[size=18pt]135 Foreign firms jostle for Lekki Free Trade Zone
[/size]


Lagos, Sep 13, 2010 (This Day/All Africa Global Media via COMTEX) -- Lekki Free Trade Zone (LFTZ) has started attracting attention from across the world as more than 135 local and foreign companies have indicated strong interest to take advantage of the massive industrial park being developed by Lagos State Government.

This was revealed at a forum organised to mark 1,200 days of Governor Babatunde Raji Fashola (SAN) in office at the weekend in three senatorial districts namely; Lagos West, Lagos East and Lagos Central in the state.

Fashola, who was represented by Deputy Governor Adebisi Sarah Sosan, said over 70 local and foreign companies had signed a Memorandum of Understanding (MoU) and made financial commitments signifying interest in the project.

He also said 53 companies had registered in the Free Zone investment agreement while 12 companies have executed investment agreements to secure employment opportunities for over 800 Nigerians and 70 Chinese nationals within the zone.

On Lekki-Epe Expressway, Fashola appealed for understanding on the erection of tolls, saying the state government "has already put in place a committee to ensure that all parties are satisfied. I urge you all to allow the committee to do its work".

He also announced that the state government had started developing an independent power project through Island Power Company Limited to generate 7 megawatts to power over 20 streets on Lagos Island without any interruption.

The governor said electricity "is a major challenge for us. As a responsible government, we have been involved through partnership with Island Power Company Limited to generate 7 megawatts. This will be delivered in January.

"We will not stop at this. We will continue to take advantage of the public-private partnership approach to improve the condition of living and provide social goods for all residents in the state," the governor explained. Fashola further gave an overview of what the administration has been able to achieve in the last three years, saying the administration had built on the rock and foundation of socio-economic breakthrough, which former Governor Bola Ahmed Tinubu laid.

He said the administration had delivered about "151.454km of high grade roads spread across all the three senatorial districts in the state. Of particular interest is the construction of Ajara-Erekiti-Ikoga road, Ajangbadi-Ilogbo-Elegba road, Okota-Itire overhead link bridge and Shibiri-Etegbin road among others."

Fashola also expressed gratitude to all tax payers in the state as he announced a significant improvement in the state's internally generated revenue (IGR), which he said, had reached N18 billion monthly.

He said the landmark improvement "gives us some latitude to improve, but not enough for the required resources for the quality of service delivery envisaged for our dear state. Nevertheless, the review of the 2010 budget in the last quarter points to about 80 percent budget performance".

He added that about 350,000 jobs (both direct and indirect) have been created through the projects, programmes and policies of the administration while about 4,028 persons had benefitted from that state's Skill Acquisition and Vocational Centres.

At the 1,200-day celebration are Attorney-General and Commissioner for Justice, Mr. Olasupo Sasore (SAN), his counterpart in Information and Strategy, Comrade Opeyemi Bamidele, Engr. Ganiyu Johnson of Works and Infrastructure and Mr. Francisco Abosede of Physical Planning and Urban Development and Dr. Jide Idris among others.

Also attended include Body of Permanent Secretaries, former Military Governor of Lagos State, Rear Admiral Ndubuisi Kanu and his wife, Chairman of the Action Congress of Nigeria, Chief Henry Ajomale, Vice Chairman Cardinal James Odumbaku, Local Government Councils and Council Development Area Chairmen, political leaders and traditional rulers as well as top government functionaries and captains of industries.



http://odili.net/news/source/2010/sep/13/211.html

Wow, Nigeria needs this. . . . more tourist.

He added that about 350,000 jobs (both direct and indirect) have been created through the projects, programmes and policies of the administration while about 4,028 persons had benefitted from that state's Skill Acquisition and Vocational Centres.

Oh really, the jobs must be doing a great job playing "hide".

^^^^^Hopefully we too will have a stake in there someday . On the other hand "Ke ti i " my sister (Ado Ekiti boy representing )

[s]But of course, everybody just dey claim ekiti nowadays lol
[/s]in kun kale, omo ekiti. 

But what part of the stake are we hoping on having?

Ileke-IdI:

[s]But of course, everybody just dey claim ekiti nowadays lol
[/s]in kun kale, omo ekiti. 

But what part of the stake are we hoping on having?

Omo Ekiti gan gan me a (my dad will be rolling in his grave if i got that wrong  )

Omo babatola family and nephew of Olora of Ado Ekiti 

Grew up in lagos though 

"Stake" in terms of co-investing with foreign investors. I run a gametech business in SA (www. playmode . co. cc) and i have got quite a few friends who may be interested in investing in the Free Trade Zone. Unfortunately on the Lekki free trade zone's website it seems that the project is more Chinese friendly. That may put off some of my potential investors.

Another thing that puzzles me on their website is the pictures illustrating that the free trade zone will have a mini seaport that will be capable of berthing two big ships at a time. Does this means that these Chinese businessmen will be able to bring in their ships to the free trade zone without proper inspection by our customs service? This could give way to easy importation of counterfeit goods, drugs or even worse human trafficking. You know what they say about “China Towns”

Maybe i am jumping the gun but I am just saying, the Chinese businessmen here in SA are very ruthless and heartless. They run the TRIAD mob (a Chinese version of the Italian mafia) and they engage in things like narcotics, extortion, counterfeit goods, kidnappings, drive by shootings, assassinations and the list goes on.   Check out pic on their website and tell me what you think.

Good iniative we need more from you Mr Fash

is there still any doubt who the best governor is??

ok, i don hear, well don BRF,

something IBB will destroyed if gets there
God forbid IBB in Aso rock again

playmode:

Omo Ekiti gan gan me a (my dad will be rolling in his grave if i got that wrong  )

Omo babatola family and nephew of Olora of Ado Ekiti 

Grew up in lagos though 

"Stake" in terms of co-investing with foreign investors. I run a gametech business in SA (www. playmode . co. cc) and i have got quite a few friends who may be interested in investing in the Free Trade Zone. Unfortunately on the Lekki free trade zone's website it seems that the project is more Chinese friendly. That may put off some of my potential investors.

Another thing that puzzles me on their website is the pictures illustrating that the free trade zone will have a mini seaport that will be capable of berthing two big ships at a time. Does this means that these Chinese businessmen will be able to bring in their ships to the free trade zone without proper inspection by our customs service? This could give way to easy importation of counterfeit goods, drugs or even worse human trafficking. You know what they say about “China Towns”

Maybe i am jumping the gun but I am just saying, the Chinese businessmen here in SA are very ruthless and heartless. They run the TRIAD mob (a Chinese version of the Italian mafia) and they engage in things like narcotics, extortion, counterfeit goods, kidnappings, drive by shootings, assassinations and the list goes on.   Check out pic on their website and tell me what you think.

Well, omo Ado na lemi re. Inu mi dun lati ri omo ilu mi


Can you post the their for me? I want to see what you're talking about.

On the one hand, this project provides jobs for nigerians.
On the other hand, our local industries\factories are stiffled because foreign untaxed (which means cheap) goods will be everywhere.

We are indirectly patronising and bolstering factories in far away lands.
oyibo! ! ! !  U R 2 MUSH! ! !

meanwhile let's jostle for who's from ekiti.
oya.

hackney:


On the other hand, local industries are stiffled because [size=13pt]foreign untaxed[/size] (which means cheap) goods will be everywhere.

We are indirectly patronising and bolstering factories in far away lands.

Big concerns of mine!

The article says local and foreign companies. . . .local manufacturers should take the opportunity to set up in LFTZ as well.

A good thing it is. At least, for the time being, there will be job opportunities.
been long since i last saw you on nl@debosky

As we shun crase for foreign entertainment, come get our own na so
we go do for goods if we wan produce our own.

Even small boy inside idumota sabi that one.
(no 2 mush cerfififticate inside that one)

That will create more meaningful jobs with better prospects for employees as against shop floor workers,cleaners and secu-mgbo.
Entrepreneurship is usually encouraged when employees can rise to  managerial levels in production environments.

Chinese Investors are always parasitic and have à Reputation for Running Fake products importation.Lagos or perhaps Nigeria is known for its customs laxities will Be à Great place for the Chinese to do Business.

Nigeria is begining to go PLC. Thank God.

Ileke-IdI:

Well, omo Ado na lemi re. Inu mi dun lati ri omo ilu mi


Can you post the their for me? I want to see what you're talking about.

I am unable to extract the particular pic from the website because it is in flash format. It is very easy to spot the spot the pic. Just go to to http://www.lfzdc.com .Take a look at the slideshow on the front page of the website ,it is the first picture that shows up you can’t miss it.

Igba wo lo lo si le gbehin? She o mo olora of ado ? 

She o mo "Diran babatola" or "Abayomi Babatola" (omo colonel) ? 

ohh, mo tiri aworan ti o n so, sugbon mii ri nkan ti o mean pelu "chinese friendly". But if the chinese are taking over with the Lekki Free Trade zone, ko ni da o.

Igba ti mo lo si ile gbehin ti pe o, sugbon it was within a decade. Lemme guess, those people you mentioned are family names abi? Sadly, I dnt know ANYONE by name, except close family members, in Ado. Se o ti de Ikun ri?

Free trade zones in other parts of Africa are slowly being taken over by Chinese companies as well. Yes, they are open to local companies but many of our local companies are unable to AFFORD the cost of locating their businesses within the free trade zones and so foreign companies benefit a lot from these.

Ileke-IdI:

Wow, Nigeria needs this. . . . more tourist.

Oh really, the jobs must be doing a great job playing "hide".

Well said.

Kobojunkie:

Free trade zones in other parts of Africa are slowly being taken over by Chinese companies as well. Yes, they are open to local companies but many of our local companies are unable to AFFORD the cost of locating their businesses within the free trade zones and so foreign companies benefit a lot from these.

I understand that Nigeria [well Lagos] would better its economy if foreign firms takes interest in the country. But this is not right, if the local companies also cant profit from it. Foreign firms are slowly building a monopolization Nigeria's ecoeco.

Here comes our cheap labour, cheap goods, fake goods, low quality, "experimenting in Lagos first before sending it out to the developed nations". . . .

Ileke-IdI:

I understand that Nigeria [well Lagos] would better its economy if foreign firms takes interest in the country. But this is not right, if the local companies also cant profit from it. Foreign firms are slowly building a monopolization Nigeria's ecoeco.

Here comes our cheap labour, cheap goods, fake goods, low quality, "experimenting in Lagos first before sending it out to the developed nations". . . .

I personally don't have a problem with Chinese businessmen investing in the trade zone as long as the Lagos state Government keeps a firm eye on their dealings. I may be paranoid but history shows that where there is a china town or Chinese village in a foreign country there are always the TRIADS gang. The triads are bad news because they take over everything and run high level crime.

In South Africa many Chinese businessmen have been implicated by the local intelligence unit of being mob bosses. Many of them control several triad gangs within the country. The Chinese mafia remains the largest importer and manufacturer of mandrax in SA .The Chinese are loyal to one another at all times. At least SA police are better equipped to deal with local Chinese gangs, I can not say that about Naija police.

I don’t mean to be a party pooper ,I know the trade zone will create a lot of jobs but I hope it does not become a smuggling point to smuggle contrabands in and out of the country under the cover of darkness. If our police and customs do not tighten their belts ,the lekki free trade zone will become the most sophisticated MOB haven in west africa.

I am sorry that my comments may sound negative but from my little experience with Chinese businessmen, you must always watch them otherwise you will be snuffed like a candle when you least expect it. They are officially the smoothest operators on the planet,don’t even blink for second.

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PLEASE I NEED INFORMATION ON EXPORT PROCESSING FACTORIES IN NIGERIA, PLEASE EMAIL ME ON generalfemi@yahoo.com