Govt urged to maximise FTZs for economic growth

The Chairman of the Lekki Free Trade Zone, Biodun Dabiri, has advocated for the maximisation of the Lagos Free Trade Zone to drive economic growth.

He disclosed this at the annual Fellows’ Lunch of the Nigerian Institute of Estate Surveyors and Valuers, which was held in Lagos State recently.

He said, “The concept of free trade zones has been instrumental in driving economic growth in emerging markets such as Singapore, China, Dubai, and South Korea. These countries have leveraged FTZs to foster industrialisation, attract foreign investment, create employment opportunities, and enhance their global economic positioning. Despite its potential, Nigeria has yet to fully explore and capitalise on the benefits of FTZs. The significant opportunities they offer, especially in boosting economic development, remain largely untapped.

“For Nigeria to realise the potential of FTZs, there is a critical need for robust federal government support. While Lagos State has shown commendable initiatives, the management and promotion of FTZs should not rest solely on state-level efforts. FTZs have a national flavour due to their capacity to transform various sectors, including petrochemicals, materials industries, food and agro-processing, steel production, and real estate development. Federal backing is essential to create an enabling environment that attracts investment and ensures nationwide economic benefits.

He asserted that the economic impact of FTZs transcends industries.

He added, “Areas surrounding FTZs, including seaports, rail stations, and industrial corridors, experience significant growth in real estate value. For instance, satellite estates around these zones become prime locations as they attract workers, businesses, and services. This multiplier effect spurs wealth creation and regional development, mirroring the experiences of other successful FTZs globally.

“To maximise the opportunities presented by FTZs, stakeholders must take strategic steps. First, it is essential to understand the landscape of the FTZ, including development plans and infrastructure. Engaging with anchor investors and forming strategic partnerships with government agencies will ensure alignment with broader economic goals. Additionally, investing in services such as housing, healthcare, and education will meet the growing demand from the zone’s workforce and residents. The FTZ spans an area 21 times larger than Victoria Island, exemplifying the scale and potential of FTZs in Nigeria.”

Meanwhile, while acknowledging the contribution of the fellows, the Chairman, NIESV, Lagos Chapter, Gbenga Ismail, said they represented the very essence of leadership, wisdom, and service within our community.

He added, “Your accomplishments and contributions to this profession have paved the way for innovation and growth, setting standards of excellence for others to follow. Today’s gathering is not only a testament to your status as thought leaders but also an opportunity to strengthen the bonds that unite us.

“The Fellows’ Lunch is more than just a meal; it is a platform for advocacy, networking, and influence. This event underscores our commitment to fostering meaningful engagements that drive our institution’s vision forward. As leaders, your perspectives and collaborations here will shape the direction of our profession and its role in national development.

“In closing, I urge us all to make the most of this gathering, seizing the chance to share ideas, forge partnerships, and reaffirm our collective commitment to excellence. May this event, as it continues to grow, remain a cornerstone of camaraderie and progress for our Fellows cadre.”