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NEPZA, senators commend FDI inflow into Alaro City

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Members of the Senate Committee on Trade and Investment and executives of Nigeria Export Processing Zones Authority (NEPZA) have commended Alaro City for the significant Foreign Direct Investment (FDI) and new industrial businesses the new city has attracted in the two years since its launch in the Lekki Free Zone.

Led by the Senate Committee Chairman on Trade and Investment, Senator Francis Adenigba Fadahunsi, the lawmakers visited Alaro City in the company of the NEPZA Board of Directors, led by its Board Chairman, Alhaji Adamu Fanda, and Managing Director, Prof. Adesoji Adesugba.

The progress assessment of free zones was part of ongoing updates of the NEPZA Act before the National Assembly. Senator Fadahunsi said the lawmakers visited to see the progress of free zone operators like Alaro City, especially with regards to attracting investment, boosting manufacturing and creating jobs. The results of the visit will inform the National Assembly as it makes progress on amending the NEPZA Act. “We are amazed at the level of multi-billion-dollar investments in the Lekki Free Zone, which harbours various mega projects of global magnitude like Alaro City and the Dangote Refinery,” he said.

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“The level of progress in Alaro City and the Lekki Free Zone is encouraging and paints a clear picture of the direction we want our free zones to take,” added Senator Fadahunsi.

“The amount of FDI attracted so far, with the attendant jobs created and boost to manufacturing, is commendable, and we pledge our commitment to work with Alaro City to sustain this pace. We encourage NEPZA to step up its activities, and we on our own part will aid legislatively to ensure that industrialisation grows, and jobs are created so that this place and all other zones will be fully developed to ease the problems of this country.”

Chairman of Alaro City, Ayo Gbeleyi, speaking during a prior free zones’ stakeholders meeting on urgent economic revitalization, said the partnership between a visionary developer and a progressive Lagos State Government was aimed at expanding the nation’s industrial base.

“Alaro City is a product of a great partnership that has achieved remarkable success in such a short time. It is serving as a major attraction for foreign direct investment to the state and the country.”

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The proposed amendments to the NEPZA Act, according to Prof. Adesugba, would update it to benefit from dynamic trends and enable the country to be better positioned to attract investment, generate wealth and create jobs.

“The amendment of the NEPZA Act will address loopholes in the Authority’s legal framework and update it in line with current realities so as to better enable the private sector to thrive and lead the industrialization process of the country,” he said.

“We have seen how vibrant the National Assembly is and how seriously they are taking things in Nigeria, so we are optimistic. You can see the level of development going on here in Alaro City. This is one of our key free zones in Nigeria. Alaro City is very serious, and NEPZA is serious also in supporting Alaro City. Investments into this zone are very key to national development, and we urge prospective investors to please come over to Alaro City, have a look and make sure you bring your businesses here.”

Country Head, Rendeavour and Managing Director Alaro City, Yomi Ademola, believes the progress being seen at Alaro City is as a result of a number of factors: the commitment and support of the Lagos State Government, evidenced by the quality and magnitude of infrastructure, as well as the vision and experience of Rendeavour in driving projects of this nature and scale in multiple locations across Africa.

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