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Why invest in the lekki free trade zone, NEW LAGOS IBEJU-LEKKI ?*
Given the abundance of resources and a fast growing trade economy in Africa, there is the need for deep seaports, airports, infrastructure and logistics in Africa. Countries like Nigeria have been in a struggle to capitalize on their economic growth but are being slowed by lack of basic and advanced logistical investment. Now all these are changing thanks to Foreign Investors in cooperation with the Nigerian Government building one free trade zone at a time.
The Nigerian Enterprises Promotional Agency has set out to create a plethora of free trade zone spread out across the country in hope of a repetition of China’s success story in Nigeria. The Chinese model-which came into action in 1988-saw the creation of several special economic zones that employed more flexible economic policies and government measures, in order to foster growth and foreign direct investment within those areas. This later led to the massive and expansive growth of economic centers such as Shanghai, Guangzhou, Shenzhen which have contributed to China’s accelerated increase in GDP[Gross Domestic Profit] on an annual basis in double digits. With a stagnated growth rate of 5% to 6% in Nigeria’s GDP, her authorities are pining to move her industries in leaps and bounds. This gave rise to the formation of free trade zones across Nigeria,with the biggest and most important-LEKKI FREE TRADE ZONE-located in the Country’s commercial capital city,Lagos.
About Lekki Free Trade Zone: Lekki FTZ is a free zone located at the eastern part of Lekki. It should be noted that Lekki covers 3 Local Government Areas namely Epe,Eti-osa and Ibeju-Lekki. It is located atop the Lekki Pennisula,the South East of Lagos State and borders the Lekki Lagoon in the North while it faces the Atlantic Ocean in the South with a beautiful Coast line of about 5km, making it the fastest growing axis in Nigeria. Out of the 23 free trade zones in Nigeria vying for the attention of foreign investors,The Lekki Free Trade Zone has attracted a consortium of Chinese investors indicative of international acceptability of Nigeria(The Free Trade Zone Axis) as a safe haven for investments. Apart from the 116 investors who registered to operate in the zone,there has been of recent additional 100 investors who have made known their intention to register and situate their businesses within the zone.
The Lekki FTZ is the biggest in Africa and four times the size of Manhattan. The Lekki FTZ will have located within itself the free trade zone,The Deep Sea Port,The New International Airport,An International Golf Course,The Centre of Industrial and Employment Activities,The Oso Lekki Cultural Festival,Mega Power Plants amongst others.
According to the Master Plan,Lekki FTZ will be developed into a Modern Industrial Mega City In the Lagos Metropolis with the integration of industries,commerce and business,real estate development,warehousing and logistics,tourism and entertainment. Lekki FTZ is divided into 3 functional districts; The residential district in the North,Industrial district in the middle and commercial trading/warehousing and logistics district in the South East. The “sub centre” located in the South of the Zone is to be developed first. This sub centre houses the deep sea port which is set to be completed within 41months-looking forward to 2020 as its completion year- as construction has commenced already in a bid to attract more investors to ensure return on investments. In the Start-up area of the Lekki FTZ,there will be a commercial and logistics park which covers a total area of 1.5 square kilometers . The park is planned to be multifunctional integrating commerce,trading,warehousing and exhibition. The park will also house The International Commodities and Trade Centre,The International exhibition and Conversation Centre,industrial factory workshops,logistics warehouses,office buildings,residential apartments buildings,hotels amongst others.
The Lekki FTZ will ensure a great shift of focus from dependency on oil and petroleum products to other sectors that also boost great economic growth namely manufacturing,industries,agri-commodities just to mention a few,also boost Nigeria’s employment sector by creating over 300,000 jobs with 20 million US Dollars to be invested on employee’s salaries. Given her masterplan and already progressing work,the Lekki FTZ will be a catalyst for economic development in Lagos State,Nigeria and in Africa as a whole.
HOW TO INVEST AND WHY INVEST?
Real Estate acquisition is one of the many numerous ways to invest and also buy into the Lekki FTZ dream boosting your bank accounts and also the country’s economy at the same time. Purchase and land acquisition could be in any of the functional districts of the Lekki FTZ depending on the immediate or future purpose in mind. The Lekki FTZ being the fastest growing axis in the sub-saharan Africa is boosting the Real Estate Sector in the same axis too. Living standards will be improved as a result of a boost of the country’s export to a steady phenomenal growth rate which will directly and indirectly boost the Real Estate sector in Lekki FTZ axis.
WHY INVEST
1). The Lekki FTZ axis also known as the Ibeju-Lekki axis is the fastest growing area in the Sub-Saharan Africa.
2). Real Estate and Property having an amazing capital appreciation pegged to return more than 300% in 3 to 5 years.
3). The Master Plan has made adequate provision for a proper waste disposal system,independent power supply and distribution system, efficient storm water drainage system curbing storm water which has been responsible for devaluing and destroying properties across the Lagos Island.
4).Mouth-watering incentives such as; 100% tax holiday,100% ownership of investments,reduced custom duties and levies,complete waiver on export and import licences,no restriction on the hire of foreign employees.
If resources are available,see this as the next big step.
To your success..... Gracedivine Ozavize, the lady #Realtor / #Consultant
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