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
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.
The NGN10.5 Billion Series 1 Senior Guaranteed Fixed Rate Bonds Due 2041 (‘the “LFZC Bonds”) under a NGN50 billion Debt Issuance Programme was accorded a ‘AAA’ long term credit rating by Agusto and Co. and GCR, reflecting the highest degree of creditworthiness for these bonds. The Series 1 Bond, a 20-Year Guaranteed Fixed Bond, was 65% oversubscribed by institutional investors including eleven (11) domestic pension funds and two (2) insurance firms. The transaction is the first 20-year non-FGN Bond issue in the Nigerian debt capital market and the first Securities and Exchange Commission approved Infrastructure Bond for the development of an industrial hub.