Lagos releases N .698billion for Lekki Free Zone

Must Read

Africa’s biggest grocery retailer, Shoprite exits Nigeria

Shoprite is exiting the continent's most populated country, Nigeria, after 15 years of operation. The retail giant initiated a...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

The Commissioner for Commerce, Industry and Co-operatives in Lagos, Prince Rotimi Ogunleye, said a total of N698.47million has been so far released for infrastructural development in the Lekki Free Zone Development Company (LFZDC).

Speaking during a business meeting with members of the Diplomatic Community at LFZDC recently, he said the Lekki investment hub is not only meant for Chinese companies but other investors across the globe are welcome to invest…

According to him, “the state government is committed to promoting sustainable commercial and industrial growth,” stressing further that the “funds released to the zone is to ensure speedy development and honour the state’s obligation on counterpart funding of the project.”

He also disclosed that about N740.461 million had been given as compensation to host communities comprising Yegunda and Abomiti as well as Lekki-Epe International Airport Zone.

While presenting his progress report, the Managing Director, LFZDC Ding Yonghua, said Phase one of the Zone will create 30,000 employment opportunities, with a population of about 120,000 people residing in the premises.

He also said the LFZDC is controlled by transparent and efficient management service, adding that good infrastructure, adequate security, water treatment plant, sewage plant, and 24 hour power supply are all available in order to enhance the ease of doing business in the Zone.

Read Also:  Nigeria: Growing impact of the Pastoral Conflict
- Advertisement -

He also explained that in addition to incentives being provided by the government, the management of Lekki Free Zone will provide further incentives to encourage investors that situate their factories within the Zone.

The Lekki Free Trade Zone is being developed as an industrial harbor city with transportation advantage with the Lekki Deep Seaport, which is less than three kilometers from the Zone.

The proposed international airport is to be situated about 10 kilometers from the Zone, and access to the inland waterways with an extensive and well planned rail and road access.

The meeting had in attendance representatives from Canada, Britain, China, France, Ireland, Malaysia, Belgium, Switzerland, Netherlands, Spain, Brazil, Germany, and Namibia.

- Advertisement -

 

 

 

 

- Advertisement -

 

(financialwatchngr)

- Advertisement -
Lagos releases N .698billion for Lekki Free Zone - Brand SpurLagos releases N .698billion for Lekki Free Zone - Brand Spur

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Lagos releases N .698billion for Lekki Free Zone - Brand SpurLagos releases N .698billion for Lekki Free Zone - Brand Spur

Latest News

H1 2020: Sterling Bank reports a 4.4% decline in profit after tax to N5.4bn

Sterling Bank Plc, a full service national commercial bank releases its unaudited results for the half-year ended June 30,...

UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc

On Monday, August 3, 2020, UAC of Nigeria Plc notified the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that...

Nigeria Naira Assets: …still a corporate issuers’ game

The spread of the COVID-19 disease across the world triggered unanticipated global financial market volatility and Nigeria was not left out. FPIs and local...

Photos from the Lagos Ileya Virtual Concert

The Lagos Commissioner for Tourism, Arts and Culture, Mrs. Uzamat AkinbiIe-Yusuf, and the Special Adviser on Tourism, Arts and Culture, Mr. Solomon Bonu, has...

Nigerian Breweries H1’20 – Revenue strain persists amid pandemic pressures

Severe revenue drop tames H1 performance Nigerian Breweries recently released its Q2’20 results, reporting a 17.5% q/q slump in topline to ₦68.7 billion. Despite a...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Lagos releases N .698billion for Lekki Free Zone - Brand SpurLagos releases N .698billion for Lekki Free Zone - Brand Spur