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CBN intervention boosts Lagos Free Zone with N100bn

The Lagos Free Zone has so far received about N100billion in terms of support received through Central Bank of Nigeria intervention measures. The governor, Central Bank of Nigeria (CBN) Godwin Emefiele stated this yesterday while inspecting some projects at the Lagos Free Zone, Ibeju-Lekki, Lagos State.

 

According to Emefiele, the company received the support under the Differentiated Cash Reserve Ratio (DCRR) scheme of the Apex Bank. He also said the regulator has actively supported the Lagos Free Zone with respect to access to foreign exchange. He said that the CBN was impressed with the strides made by the company since its inception. He also pledged to support the group in terms of single digit interest rate on loans.

Furthermore, he noted that with the coming on stream of Dangote Refinery, Fertilizer plant and commencement of operations at the Lekki deep sea port, it was expected that traffic congestion in Victoria Island-Lekki- Ajah road will increase.

 

Emefiele therefore stated that the CBN through the Infrastructure Company (Infraco) will collaborate with Lagos State Government, Federal Ministry of Finance and Tolarams Group to explore the possibility of another road in the axis.

 

He commended the group for their determination to remain in the country and contributing their quota to the growth of Nigeria’s Gross Domestic Product.

 

The economic impact for Nigeria he stated, is significant with high employment potential. Substantial revenues will be generated in local and foreign currency from export of goods from Nigeria, taxes and other earnings, the governor said. “We are also looking at ease of export from the Free Zone,” Emefiele stated.

 

In his response, the Chief Executive Officer, Tolarams Group, Haresh Aswani, thanked the governor for finding time to come for inspection of the facilities, adding that the firm is mindful of local content in its operations in the country, which he put at 60 per cent.

 

According to Haresh, Tolarams has created over 22,000 jobs across Nigeria and has established a skills acquisition centre to be able to equip Nigerians with requisite work skills.

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