Lagos Free zone

The Nigeria Export Processing Zones Authority (NEPZA) has described the listing of Lagos Free Zone by the Financial Times FDI Magazine as fallout of Federal Government’s sustained reform of the sector.

The Managing Director of NEPZA, Prof. Adesoji Adesugba, said LFZ’s defeat of other world-class free Zones in Africa equally stemmed from adoption of world class corporate governance system.

A statement by Mr Martins Odeh, Head, Corporate Communications of NEPZA, on Sunday quoted Adesugba as saying: “This award is therefore, a significant milestone in the advancement of the Lagos Free Zone being recognized at parity with the select best free zones globally and this will help in attracting foreign investments into the economy.’’

“This recognition goes to show that the President Muhammed Buhari’s vision and policy for a rejuvenated zones operations are beginning to yield the desired results. For us in NEPZA, we are sure of the capacity of the sector to reignite the country’s economy.

“Let me, therefore, on behalf of the NEPZA management team and the entire workforce congratulate the LFZ management for this great outing,” Adesugba said.

The NEPZA boss reiterated that the zone had shown long term strategic thinking as it re-prioritised it’s priority industry sub-sectors as the a world moved toward shorter supply chains.

LFZ, developed by the Singapore-based conglomerate, is the first private and port-integrated free zone in the country.

LFZ is a multi-cluster Zone with world class infrastructure conceptualized as a modern, and efficient Industrial hub.