The Managing Director of the Lekki Free Zone, Bolatito Ajibode, has said the devaluation of the Nigerian Naira is one of the challenges faced by the zone, News About Nigeria reports.
The MD disclosed this during a media tour organized by the Nigeria Export Processing Zone Authority NEPZA in Lagos.
She noted that the zone currently sells in dollars, adding that the naira Devaluation has been a bit of a challenge for investors, whether coming in or going out, especially Nigerian investors who buy lands in the zone.
She also stated that another challenge faced by the zone is the road infrastructure from Lekki to Eleko junction, which she assured has been handled by the Dangote Group and will be completed soon.
Ajibode also noted that despite these challenges, the Free Zone has generated about $5 billion in revenue with investments ranging from infrastructures to industries and raw materials.
She disclosed that in terms of revenue to the government, the zone remits pay-as-you-earn tax to the state government with 3,200 workers coming to the zone each day to earn a living, which according to her, is a significant employment opportunity created by the Lekki zones.
She stated, “The zone is the largest trade zone with a land area of 3,000 hectares, it currently has 60 enterprises in operation and an additional 30 under construction across various sectors, including manufacturing, real estate, logistics, recreation, and oil and gas.
“The first challenge in that area is the road infrastructure from Lekki to Eleko junction, which has been handled by the Dangote Group and will be completed soon. Another challenge is the devaluation of the naira. We currently sell in dollars, and it has been a bit of a challenge for investors, whether coming in or going out, especially Nigerian investors who buy our lands.
“We have different options for large-scale manufacturers and small retailers, but it’s people who have deep pockets that can come in. Nigerian investors struggle to cough out the money, which is why we have more foreigners here, like 20 to 80 per cent foreigners around the zones.”
