The Lagos Free Zone (LFZ), Nigeria’s first privately-owned free zone, aims to facilitate the growth of German businesses in Nigeria and throughout the West African region.
Mrs. Adesuwa Ladoja, the Chief Executive Officer of LFZ, made this announcement during her goodwill address at the 11th edition of the German Nigerian Business Forum (GNBF), themed “Building Effective Partnership for Successful Business Development,” held in Lagos on October 7, 2024.
Mrs. Ladoja highlighted that LFZ offers a comprehensive ecosystem enabling businesses to maximize opportunities while minimizing risks.
It is distinguished as the only free zone in Nigeria integrated with a deep-sea port and equipped with world-class infrastructure and facilities designed to support business success.
She noted that LFZ is a strategic partner committed to the prosperity of German businesses in Nigeria, citing the robust trade volume between the two countries, estimated at $3 billion in 2023.
A notable example of this fruitful partnership is BASF, which has established operations in LFZ, demonstrating how companies can leverage the zone for strategic growth. “By operating in the Free Zone, BASF enhances its competitive edge while aligning with Nigeria’s industrialization and economic diversification goals,” she stated.
Encouraging prospective investors, Mrs. Ladoja urged them to view Nigeria not just as a market, but as a strategic launchpad for growth.
She emphasized Tolaram, LFZ’s parent company, as a pioneer in Nigeria, unlocking numerous opportunities in manufacturing and infrastructure with twenty successful consumer brands and two transformational projects already underway.
She underscored the importance of local presence, long-term commitment, and empowered management in ensuring success in the Nigerian market.
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“Investors should see Nigeria not only as a trade or export destination but as a place to build a strong local presence and a robust supply chain to manage logistics effectively,” she advised. Citing Tolaram’s workforce of 20,000 employees and the autonomy given to each business unit, she emphasized that empowered management is key to adapting to market dynamics.
“Investing in Nigeria is not merely about accessing a market or quick profits; it’s about building long-term partnerships that create significant mutual value,” she added.
Mrs. Ladoja also highlighted the importance of forums like the GNBF in fostering collaboration and connecting German companies with growth opportunities.
During the panel session titled “Agribusiness, Food Manufacturing and Processing,” Mrs. Ladoja reiterated the Zone’s appeal, noting that it has attracted approximately USD 2.75 billion in investments from various global sources.
The panel featured notable speakers, including Lagos State’s Honourable Commissioner for Agriculture, Ms. Abisola Olusanya, Executive Director of Chi Farms, Johannes Flosbach, and Dietmar Speckmaker from Afos Foundation.
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