The Lagos State Government
Lekki Free Zone: Lagos releases N1.6bn, woos
investors
The Lagos State Government has released the
sum of N1.6billion as part of its equity
contribution in the Lekki Free Zone Development
Company (LFDC) to boost the on-going
infrastructural development as well as encourage
investors’ participation in the project.
The Commissioner for Commerce, Industry and
Cooperatives, Prince Rotimi Ogunleye, who
disclosed this today at the 2016 Ministerial Press
Briefing of the State Government in
commemoration of the first year in office of Mr.
Akinwunmi Ambode at the Bagauda Kaltho Press
Centre , Alausa said he is engaging the host
communities to ensure a sustainable cordial
relationship with investors in the zone.
According to him, “I want to assure all
prospective investors in the zone that the
government has overhauled the security network
in the area in order to guarantee a safe haven for
investment.”
He hinted that the World Bank report listed the
Lekki Free Zone as the fastest growing FZ, adding
that the products from the zone are compliant
with international standards as they go through
the standardization laboratories.
The Commissioner maintained that the LFZ
project, which has remained the flagship of the
state government industrial development initiative,
was conceptualized to provide enabling
environment for industries to operate as well as
attract both local and foreign direct investments
into the State.
Prince Ogunleye also disclosed that the Ministry
has remained unrelenting in its efforts to attain
and sustain high level of viable and vibrant
commercial and industrial activities in the state in
line with its mission to promote economic growth
and development in Lagos.
He continued that the Ministry has divided the
zone into two parcels and four quadrants namely:
South-West, South-East quadrant in parcel A and
the North-West as well as the North-East
quadrant in parcel B for ease of development,
stressing that, “To fast track development in the
zone, clearing of a parcel of land measuring about
520,000 square meters and bounded within N3/
E6A-N3/E5, N4/6A-N4/E5, N4/E6A-N4/E6 and
N5/E6-N5/E6 is being carried out by the
contractors from local communities have reached
90% completion.”
Speaking further, he said the Lekki Free Zone
Project represents the catalyst to shoot the State
into real global economic reckoning, which
according to him is already attracting
considerable number of investors within and
outside the country such as Dangote Refinery and
Petrochemical Complex at the South-East
quadrant.
The Commissioner noted that the Dangote Group
is developing a world class refinery with a
processing capacity of 650,000 barrels of oil per
day, adding that the 11 billion USD project will
satisfy local, Africa and international market
demands.
He also disclosed that the State Government is in
partnership with the Chinese Consortium, China
Africa Lekki Investment Limited (CALIL), for the
development of 3000 hectares of land in the
South-West quadrant of the zone.
“The joint venture with the Chinese consortium
has resulted in the provision of over 72km of
paved roads, 5.5km stabilized earth roads,
1.92km of drainages, 87 units of staff quarters, 3
units of VIP chalets, 22 units of guest house, 3
potable water schemes, 150 solar powered
streetlights and 3 standard factories of 3,800m in
the zone.”
“The project has also attracted some investors
who have already commenced business
operations in the zone, some of which are: The
Candel FZE - Agro Chemical formulation plant,
Loving Home Furnishing FZE - office furniture
manufacturing, Dabupum FZE- water pumps,
Crownature Nigeria FZE - Garments factory
among others”, he said.
Prince Ogunleye explained that in order to
complement the development of activities at the
Lekki Free Zone, the Ambode led administration is
planning to develop the Lekki Deep Sea port with
a depth of about 14m to berth heavy vessels in
collaboration with the Nigeria Port Authority on
equity participation of 20%, Lekki Port LFTZ
Enterprises 61.85% and Lagos State Government
18.15%.
This is in addition to other proposed projects
including the Lekki International Airport and the
Enterprise Zone to provide decent workplaces for
micro operators, especially artisans.
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