Dinesh Rathi, the managing director of Lagos Free Zone (LFZ), has said that with businesses showing significant interest in the area, the company aims to contribute about $12 billion to Nigeria’s annual gross domestic product (GDP) by 2032.
Speaking on the firm’s plans at a recent meeting with journalists at LFZ’s headquarters in Ibeju Lekki, Rathi said the target would be achieved when the zone is fully functional, with more companies taking advantage of the opportunities in the area.
According to him, the free zone requires at least 150 companies to operate at full capacity.
“If you look at the zone and the master plan, today, we are having 24 companies operating inside the zone, once you have 150 to 160 companies operating inside the zone, and if you put a number based on that, we can easily get an output equivalent of $12 billion,” he said.
“We did our workings and that is our vision. And then, with that number, you will be 2 to 3 percent of the national GDP.
“This whole free zone along with the Lekki port can be a game changer in the years to come. And this has happened in the case of China and Dubai.”
As implied by Rathi, who doubles as the chief executive officer (CEO) of LFZ, the $12 billion target is dependent on the influx of companies in the zone.
At the moment, only Indian corporates like Kellogg’s, Colgate, Arla Foods, and BASF Corporation, are tenants in the free zone as LFZ invited firms from the South Asian country last month to set up shops in the area.
