(Ecofin Agency) - The Lekki Free Trade Zone (LFTZ), a zone being developed by a consortium of Chinese investors and the Lagos State government, will reduce export of raw materials from Nigeria by about 50%, according to Ding Yonghua, Managing Director of Lekki Free Zone Development Company.

Yonghua, who disclosed this during a visit by members of the diplomatic corps and trade missions, lamented that one of the challenges being faced in Nigeria, was the export of materials in their unprocessed forms.

He explained that the practice limits the capacity of the nation’s industrial base, work against employment creation. This is not in the best interest of the economy which is in great need of growth and development.

Located in Lagos State, the zone had up to now attracted about 114 registered investors with interest in different sectors and is expected to create about 30,000 jobs and provide accommodation for about 120,000 residents, once completed.

Speaking in the same vein, Rotimi Ogunleye, the Lagos State commissioner for commerce, industry and cooperatives stated that the zone is open to investors across the world. He assured that various incentives including a tax holiday on imported machinery, 100 percent repatriation of profit amongst others have been put in place.

“The essence of inviting you is to see what we have done so far and to say this trade zone is open to any genuine investor around the world. We have put in place adequate security including a 24-hour water and power supply to boost business. With other projects such as the deep seaport and the Lekki international airport coming up, the zone is a place to do business,” he added.

Anita Fatunji