on NOVEMBER 7, 2011 · in NEWS

By Monsur Olowoopejo

LAGOS – THE Federal Government, weekend, assured Nigerians that plans had been concluded to ensure that the Lekki Free Trade Zone, LFTZ commences full operation before 2013.

Minister of Trade and Investment, Dr. Olusegun Aganga gave the assurance, during an inspection tour of ongoing construction at the LFTZ in Lagos.

He said: “Federal Government is more interested in the technology that would be brought into the country through the zone, jobs that would be made available when the zone commences operation and investments that will come with the free trade zone.

“We want to increase our yearly earning and augment our foreign reserve. Free trade zone is one major channel to achieve these easily.”

The minister noted that the Federal Government was ready to work with Lagos State Government, the Chinese Civil Engineering Construction Company, CCECC and Lekki Free Trade Zone Development Company, LFTZDC, to ensure that it becomes operational before the end of 2012.

Aganga said the Federal Government was aware of some of the challenges, adding: “We have since commenced activities to ensure that these challenges are quickly addressed before the completion of the construction works at the zone.”

The minister said he would visit Republic of China to further discuss the interest of the free trade zone with the Chinese Minister of Commerce, adding that of the 19 trade zones being handled by China, the Lagos Free Trade zone was the biggest with over 10,000 hectares of land.

Speaking earlier, Deputy Managing Director of LFTZDC, Mr. Adeyemo Thompson, said some of the challenges facing the zone were off-shore banking, power supply, unavailability of nexus of roads from the zone to other parts of the state among others.

On the numbers of companies, which had shown interest in the zone, Thompson said nine new companies had also signified their interest in the zone.

http://www.vanguardngr.com/2011/11/lekki-free-trade-zone-ready-next-year-fg/

We shall see if the deadline is met.

I wonder why all of a sudden, these useless people are all over the LFTZ while refusing to give Tinpapa the same level of attention and red tape clearance for smooth and effective operation.

I am not in support of any free trade zone. Trade zones happens naturally as a result of being naturally situated between oriental producers and European consumers, that is why the middle east had been the center of trade for centuries.

We should be talking of free industrial zone or free agricultural zone. All what these free trade zones will do is increase importation, thereby worsening our unemployment situation and weakening our naira further.

paragonpro:

I am not in support of any free trade zone. Trade zones happens naturally as a result of being naturally situated between oriental producers and European consumers, that is why the middle east had been the center of trade for centuries.

We should be talking of free industrial zone or free agricultural zone. All what these free trade zones will do is increase importation, thereby worsening our unemployment situation and weakening our naira further.

Omo read the details regarding the FTZ

My brother forget about the details of FTZ, instead think of the fundamentals. The middle east economy prior to oil was based primary on trade, so it made sense for them to establish free trade zones. But Nigerian economy prior to oil was based on agriculture, so it would have made more sense to establish agricultural and agricultural raw material base. Oil will finish in the near future and we would not have money to even feed not to talk of trade.

In basic economic lexicon there is what is called law of comparative advantage. And our advantage is not trade, that was why our colonial masters did not set us up as a trading center but as an agricultural and raw matrials center. That should give you an idea of where our comparative advantage naturally lies. We can never compete with the middle east in terms of trade. They have been doing it for over 5000yrs. We base all our policies on the asumption that we would have oil money forever, oil is just a short distraction as far as our economic history is concerned.

abeg the fg should keep their paws to themselves

the next thing beaf will be all over nl attributing ftz to his paymasters

rubbish

@paragonpro: Think of Shenzhen or Jebel. Isn't just buying and selling