The Lagos Free Zone has advocated for a more robust port system in which state and federal governments foster a business ecosystem that values variety.Information Guide Nigeria
In a recent statement, CEO Dinesh Rathi was cited as saying this during a breakout session at the 2023 Ehingbeti Lagos Economic Summit in Lagos, Nigeria, with the topic “Confirming Lagos as West Africa’s Leading Trade & Commercial Hub.”
Rathi further stated that this will contribute to the advancement of Nigeria’s and the broader West African region’s economic prosperity.
Lagos had a good potential of becoming the manufacturing hub of Africa, as Nigeria had previously ratified a number of trade and investment agreements, including the Africa Growth and Opportunity Act.
The CEO stated that the backing of the Lagos State Government, particularly in the area of security, and a combination of factors driven by the private sector in infrastructure, power, e-commerce, and logistics were principally responsible for driving trade and commerce in the state.
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He emphasized the importance of the government providing road infrastructure and developing barging facilities in order to decongest existing and future ports.
He said, “There is no reason why cargo that is ultimately consumed in Nigeria should be diverted to Lome or Cotonou. The potential of Nigerian ports and coastline is not fully exploited. Today, Nigerian ports are handling about 1.1m containers as against ports in Egypt or South Africa, which handle five million containers,” he said.
Meanwhile, in her submission during the panel session, the Secretary-General of the African Shipowners Association, Mrs Funmilayo Folorunsho, commended stakeholders, including promoters of Lekki Port, on their initiatives.
“What a cargo owner needs is to be able to take his cargo to the port. We need to utilise the barges as a way of evacuating cargoes. First of all, we need to transport the cargo. If it is by road or barge, it is an investment opportunity because it creates a lot of employment. I see more opportunities than problems. A lot of cargoes meant for Nigeria are being diverted to neighbouring countries like Togo(Lome) because our ports are not efficient,” Folorunsho said.JAMB Result
In his remarks, the Executive Director of Lotus Bank, Isiaka Lawal-Ajani, cited the lack of a suitable skill set, the unpredictability of the business environment, the lack of access to financing and inadequate infrastructure, as well as the lack of foreign exchange, as some of the problems or obstacles that face MSMEs in Lagos.
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