Investments in Lekki Free Trade Zone hits N100bn

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8 years ago

INVESTMENT into the lekki Free Trade Zone (LFTZ), an emerging business hub in the Lagos axis of the state, has risen to over N100 billion in the last 10 years.

Chairman of Lekki Free Zone Development Company (LFZDC), Mr Abiodun Dabiri, disclosed this at the weekend, while giving progress report on the zone to the state governor, Mr Akinwunmi Ambode, saying more investors had indicated interest in coming to set up businesses in the zone.

According to Dabiri, the recent efforts by the governor, especially in the change of baton in the management of the zone, had yielded positive results over the last one year.

He said with the massive investments coming into the zone, as well as interests from new investors, there was the need for the road network to be expanded to accommodate the expected high influx.

Governor Ambode, while responding, said his administration, in partnership with its Chinese partners, would commit a sum of $62 million in the next six months as part of its counterpart funding to advance the ongoing development of the LFTZ.

He assured that government was totally committed to addressing the challenges and ensuring the project was actualised.

Governor Ambode said putting the fund at the zone at a time when Nigeria was gradually easing its way out of recession would not only improve infrastructure and boost development, but would also help to attract more investors to the zone.

He said over $6 billion had been invested in the LFTZ in the last few years, with Dangote Group providing a lion share of about $4 billion.

The governor also assured that work would commence on the Lekki Deep Sea Port next month, saying it was also a critical infrastructure that would attract more investors into the zone and ensure return on investment.

“With the ongoing construction of the seaport, airport and others, it is obvious that a single road isn’t sufficient for the zone.

‘’It is now clear that we have to dualise the Lekki-Eleko Road beyond the zone, in order to withstand the influx of vehicles that will be making use of the road to access the zone. With this, we will be able to sustain the investments in the area,’’ Governor Ambode said.

He expressed optimism that with the Lekki Deep Sea Port, Dangote Refinery and Lekki Airport coming on board, the Lagos East axis would witness massive economic turn-around within the next two years.

He said about 800 hectares of land would be handed over to the zone within the next six months for further development.