Imart Realtors | Lekki Free Trade Zone
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Lekki Free Trade Zone

Lekki Free Trade Zone, Ibeju Lekki, Investments, Land for Sale, Lagos Real Estate

Lekki Free Trade Zone

Do you know that the Lagos Free Trade Zone is the first privately owned free trade zone in Nigeria? Surprising isn’t it? The Lagos Free Trade Zone which is popularly referred to as the Lekki Free Trade Zone was a project Initiated with the President’s approval in 2002. Designed to serve as an integrated hub with active road, rail and sea links, the Lagos Free Trade Zone is set to open up the investment, business and tourism potential of Nigeria to the world.

Who Are The Promoters:

The Tolaram Group, with headquarters in Singapore and operations spanning Asia, Europe, and Africa, is the main promoter of the Lagos Free Trade Zone. This Group has been operating in Nigeria since 1977 in different industries like the manufacturing, road modal transportation, distribution of goods, power generation and so on. Besides promoting the free trade zone, the group’s key contribution towards the development of Nigeria also include the construction and development of the zone’s integrated deep sea port at Lekki. With a global revenue of approximately US$ 1 Billion (2016), the conglomerate’s extensive portfolio extends from manufacturing, power generation, distribution, sales and services and distribution to logistics, real estate, financial and digital services.

Why Free Trade Zone:

Some persons may be wondering what does Free Trade Zone really mean and its impact in the economy at large. The Free Trade Zone comes with some advantages. Investors and businesses located within a Free Trade Zone has some benefits attached. With the presence of a Free Trade Zone in Nigeria, Investors and Businesses there are guaranteed a host of preferential policies and 100% incentives by the Government. These repatriation, import and operational incentives make the Lagos Free Trade Zone a 100% hassle free business proposition for all. So if you are an Investor or Business Owner, you may be considering investing in this region or extending your business here as well. If you are considering this, you can contact us for details on how to get started. We will be glad to help.

In a nut shell, Incentives in this region include total exemption in:

  • Tax, custom duties and levies
  • Tax on imported raw materials and components for goods destined for re-export
  • All import and export licenses
  • Expatriate quotas for hiring foreign employees for companies operating in the zone

Also Preferential Privileges such as

  • Foreign ownership of investments
  • Repatriation of capital, profit and dividends
  • Permission to sell manufactured, imported and assembled goods in the Nigerian domestic market.

 

Is Lekki Free Trade Zone a step in the right direction? What is your take on this? Kindly join in the conversation. Comments and suggestions are welcomed, do well to share if you feel someone will get value out of this.

 

Culled from Lekki Free Trade Zone, Lagos.

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