Investments into the Lekki Free Trade Zone (LFTZ) an emerging business hub in the Lagos axis of the State has risen to over N100billion in the last 10 years. Chairman of Lekki Free Zone Development Company, Mr. Abiodun Dabiri who disclosed this at the weekend while giving progress report on the Zone to State Governor, Mr. Akinwunmi Ambode, said more investors have indicated interest in coming to set up businesses in the Zone.
He said with the massive investments coming into the Zone as well as interests from new investors, there was need for the road network to be expanded to accommodate the expected high influx. While responding, Governor Ambode said his administration in partnership with its Chinese partners will commit a sum of $62million in the next six months as part of its counterpart funding to advance the ongoing development of the Lekki Free Trade Zone (LFTZ).
Governor Ambode said: “Over $6 billion has been invested in the Zone in the last few years with Dangote share in the lump sum at $4 billion and we have a land space of over 16,000 hectares of which just a portion of it is activated. Governor Ambode also assured that work would commence on the Lekki Deep Sea Port next month, saying that 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 vehicle 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,” the Governor 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 turnaround within the next two years.
Culled from the website of the Goverment of Lagos State.
