Lagos Exports N264bn Finished Goods from Lekki FTZ

The Lagos State government, through its Ministry of Commerce, Industry and Cooperatives, has disclosed that more than $735.8 million (about N264 billion) worth of finished goods have so far been exported from the Lekki Free Zone (LFZ) project in the last three years.

The state’s Commissioner for Commerce and Cooperatives, Mrs Olayinka Oladunjoye, disclosed this at the on-going ministerial press briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration in Lagos.

Oladunjoye also explained that measures were being taken to ensure that the goods met international standard before they were exported.

Saying that the LFZ has 22 free zone enterprises (FZEs) and 18 manufacturing enterprises in operation, the Commissioner also disclosed that to date, a joint venture with a Chinese consortium had a total equity investment of $180.4m and had received foreign direct investment (FDI) totalling $140.2m out of the $200m FDI expected from the consortium.

Source: Daily Trust