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By Omodele Adigun
Out of about N1trillion invested so far in the Lagos Free Zone port, Ibeju-Lekki, billed to commence operations in September, the Central Bank of Nigeria (CBN) said it has expended over N100billion, aside the foreign exchange (forex) for importation of plants and equipment.
CBN Governor, Mr Godwin Emefiele, who disclosed this at the weekend, during tour of the project which is expected to commence operation over the next six months, will help eliminate the gridlock at Apapa and Tin Can ports, which has grounded the nation’s export drive.
He said it will also boost Ease of Doing Business in the country.
Emefiele explained the port will be designated export port where cargoes coming in will be made to take Nigerian exports along as they depart.
He stated: “At least N100billion has come into this port project easily from Central Bank of Nigeria (CBN) under its intervention through the Differentiated Cash Reserve Ratio (DCRR) or under the Commercial Agriculture Credit Scheme (CACS) to Tolaram Group of Companies, the promoter of Lagos Free trade Zone (LFZ) and LFZ ports, out of the $2billion or N1trillion invested in the LFZ and the port so far.This represents N10 per cent of the amount. At least we have sowed a seed as well. And we have also given them support through foreign exchange made availabl to them to bring their equipment for the port operations to work very well. Those are the things we will continue to do to support any entrepreneurs that wish to do business in Nigeria.We will provide Naira funding and always advise that if your revenue particularly is in Naira, don’t take dollar loan. Come and take chap Naira loans; 10-year with 2 –year moratorium at single digit interest rate of 9 per cent. This is what will boost industrialisation in Nigeria.”
