Business
Poor Infrastructure Delays N12.6bn LETZ Project
The Management of
Lekki Free Trade Zone (LFTZ), says poor infrastructure may delay the take-off of the 80 million dollar (N12.6 billion) project.
Mr Chen Xiaoxing, the Managing Director of LFTZ, disclosed this in an interview with newsmen in Lagos.
He identified some of the challenges facing the zone as lack of off-shore banking facilities, poor power supply and lack of access roads to other parts of the state.
The LFTZ boss said that the zone, seated on 16,500 hectares of land South-East of Lagos, was started in 2004 as a vehicle to fully utilise investment and tourism potentials of Lagos.
Xiaoxing said that the zone was confronted with lots of problems, among which was the land ownership tussle “which has just been sorted out’’.
He said that the zone had capacity to accommodate over 70 companies, but only six companies were currently on ground.
“The zone is confronted with lots of infrastructural challenges which is hindering completion and prospect of the zone.
“But we hope that when both the Federal and State Governments come to our aid, all the issues will be addressed.
“The land compensation issue confronting the zone is gradually being resolved.
“The zone is also confronted with issues of incentives payable to the zone by some government agencies,’’ he said.
The managing director said that the zone had signed business agreements with many companies and that more than 100 new companies had signified interest to invest in the zone.
He said that the Federal Government wanted the LFTZ to go into operation before 2013, but the works would be completed in the next 10 to 15 years..
“The Federal Government is more interested in the technology that will be brought into the country through the zone.
“Jobs will be made available when it begins operation and investments will come with the free trade zone,’’ Xiaoxing said.
He appealed to the government to urgently address all these challenges before the completion of the civil works.
The LFTZ boss highlighted advantages of investing in the zone to include access to the largest market in the West African sub-region.
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