US to support investments in Lagos Free Zone

US to support investments in Lagos Free Zone

The United States Diplomatic Mission in Nigeria has reaffirmed its commitment to promoting foreign direct investment (FDI) in the Lagos Free Zone (LFZ),Nigeria's first privately owned special economic zone. This commitment was underscored by U.S. Ambassador Richard Mills Jr during a visit by a U.S. Embassy and Consulate delegation to the LFZ. Located in Lagos State and developed by Singapore-based Tolaram, the 860-hectare zone boasts modern infrastructure and streamlined business operations.

Ambassador Mills emphasized that the U.S. will prioritize private sector-led investments over aid in its engagement with Nigeria and the broader sub-Saharan region. He expressed admiration for LFZ’s master plan, infrastructure, and the presence of major U.S. firms like Kellogg’s and Colgate within the zone. He also highlighted opportunities for further investment discussions at the upcoming 2025 U.S.-Africa Business Summit in Angola.

However, he noted with concern that many Nigerian businesses are not fully leveraging the African Growth Opportunity Act (AGOA), a U.S. trade initiative aimed at expanding African exports.

In her remarks, LFZ CEO Adesuwa Ladoja described the zone as a top investment destination, equipped with critical infrastructure such as Lekki Port, broadband, CNG facilities, a medical center, and an industrial training center. She called on the U.S. diplomatic community to help attract more American businesses to the zone. She also highlighted LFZ’s role in boosting Nigeria’s exports,creating thousands of jobs, and facilitating trade under agreements like the African Continental Free Trade Agreement (AfCFTA).

Ladoja praised the Nigerian government for its support and said ongoing infrastructure projects, including the Lagos-Calabar Coastal Highway and a proposed rail link, will enhance the zone’s logistics capabilities and cargo movement.