Experts Urge Investment In Lagos Free Zone To Drive Economic Development

By Matthew Ogune, Abuja
Business experts have stressed the need for the government and private sectors to promote great investments such as the Lagos Free Zone to drive economic development.

Leading the call in Lagos, the Managing Director of the Nigerian Export Processing Zones Authority (NEPZA), Professor Adesoji Adesugba noted: “As a developing country, we need to focus on key aspects that can lead to accelerated economic development”

He added: “NEPZA is an agency of government that is geared towards ensuring there is industrialization using the template of the free zones and this is exactly what we are working towards.

“It is also important to stress that irrespective of legislation, the purpose and the mandate given to the free zone is that it must be a tax free zone.

“Therefore, no matter the complications, we have to make sure that ours is not different to others.”

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Adesugba assured that the NEPZA will also be upgrading its investment promotion unit to a full-fledged department, maintaining that it was crucial for the government and private sector to promote great investments such as the Lagos Free Zone.

Speaking, the Lagos Free Zone business development and marketing manager, Chinju Udora, said that the Free Zone remains committed to enhance the ease of doing business in Nigeria.

Udora explained that the central processing center that currently hosts agencies including the Nigeria Immigration Service (NIS) and the Nigeria Export Processing Zones Authority (NEPZA) facilitates a single window system to meet all registration and day-to-day operational needs of businesses.

The manager added that critical ancillary facilities such as ready-built standard industrial facilities, warehouses, emergency response medical facility, dedicated truck pack and logistics support enable a cost-effective and hassle-free operational environment for businesses.