Nigeria Safe and Ripe for Investment, Says Lekki Free Zone MD

Nigeria remains a viable destination for global investment despite existing challenges and negative perceptions, according to the Managing Director of the Lekki Free Zone Development Company, Dai Shunfa.

Speaking in Lagos on Tuesday during a media visit, Shunfa said misconceptions about insecurity and instability have discouraged foreign investors from exploring opportunities in Nigeria.

“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,” he said.

He explained that during investment drives in countries like China and Dubai, many investors express hesitation due to these negative narratives. “That is why I am happy to see all of you here. It is important that we speak out to show that Nigeria is safe,” he added.

Shunfa, who has lived in Nigeria for nearly two decades, urged investors to look beyond the stereotypes. “Every country has its problems. I cannot find a country without crime or other challenges. Issues like kidnapping or violence happen everywhere. Nigeria is no different,” he said.

He highlighted the Lekki Free Zone’s growth and vast opportunities for investors. “We own 3,000 hectares of land and have so far developed 500 hectares. This means we still have a lot of space to expand and attract new investors — not only from China but also from Nigeria, other African countries, and Europe,” Shunfa explained.

He noted that improved infrastructure, including the Lekki Deep Seaport and the Coastal Highway, has accelerated development in the area. “This year alone, from January till now, we have sold more than 110 hectares of land to 16 flagship customers — a record surpassing all we achieved in the past seven years,” he said.

On recent tax reforms, Shunfa acknowledged that while some preferential policies for free zone enterprises had been adjusted, businesses within the zone remain stable and continue to contribute positively to Nigeria’s economy.

Also speaking, the Senior Manager of Legal and Compliance, Toluwaleke Adeyele, said the Lekki Free Zone’s world-class infrastructure has boosted investor confidence. “Because our free zone caters to heavy, medium, and light industries, we attract investors who need reliable power sources. The presence of a gas pipeline from Dangote’s project gives us a major advantage,” he said.

He added that industrial activities have continued to grow within the zone, with companies now assembling products locally. “A few years ago, tyres were imported from China, but now they are assembled within the free zone,” he noted.

Established in 2006, the Lekki Free Zone occupies 30 square kilometres on the Lekki Peninsula, bordered by the Atlantic Ocean to the south and the Lagoon to the north. It hosts over 130 enterprises, including Pinnacle Oil and Gas, CANDEL Company Limited, HENAN D.R. Construction Group, and Langsung Electric.