Ibeju-Lekki becomes the "NEW CENTRE OF EXCELLENCE"

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.

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.

Brief Historical Background

Historical Background

BACKGROUND DEVELOPMENT
The existence of Ibeju Lekki local government could be traced back to 1990 during the local government creation exercise by then Nigeria head of state, General Ibrahim Badamosi Babangida. It was one of the four created in Lagos state and one of the two hundred and eighty nine local governments created in the country that year. It is important to state that it was at this time that nine new states were created in the country. The seat of the Ibeju Lekki local government was originally at Akodo before the recent Lekki local council development area was carved out, which necessitated the moving of the seat of government to the present Igando Oloja location.

The name of the local government is derived from two autonomous communities, Ibeju and Lekki. It was originally tucked within the old Epe local government. Prior to creation,Ibeju Lekki was treated as a backwater suburb to the Epe central and north. This veritably explains the slow pace of development in the area.
From 1990, there was an upsurge in the development rate of the area reflected in the presence of economic and infrastructure development of the area. Thus in just few years of its existence and creation, Ibeju Lekki local government has ably put in place facilities and infrastructures to enhance the socio-economic development activities in the area.

LOCATION AND SIZE
Ibeju Lekki is located at approximately latitude 4015'north latitude 4017' north and longitude 13015' east and 13020' east. It is bounded in the north by Ogun state and in the west by Eti-Osa local government. It is bounded in the east by Epe local government and its southern ends join it to the Atlantic Ocean.

It is about 75 kilometers long and about 20 kilometers at its widest point. Suffice to say, that Ibeju Lekki local government land area is about 646 kilometers square, equals one quarter of the total land mass of Lagos state. Hence, it is regarded as the fastest growing local government area in Africa and the future of Lagos state


MAP OF IBEJU AGBEDUWA KINGDOM

VEGETATION AND SOIL
The local government is located along the coastal plain of Nigeria. The entire area is below sea level and only at a few places does the land rise above sea level. The soil is sandy around the coastal part, while some area on mud except in few places, the entire local government is swampy.

Geologically, recent sedimentary layer underlies the local government. The sedimentary rock of alluvial materials is sandy, muddy and unconsolidated. There are many rivers, creeks and lagoons. The rivers are mainly the distributaries of river Oshun and Ome. The lagoons have permitted the development of sand bars and lagoon islands such as Arapagi, Ita-Oko and refugee islands.

The local government is also covered with mangrove forest at the northern part. Herbs are the most common plants with generous presences of palm and coconut trees. In recent time, much of the vegetation had been cleared. Patches of vegetation especially around Awoyaya down to Ibeju could only be seen. Along the west, however, there is thin vegetation because large traits of land are rising just above the sea level.

POPULATION AND TRIBE
The people are mainly Ijebu speaking who have settled in the local government in several autonomous communities. Some of the prominence communities include: Abijo, Awoyaya, Eputu, Lakowe, Bogije, Sapati, Igando-Oloja, Ibeju Lekki, Arapagi, oke-odo Elemoro, Akodo, Magbon-Alade, Eleko, Debojo, Solu-Alade, Iwerekun, Mopo, e.t.c. In all, there are on hundred and fifty five towns and villages here. There are now many other people from different parts of the country and the world residing and developing in the local government area.