Managing director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has described Lagos Free Zone’s listing as “Highly Commended Free Zone in Africa” by the Financial Times FDI Magazine as a fallout of federal government’s sustained reform of the sector.
Adesugba, who is also the chief executive officer of NEPZA, in a statement issued by head Corporate Communications (NEPZA) Martins Odeh, said LFZ’s defeat of other world class free zones on the continent stemmed from the adoption of a global corporate governance system.
He said, “This award is, therefore, an advancement of the zone toward obtaining the most prestigious credit in global free trade zone rating and this will help in attracting foreign investments into the economy.
“This recognition goes to show that President Muhammed Buhari’s vision and policy for 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, however, reiterated that the zone had shown long-term strategic thinking as it re-prioritised its priority industry sub-sector as a world moved toward shorter supply chains.
LFZ, developed by the Singapore-based Tolaram group, has put together a compelling case this year by tying its fortunes to those of the integrated Lekki Deep Sea Port scheduled to commence operations by 2022 after the project achieved financial closing in March 2020.