Lagos attracts USD250m investment for new estate

LAGOS, Nigeria – Lagos State Government has said it has attracted investment worth US250m for its new industrial cum residential development aimed at boosting economic prosperity of the state.

The Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande, disclosed this at the Year 2020 ministerial press briefing to commemorate Governor Babajide Sanwo-Olu administration, revealing that the total value of the 24 companies within the zone is estimated to be US$250M.

She said, “The companies will engage about 2,050 employees in the first phase of their operations.” According to her, the project is a public-private partnership, mixed industrial-residential development where the Lagos State government owns 40 per cent as land equity while Messrs Rendeavour, Africa’s largest estate developer owns 60 per cent.

“The project, located at Epe on a 2,000 hectare piece of land comprises a mix of industrial concerns, homes, offices, healthcare facilities, schools, hostels etc.”

The commissioner disclosed that there are 24 new companies at various stages of development in the zone with the very first factory to set up there, Ariel Foods, opening for business in January, 2020.

“Ariel Foods is the largest ready-to-use therapeutic food factory in Africa. Its investment in Alaro is a US$15m multi-sector investment, including investment in housing, soap and detergent production.

“The ground-breaking ceremonies for other investors at Alaro City such as ASB Valiant, Starium (BUA Group), Kenol, HMD, Loatsad, Sana and Universal Homes also took place in January 2020.”

She disclosed that the infrastructure in place includes roads which will open up access to 55 per cent of the site, a 1.4km dual carriageway asphalt road with four meter median, storm water drains, street lighting and cycling lanes are 90 per cent completed.

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Akande also disclosed that the investment in the Lekki Free Trade Zone Development Company is yielding result as US$30 million goods were exported in the last 12 months while 19 new companies are at various stages of deployment.

The commissioner also stated that the state government through the Ministry of Commerce, Industry and Cooperatives remains committed to the establishment of the Fashion Hub and Academy on a 10-hectare land Enterprise Zone at Gberigbe in Ikorodu.

She added that it would be a well-equipped centre where everything that has to do with fashion would be made available and the academy would be responsible for training the youth in fashion with world class standard.

“Infrastructure such as road network, drainage, walkway, street light including dedicated areas for truck and car parks have been provided by the state government.”

Akande said engagement is currently in top gear with consultants and relevant ministries towards the development of the concept design preparatory for the development of the super structures.

“It is expected that development of super structures in the facility would commence in 2020. The Fashion Hub and Academy will amongst others add value to fashion sector in the state, assist to further upscale the skills of the old and new fashion designers, create wealth opportunities directly and indirectly as well as establish a cluster that may be a source of revenue for the individuals and the state.”