By Benson Akomo
Lekki Free Trade Zone

 

Lagos State Government has confirmed that investment in the Lekki Free Trade Zone has hit about $15 billion (N4.55 trillion).

State Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, while addressing journalists at Alausa, Ikeja, said this include N3.35 trillion ($11 billion ) from Dangote Group and N1.2 trillion ($4billion) from other investors in the zone.

He said that about 116 investors had so far registered with the Lekki Free Trade Zone while only 16 had commenced full operations.

 

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While some factories are currently under construction, he said 100 investors had signified their intention to register and situate their business within the zone.

“The Lekki Free Zone remains a landmark industrial project for the Lagos State Government. The strategic partnership between the Lagos State Government and the China-Africa Lekki Investment Limited (CALIL) in the Lekki Free Zone Development Company (LFZDC) is a testament to the undying resolve of the state government to ensure sustainable industrialization 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.

“I am very happy to inform you that 116 investors have so far registered with LFZ out of which 16 have commenced full operations. While some factories are currently under construction, 100 investors have also signified their intention to register and situate their business within the zone.”

The commissioner explained that during the period under review, the Lagos State Government further released a sum of N698,478,850 to the joint ventures as part of the state’ equity contribution.

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

He also informed that the government has disbursed N740, 461,432.00 as compensation to the host communities of parcel B comprising Yegunda and Abomiti as well as Lekki-Epe International Airport zone.

He said, “The payment received tremendous applause from members of the communities and rekindled their hope and confidence in the State Government to fulfill its part of the bargain enshrined in the Memorandum of Understanding signed with the host communities.”

He listed other efforts by his ministry to ensure that commerce and economic activities in the state are vibrant. He talked about implementation of the harmonized inspection of industries and support for entrepreneurs.

The Commissioner listed other efforts by his ministry to ensure that commerce and economic activities in the state are vibrant, saying implementation of the harmonised inspection of industries and support for entrepreneurs is in the offing.

He said, “I am happy to inform you 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. In the first phase of the project, we will build 80 factory units with the target to hit the peak point of 120 units upon completion.”