Lagos releases N .698billion for Lekki Free Zone
• Seeks new investors
The Commissioner for Commerce, Industry and Co-operatives in Lagos, Prince Rotimi Ogunleye, said a total of N698.47million has been so far released for infrastructural development in the Lekki Free Zone Development Company (LFZDC).
Speaking during a business meeting with members of the Diplomatic Community at LFZDC recently, he said the Lekki investment hub is not only meant for Chinese companies but other investors across the globe are welcome to invest. .
According to him, “the state government is committed to promoting sustainable commercial and industrial growth,” stressing further that the “funds released to the zone is to ensure speedy development and honour the state’s obligation on counterpart funding of the project.”
He also disclosed that about N740.461 million had been given as compensation to host communities comprising Yegunda and Abomiti as well as Lekki-Epe International Airport Zone.
While presenting his progress report, the Managing Director, LFZDC Ding Yonghua, said Phase one of the Zone will create 30,000 employment opportunities, with a population of about 120,000 people residing in the premises.
He also said the LFZDC is controlled by transparent and efficient management service, adding that good infrastructure, adequate security, water treatment plant, sewage plant, and 24 hour power supply are all available in order to enhance the ease of doing business in the Zone.
He also explained that in addition to incentives being provided by the government, the management of Lekki Free Zone will provide further incentives to encourage investors that situate their factories within the Zone.
The Lekki Free Trade Zone is being developed as an industrial harbor city with transportation advantage with the Lekki Deep Seaport, which is less than three kilometers from the Zone.
The proposed international airport is to be situated about 10 kilometers from the Zone, and access to the inland waterways with an extensive and well planned rail and road access.
The meeting had in attendance representatives from Canada, Britain, China, France, Ireland, Malaysia, Belgium, Switzerland, Netherlands, Spain, Brazil, Germany, and Namibia.