The Lagos Free Trade Zone of the Nigeria Customs Service has said it generated N115 billion in revenue over the past six months.
This was disclosed by its Customs Area Controller, Comptroller Olanrewaju Olumoh, during a stakeholder engagement in the Free Trade Zone in Lagos on Thursday.
Olumoh expressed optimism that the command would meet and surpass its annual target by the end of the year.
“The fallout from these visits necessitated the meeting today where we shall reveal our achievements so far and discuss matters that will improve operations in the Free Trade Zones under the Command.
“The initial revenue target given to the Free Trade Zone was N108.84 billion before it was reviewed to N136.05 billion for 2024.
“From January 2024 till date, the command has generated N41.3 billion from the Free Trade Zone, compared to N24.7 billion collected during the same period in 2023.
“This shows an increase of N16.6 billion, representing a 67% rise over 2023,” he said.
Revenue from Lekki Port
Speaking further, he said that for Lekki Port, an initial revenue target of N6.61 billion was revised to N8.26 billion. From January to date, N74.67 billion has been generated as revenue from the port.
Olumoh explained the fundamental benefits of establishing Free Trade Zones, which include attracting foreign investments, promoting technology transfer, and creating job opportunities.
He emphasized the importance of stakeholder collaboration in achieving these goals.
“It is important to keep sensitising agents and zone operators on the Standard Operating Procedures (SOP) for Free Zones to enhance their compliance level and improve their capacity towards better service delivery,” Olumoh noted.
He emphasised that stakeholder engagement is about building relationships based on trust, transparency, and mutual understanding.
“We want to operate an open-door policy where we can entertain meaningful contributions to move the Command forward,” he said.
What you should know about Lagos Free Trade Zone
Lagos Free Zone (LFZ) is a Free Trade Zone in Lagos, Nigeria. Covering 830 hectares, the zone is integrated with Lekki Deep Sea Port and is located 60 kilometers east of Lagos city.
Similar to other free zones, companies in LFZ can sell 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.
Raffles Oil and Insignia Systems, Inc. were the first and second companies to establish operations in the zone, respectively.
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.
The construction of the zone is managed by the Lagos Free Trade Zone Company.