Lagos Invests $4bn on Infrastructure

The Lagos State Government said the net worth of infrastructure at the Lekki Free Zone (LFZ) stood at four billion dollars.

The state Commissioner for Commerce, Industry and Cooperatives, Mr Rotimi Ogunleye disclosed this in Alausa at the ongoing ministerial briefing to commemorate Gov. Akinwunmi Ambode’s second year in office.

Ogunleye said that over 100 investors had registered with the LFZ out of which 16 had commenced full operations.

He said that the state government released N698.47 million as part of the state’s equity contribution to the joint venture.

“This is part of the effort to ensure speedy development of the zone and honour the state’s obligation on counterpart funding of the project,” he said.

Ogunleye said that the state had also disbursed N740.46 million as compensation to communities affected by the LFZ project.

Mr. Ogunleye said plans are underway to deliver a new industrial policy for enhanced industrial landscape in the state.

The ministry has entered into a technical cooperation agreement with UNIDO through its Investment Technology Promotion Office (ITPO) toward establishing a fashion and shoe hub at Gberigbe Enterprise Zone in Lekki.

He said that the state government recently approved the establishment of an integrated Light Industrial Park in Imota in Ikorodu with full complements of warehouses, factory units, water and electricity facilities.

Ogunleye said that work was ongoing on the Agemowo Industrial Park in the Badagry division where a private investor would establish a modern auto market on 10 hectares out of the state’s hectares of land in the park.

VON