Okay News reports that Nigeria continues to stand out as a viable and rewarding destination for international investors despite prevailing challenges and global misperceptions, according to the Managing Director of the Lekki Free Zone Development Company (LFZDC), Dai Shunfa.
Speaking during an interactive session with journalists in Lagos State, Shunfa said misconceptions about insecurity and instability have significantly hindered foreign investment inflows. He emphasised the need for balanced reporting and direct engagement to counter what he described as “negative rumours” about Nigeria’s business climate.
“I think the most serious challenge we face in attracting new investment is the prevalence of rumours. Outside the country, people believe that kidnappings and killings happen here every day. These rumours have created a very bad image for Nigeria in the eyes of potential investors,” Shunfa said.
He noted that, despite such perceptions, Nigeria remains a country full of opportunity. “I have been here for almost 20 years. Every country has its problems. I cannot find a country without crime or challenges. Issues like kidnapping or violence happen everywhere. Nigeria is no different,” he added.
According to him, the Lekki Free Zone, located on the Lekki Peninsula in Lagos, covers 3,000 hectares of land, out of which 500 hectares have been developed so far. “We are doing our best to attract new customers and investors — not only from China but also from Nigeria, other African countries, and Europe,” he said.
The managing director explained that improved infrastructure, including the Lekki Deep Seaport and the Coastal Highway, has accelerated industrial growth within the area. “This year alone, we have sold more than 110 hectares of land to 16 flagship customers, surpassing all records of the last seven years,” he revealed.
He acknowledged that recent tax reforms had affected some preferential policies for free zone enterprises but maintained that the zone’s businesses continue to thrive. “The reforms aim to boost government revenue and encourage exports, while enterprises here still contribute positively to the domestic economy,” he stated.
Also speaking, Toluwaleke Adeyele, Senior Manager of Legal and Compliance at the zone, said that world-class infrastructure has made the area highly attractive to heavy and light industries. “Because our free zone caters to different industrial categories, we attract investors who require stable gas supplies and efficient logistics. We are one of the few zones with our own gas supply, thanks to the pipeline running through the area from Dangote’s project,” Adeyele explained.
He highlighted examples of industrial growth, noting that “a few years ago, tyres were mostly imported from China, but now they are assembled locally within the free zone.”
Established in 2006, the Lekki Free Zone is one of Nigeria’s largest industrial development projects, located about 50 kilometres from downtown Lagos. It is strategically connected to the Atlantic Ocean, Lagos International Airport, and the Lekki Deep Sea Port. The zone focuses on industries such as fine chemicals, manufacturing, logistics, real estate, and energy storage.
As of June 2025, the LFZDC had signed agreements with 134 enterprises, out of which 65 are operational and 10 are under construction — including major investors such as Pinnacle Oil and Gas Limited, CANDEL Company Limited, and HENAN D.R. Construction Group Co. Ltd.
