Lekki Free Trade Zone (LFTZ) is one of many future projects that are embarked on in Lagos state. Lagos in its bid to become a smart city continues to lead while other states follow. It is actually not surprising for a city regarded as the business hub of Nigeria. The economic and commercial capital of West Africa.
Nigeria is the most populated black nation in the world and Lagos is home to a considerable number of that population. No wonder Lagos is the destination for those seeking to “make it big”. There are instances that the country’s money is in Lagos. Hence, people come into the state in their thousands in search of greener pasture.
Truly the opportunities abound and the chances to succeed in Lagos are high as long as you are not lazy. From the corporate jobs to the casual jobs, there is always a job you can do. However, more opportunities keep unfolding every day and the future of Lagos can only look bright. Projects like the Lekki Free Trade Zone, Eko Atlantic, Oshodi Transport Interchange etc. will boost the city’s status and provide job opportunities.
That said, the focus of this article is the Lekki Free Trade Zone. It is not unusual for people to get confused when faced with questions about the Lekki Free Trade Zone. If you fall in that category, you need not bother as we have a list of key things you should note.
What Is A Free Trade Zone?
A Free Trade Zone is an area set aside for special economic activities. It is where a good may be landed, handled, manufactured or reconfigured, stored, and re-exported without intervention as regard to customs duties. This means it is that place in where trade activities can be carried out without delays from customs authorities.
However, only goods that are moved out of the Free-trade zone are subjected to customs duties. The Free-trade zones are usually built around major international airports, seaports or areas with geographical trade advantage. The goal is to eradicate the hindrances to trade caused by complex regulations and high tariffs from the seaport, airport or other borders.
Things To Know About Lekki Free Trade Zone
By now you should have an idea of what a Free-trade zone is all about. It is important to note that the Lekki Free Trade Zone did not just start. It started under the Bola Ahmed Tinubu administration and since being passed down until getting to Ambode. That is, the project has witnessed a total of 3 Lagos State Governors.
Below are probably some things you didn’t know about Lekki Free Trade Zone:
Size of Lekki Free Trade Zone
Lekki Free Trade Zone is set to cover about 155 square kilometres. The LFTZ is located in the Ibeju Lekki axis of Lagos. This part of Lagos is under the Ibeju Lekki Local Government Area, which is at the southeast of the Lagos map. The Lekki Free Trade Zone is considered to be six times the size of Victoria Island.
As mentioned earlier, it is one of the numerous projects that are set to change the face of Lagos. It is considered a game changer as it will make Lagos the destination place for commerce. What the Lekki Free Trade Zone will offer is a diverse market for both investors and businesses. The importance of the Free-trade will no doubt make it a landmark in the future of Lagos and Nigeria as a whole.
Lekki Free Trade Zone Map
The Lekki Free Trade Zone map is a guide to what to expect when the project is finally completed. For a place that is considered six times the size of Victoria Island – one of the major business hubs in Lagos, you definitely want a map.
Lekki Free Trade Zone when complete is expected to accommodate a total of 120,000 people for residential purposes. Another thing that is glaring from the Lekki Free Trade Zone map is that it is divided into two – south and north. The north is mainly for residential purposes and the south is for commercial purposes.
However, from the master plan of the LFTZ, it is characterized by two centres, two axes, three districts, multiple nodes, and axial penetration.
Lekki Free Trade Zone Influence on Real Estate
The Lekki Free Trade Zone is expected to have a considerable amount of influence on the real estate industry in the country. It is definitely expected for a project of its size. The big question is, what does this mean to the real estate industry? What does it mean to the Ibeju Lekki area of Lagos state?
No matter how you choose to view it, the LFTZ will influence the real estate industry and properties in the area. That is, the Ibeju Lekki area of Lagos is fast becoming one of the hot spots for investment in the state. This is already the case even though the Lekki Free Trade Zone is yet completed.
Since the future of the area is promising, it is not surprising to see lands for sale in Ibeju Lekki and its environs. Also, due to the number of opportunities that the area poses, it is one of the go-to places for residential purpose. Living close to a business paradise is definitely not a bad idea for the future.
It is one of the reasons why people are investing in houses for sale in Ibeju Lekki. EIther you are investing in land or properties (commercial or residential), you will definitely double your investment when the project is completed. The influence of the Lekki Free Trade Zone can only be positive as real estate properties will definitely appreciate.
There are also several other numbers of real estate attractions that will skyrocket when the Lekki Free Trade Zone is complete. Some of them include; Amen Estate Phase 2, Greenfield Court, Bridgeville Courts, The Peninsula Homes 2, The Peninsula Homes, Royalty Garden among others.
Lekki Free Trade Zone, like the Eko Atlantic, are major examples of the projects the state is embarking on. These are some of the infrastructures in which the idea of Lagos smart city will be built on. Considering the number of investors on these projects and the expected job provisions, they are the kind of project that will put Lagos on the global map.
Hub for Investors
Lekki Free Trade Zone is definitely one project that you will expect to get lots of investors. The Free-trade zone area is south of the Atlantic Ocean and north to the Lekki Lagoon. It’s easy to access makes it an ideal place for business. With over 200 million people from the West African market and about 600 million from both US and European market, investors are definitely abound.
The strategic location of the LFTZ is what makes it the perfect destination. It is positioned in such a way that it is open to all forms of transportation – land, air, and water. For investors who intend to not only do business in Nigeria, it opens them to all of Africa and the world.
Despite still being under construction, it is fast attracting both local and foreign investors. The Lekki Free Trade Zone is soon home to the largest oil refinery in Africa, that is being constructed by Dangote Industries Limited. The refinery is set to be the largest single line refinery in the world with a processing capacity of 650,000 barrels of oil per day. While the gas pipeline project is set to supply over 3 cubic feet of gas daily with uninterrupted power supply.
Biggest Job Creation Zone
Lagos is no doubt one of the biggest employers of labour in the country. In fact, it is the main reason behind the city’s population. Despite the economic conditions of the country, thousands of people still come into the city on a daily basis.
Interestingly, it is not just people from within the country, this also includes people from neighbouring countries. No wonder Lagos is also regarded as the economic capital of West Africa. The believe is if you can make it in Lagos, you can make it anywhere in the world.
Lekki Free Trade Zone, when finished, is expected to be the biggest job providing zone in West Africa. The Free-trade zone is expected to provide about 300,000 direct jobs and about 600,000 indirect jobs. While the Dangote Oil Refinery is expected to create about 235,000 jobs
No matter how you choose to view it, the positives of the project cannot be overemphasized. This means more people will come into Lagos – Lekki Free Trade Zone – both from within and outside the country. There are more jobs available for people to do.
It is also important to note that this area will be home to the New International Airport, Pan Atlantic University, Eleganza Industrial City, Lekki Deep Sea Port and other amazing infrastructures. Aside from the Lekki Free Trade Zone being a hub of opportunities, its environment will also provide a considerable amount of opportunity.
This is because investing in Land or other real estate properties in and around Ibeju Lekki, the returns will be massive in years to come. For instance, there is a Power Oil and Indomie factories in the area already. Whether you are buying a land to resell or planning for residential buildings, you are bound to double your investment.
Companies In Lekki Free Trade Zone
Though the entire project is yet to be completed, there are quite a number of companies in Lekki Free Trade Zone already. All these only points to one thing; that the area is business-worthy and definitely the future of Lagos. The array of business opportunities in the Free-trade zone area cannot be overlooked.
Some of the companies in Lekki Free Trade Zone include Bollore Transport & Logistics Nigeria, H & Y International FZE, Huachuang Steel Structure Engineering FZE, The Candel FZE, Yulong Steel Pipe Investment FZE, Crown Natures Nigeria Plc, Loving Home Furniture FZE etc.
If you have read the article without skipping any of the listed points, by now, you will know a thing or two about the Lekki Free Trade Zone. Kindly share your view(s) about the project with fellow PropertyPro.ng readers.