The Lekki Free Trade Zone (LFTZ), Lagos is primed for investments worth over 170 billion naira ($1 billion), Nigeria’s Minister of Trade and Investment, Olusegun Aganga revealed during the LFTZ Investment forum in Lagos on Monday

During the forum, which also served as the opening ceremony of the Eko Expo 2012, the minister disclosed that “Nigeria is trying to replicate China’s innovation of free trade zone for economic development.” He said, “The highest Gross Domestic Product rate of the Chinese economy is from investment in the free trade zone and that is exactly what we are trying to do in Nigeria”

The Lekki Free Trade Zone, which is expected to provide 300,000 direct and 600,000 indirect jobs in the next five years, had its top investments from Puma Energy Free Zone Enterprise, which plans to invest $400 million (N6.2 billion) in the zone with construction work already in progress.

Other investors include Imad Oil and Gas FZE $200 million (N3.1 billion), China Railway Construction Corporation with $50 million (8 billion naira), and YFK Pharmaceutical FZE with $30 million (5 billion naira).

According to a BusinessDay report, Lagos State Governor, Babatunde Raji Fashola, challenged Nigerian investors to seize the initiative and invest massively in the free trade zone. “Nobody will develop the Nigerian economy if we fail to invest in our own economy”, the Governor added.

Earlier in the year, the World Bank’s Director of Finance and Private Sector Development for Africa, Mr Gaiv Tata reaffirmed the global financial institution’s commitment to assist the Lagos State Government in the development of the FTZ.

The Lekki Free Trade Zone (LFTZ) is located in Lagos, Nigeria’s commercial hub, and is ideal for  manufacturers and businesses in all sectors. With the city’s population density and ratio of business activities, a FTZ would be apt if the authorities can overcome the perennial blueprint-to-trash can culture projects of this magnitude have been associated with in recent times.

Image via skyscrapercity