The Lagos Free Zone Company (LFZC) is a free trade zone developer and management company responsible for the Lagos Free Zone, registered under the Nigeria Export Processing Zone Authority. LFZC was incorporated in October 2002 and is the first privately-owned free trade zone in Nigeria, with over 830 hectares of land and numerous zonal clusters.
LAGOS FREE ZONE COMPANY
LFZC is developing an Industrial and Logistics Zone with state-of-the-art facilities at Ibeju Lekki, Lagos which will contribute to Nigeria’s economic development. LFZC is developing a wide range of facilities and services for the zone which includes roads, piped gas supply network, treated water supply network, street lighting and a water drainage network.
The Lagos Free Zone is situated in the South Quadrant of the Lekki Free Zone corridor and strategically positioned to serve the Lagos metropolitan area and the wider Nigerian hinterland. The Zone covers an area of 830 hectares and includes the Lekki Deep Sea Port, which upon its completion in 2022 will be one of the deepest seaports in West Africa
Project Highlight
The project is being developed primarily under three different zones: Industrial, Logistics and Real Estate. The Industrial Zone accounts for 361 ha of land (44 percent of the total allocation) and comprises various clusters including Food & Beverages, Non-Metallic Minerals, Pharmaceuticals, Chemicals & Downstream and Paper & Other Industries. The Logistics Zone accounts for 85 ha of land (10 percent of the total allocation) and comprises inland port and logistics and warehouse facilities; while the Real Estate Zone (representing 85 ha) comprises residential, commercial and mixed developments. The Company provides land lease services to different tenants across the industrial, logistics and real estate clusters, as well as gas supply, medical, water supply and waste collection amongst other services.
53
Billion Naira
Transaction Details
With InfraCredit’s guarantee, LFZC accessed the domestic debt capital markets for the first time and raised NGN53 billion in Senior Guaranteed Bonds.
With InfraCredit’s guarantee, Lagos Free Zone Company (“LFZC”) successfully raised a total of NGN53 billion across three tranches of 20-year Senior Guaranteed Fixed Rate Infrastructure Bonds under its upscaled NGN61 billion Debt Issuance Programme. The NGN10.5 billion Series I Bond, which was 65% oversubscribed by institutional investors including eleven domestic pension funds and two insurance firms, marked the first 20-year non-FGN bond issue in the Nigerian debt capital market and the first SEC-approved infrastructure bond for the development of an industrial hub. This was followed by the NGN25 billion Series II Bond and the NGN17.5 billion Series III Bond, both reinforcing the benchmark set by the Series I issuance and advancing long-term financing for industrial infrastructure.
Investor Distribution
Development Impact
