The Nigerian Capital Development Fund (NCDF) has concluded arrangement to spearhead a transformative $150 million investment in Agonrin Sea Beach, in Badagry West Local Council of Lagos State, in collaboration with Eternal Flame Worldwide Limited, United Kingdom (UK).
Executive Chairman of NCDF, Babatunde Oralusi, and President of Eternal Flame Worldwide Limited, Ken Dunn, yesterday, finalised discussions with the local community on the site of the project.
The ambitious plan includes the development of an African Creative City, a World-Class Eco-City where culture meets innovation, as well as the establishment of a 100 megawatts (mw) renewable energy power plant utilising wind and solar technologies.
This groundbreaking project aims to foster sustainability and net-zero emissions by providing clean and renewable energy in the community.The partners also plan to construct a manufacturing plant to produce Eco-Magic Cook Bags, a revolutionary device that enables 90 minutes of cooking daily, offering life-changing benefits, such as reducing deforestation, decreasing water usage, and locking in carbon.
Oralusi, who described the policy thrust of the President Bola Tinubu-led administration as one designed to restore investors’ confidence and position Nigeria as an attractive destination for foreign direct investment, said: “President Bola Tinubu’s reforms are yielding positive results, making Nigeria a hub of transformative initiatives. However, more work remains to ensure these reforms create the desired impacts.
“We require additional incentives that will attract foreign direct investment and create substantial employment opportunities for youths.” Also, Dunn, while highlighting the global significance of the collaboration, said: “This partnership reflects our shared commitment to delivering sustainable and energy access. Together, we aim to set a benchmark for sustainable development in Africa.”
Meanwhile, the African Creative City, envisioned as a hub where culture, innovation and sustainability converge, will integrate tourism, technology and eco-friendly infrastructure, positioning Agonrin Sea Beach as a global model for eco-cities.
The power plant and manufacturing facility will serve as catalyst for socio-economic development, creating jobs, boosting local enterprise and empowering communities.
