Investments In Lekki Free Zone Hit N4.55 Trillion

Prince Rotimi Ogunleye

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Investments in the Lagos Lekki Free Zone, LFZ, has hit N4.55 trillion ($15 billion), the Lagos State Government revealed recently.

Commissioner for Commerce and Industry, Prince Rotimi Ogunleye spoke at a recent ministerial press conference in Alausa, Lagos, Southwest Nigeria.

The commissioner said the LFZ had remained a landmark industrial project for the Lagos State Government and that the strategic partnership between the Lagos State Government and the China-Africa Lekki Investment Limited (CALIL) in the Lekki Free Zone Development Company (LFZDC) was a testament to the undying resolve of the State Government to ensure sustainable industrialisation of the State that would translate to improved job and wealth creation as well as economic growth through the attraction of local and foreign direct investments.

He said that 116 investors had so far registered with LFZ out of which 16 have commenced full operations and that their investments had hit $4 billion, while that of Aliko Dangote has hit $11 billion, making a total of $15 billion, and there are so many more just about starting up.

“While some factories are currently under Construction, 100 investors have also signified their intention to register and situate their businesses within the zone,” he said.

Ogunleye stated that the investments of Dangote alone in refinery is far bigger than all Federal Government’s refineries in the country put together, saying that the zone had become Africa’s destination for commerce and industry.

On the equity contribution to the LFZ development, he said during the period under review, the government further released a sum of N698.478 million to the joint venture as part of the State’s equity contribution.

The commissioner said this was part of the effort to ensure the speedy development of the zone and honour the State’s obligation on counterpart funding of the project.

He added that in fulfillment of the earlier promise of compensation to communities affected by the LFZ project, the government in the last one year disbursed N740.461 million as compensation to the host communities of parcel ‘B’ comprising Yegunda and Abomiti as well as Lekki-Epe International Airport zone.

Also, Ogunleye disclosed that the State’s Executive Council last month formally approved the establishment of an integrated Light Industrial Park in Imota with full complements of warehouses, factory units, water and electricity facilities and adequate parking spaces.

He said in the first phase of the project, the government would build 80 factory units with the target to hit the peak point of 120 units upon completion.

“Work is ongoing to also deliver on the Agemowo Industrial Park in the Badagry Division where we are already at an advanced stage with a private investor to establish a modern auto mart on 10 hectares out of the State’s 30 hectares of land in the park,” he said.

Credit: pmnewsnigeria

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Lekki Free Zone Update: Lagos invests $4bn on infrastructure

L-R: Lagos State Governor, Akinwunmi Ambode (2nd right), with President, Dangote Group, Alhaji Aliko Dangote; President of Togo, Mr. Faure Gnassingbe and Chairman, Zenon Petroleum & Gas Limited, Mr. Femi Otedola during the visit of the Togolese President to the Dangote Refinery at the Lekki Free Trade Zone, Lekki, Lagos, on Tuesday, August 2, 2016.

The Lagos State Government on Monday said that the net value of infrastructure at the Lekki Free Zone stood at $4bn.

The state Commissioner for Commerce, Industry and Cooperatives, Mr Rotimi Ogunleye, disclosed this in Alausa at the ongoing ministerial briefing to commemorate Gov. Akinwunmi Ambode’s second year in office.

Ogunleye said that 116 investors had so far registered with the LFZ out of which 16 had commenced full operations.

He said that the state government, had in the last two years, released N698.47m as part of the state’s equity contribution to the joint venture.

“This is part of the effort to ensure speedy development of the zone and honour the state’s obligation on counterpart funding of the project,” he said.

Ogunleye said that the state had also disbursed N740.46m as compensation to communities affected by the LFZ project.

The commissioner said that the LFZ remained a landmark industrial project for the state government.

According to Ogunleye, plans are underway to deliver a new industrial policy for enhanced industrial landscape in the state.

He said that the ministry was in partnership with UNIDO to prepare the all-encompassing industrial policy to replace the obsolete policy of 1985.

According to Ogunleye, the ministry has entered into a technical cooperation agreement with UNIDO through its Investment Technology Promotion Office toward establishing a fashion and shoe hub at Gberigbe Enterprise Zone in Lekki.

He said that the aim was to boost and develop entrepreneurial capacities of SMEs for sustainable enterprise development and investment promotion using UNIDO methodologies.

Ogunleye said that this would facilitate technology acquisition and transfer which would lead to accelerated industrial development and economic growth.

He said that the state government recently approved the establishment of an integrated Light Industrial Park in Imota in Ikorodu with full complements of warehouses, factory units, water and electricity facilities.

Ogunleye said that work was ongoing on the Agemowo Industrial Park in the Badagry division where a private investor would establish a modern auto market on 10 hectares out of the state’s hectares of land in the park.

(Credit: NANS)

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