Lekki Free Trade Zone Course

FEDERAL Minister for Commerce and Industry, Achike Udenwa during a visit to Lekki Free Trade Zone (LFTZ) said the Federal Government would give Lagos State and its Chinese partners in the free trade zone project necessary support to actualize the project. Udenwa said this boost is necessary as government must increase the level of production and export to survive the world-wide recession.
In similar vein, Olusola Owofu, special adviser to Lagos State Governor on Commerce and Industry, said the state is committed to the completion of LFTZ which first phase is billed to commence operations in 2011. Lagos State government necessary towards completing phase 1 of the multi-billion naira project for which both Lagos and the Chinese partners are committing $260 million for a start.
The first phase is earmarked to sit on 1.000 hectares of the 16,500 hectares of land acquired for the project. She said,

“The economic potentials of this project are enormous.
What we are trying to do here is to build a new city that will be efficient commercially and economically because it will have it own airport, seaport as well as generate power for its operations on full completion. Apart from these, there is going to be provision for 21st century ICT solution and infrastructure which will enable companies to produce at a cheaper rate so as to be able to compete internationally, thereby increasing Nigeria’s non oil earnings”.

Oworu said although power provision in the country remains the responsibility of the federal government, the state nonetheless is currently looking into what can be done to generate power to keep the trade zone running efficiently on commencement of operations.

“ Our long-term plan is to have an independent power plant (IPP) to support activities within the zone. In the short-term we are putting on place two 1,000 KVA generating plants to assist companies that will start with us in 2011.
But like I said this is a short-term solution. Also in view of the importance of gas there are provisions to have gas pipeline coming into the Lekki Peninsula” Oworu noted.