On-going Transactions

LAGOS INTERNATIONAL TRADE FAIR COMPLEX (LITFC)

BACKGROUND

  • The Lagos International Trade Fair Complex located along Lagos-Badagry Expressway, a major gateway into Nigeria from the West African coast, was commissioned in 1976 as an international trade hub to cater for trade with countries along the west coast.
  • It has a landed area of 322 hectares which comprises Parcel  A and B.
  • The LITFC Management Board, a statutory body set up under the Lagos International Trade Fair Complex Management Board Act 1993 Cap L2 (Trade Fair Act) Laws of the Federation of Nigeria 1990

CURRENT STATUS

The reform plan for LITFC is Concession, with the following primary objectives:

  • To create an enabling environment that encourages fair and open competition for all operators
  • Provide a framework for improved services provision
  • Facilitate infrastructure development; and
  • Provide the framework for private sector led growth through expanded domestic and foreign investment.

TRACK RECORD

  • Promoting trade and investment with special emphasis on increased production and export of non-oil and gas products that will lead to wealth and job creation
  • Poverty reduction and ensure enhanced service delivery in a manner that will stimulate the grow economy for self-reliance
  • Export and its integration into the global market taking full advantage of globalization

POTENTIALS

  • Accessibility
  • Strategic location
  • Concept design
  • Relative low competition
  • Possible future designation of project site as a Free Zone
  • High potential of the service sector: New contiguous developments
  • New promising markets
  • large expanse of land
  • Has the potential to become a massive commercial hub for Nigeria and West Africa.
  • Its potential for revenue is very high and perhaps explains the request of the Lagos State government for a transfer of the complex alongside some other federal government assets.
  • Benefit from increased efforts of the Lagos state government to develop the tourism potentials of that axis of the state as well the anticipated completion of the Lagos Rail Mass Transit network, particularly the Blue Line Rail with a 27 km rail road linking thirteen stations from the deepest outskirts of Lagos in Okokomaiko to its commercial heartbeat in Marina.
  • The Lagos – Badagry expressway itself presents an access to the West African market as it is the Nigerian section of the Trans–West African Coastal Highway, an important infrastructure project expected to significantly boost cross-border trade.