /management;
>>one-stop approvals for all permits, operating licenses and incorporation papers etc.
Since the inception of Lekki FTZ over the past 5 years, good progress has been achieved with the operating licenses in the Zone issued to 74 investors/enterprises with a prospective total investment of USD 700 million, and official Investment Agreements executed between LFZDC and 28 investors/enterprises. Following the completion of development, Lekki FTZ will be built and turned into a modern satellite town of the mega city of Lagos, an ecological city with harmonious configuration of industries, a livable city full of vigor as well as a modern industrialized city. It will also become a driving force for Nigerian economic development and example showcase of cooperation between China and Nigeria.
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