The 23 January 2023 will go down in history as the day Nigeria took a giant step towards easing trade. President Muhammadu Buhari witnessed the offloading of cargo from a container ship as he inaugurated the US$1.5bn Lekki Deep Sea Port – an initiative of Singapore-based Tolaram. The port is situated within the Lagos Free Zone (LFZ), an 850ha private industrial zone built by Tolaram, which provides businesses with key infrastructure and benefits such as tax-free remittance of profits and dividends, the ability to export finished goods, and exemption from government taxes, levies, and rates.
Source: Nanyang Centre for African Studies
