The Nigeria Customs Service’s Lagos Free Trade Zone reported earning N115 billion in revenue from January to June 2024.
Comptroller Olanrewaju Olumoh, the Customs Area Controller, revealed this information during a stakeholder interaction in the Lagos Free Trade Zone. By year’s end, Olumoh predicted with optimism that the command will reach and even surpass its yearly goal.
Lagos Free Zone (LFZ) is a Free Trade Zone in Lagos, Nigeria is integrated with Lekki Deep Sea Port and is located 60 kilometers east of Lagos city, managed by the Lagos Free Trade Zone Company and covers 830 hectares.
Similar to other free zones, companies in LFZ can put on sale their goods within the Nigerian customs territory without state or federal taxes and without the need for import or export licenses. They can also repatriate their profits and dividends.
LFZ falls under the jurisdiction of the Lagos State Government, which provided the land for the zone. It started in 2002 with 215 hectares, and in 2012, the state government allocated an additional 590 hectares.
He went on to say that the original N6.61 billion revenue projection for Lekki Port has been increased to N8.26 billion. The port has brought in N74.67 billion in income since January 1.
Olumoh outlined the main advantages of setting up free trade zones, such as drawing in foreign capital, encouraging the transfer of technology, and generating employment.
