Lagos State Commissioner for Commerce, Industry and Cooperatives, Dr. (Mrs) Lola Akande recently received top officials of LONGRICH Production Company on a courtesy where the company representatives expressed the readiness of the company to inject additional $100M worth investment to the Lekki Free Trade Zone.
Lekki Free Trade Zone is a collaboration of the Chinese and Nigerian governments under the management of Lekki Free Zone Development Company (LFZDC). Spread over 805 hectares of land, the zone will have several industrial zones and offer access to an enormous consumer market across West Africa.
Dr. Akande who described the proposed investment as a good development for the State and Nigeria as a whole added that when the investment potential of the Zone is finally harnessed, the economy of the State would receive a major boom just as more job opportunities would be created.
Akande disclosed that the proposed $100M investment which would come to fruition this year is an additional financial commitment by the company to the Zone following an earlier investment worth $20M injected by the company for the construction of its plants and offices in LFTZ.
As at today, Longrich remains the largest and most advanced centre for research, development, manufacture and sales of cosmetics and healthcare products in China, with their products in over 150 countries of the world.
In the same vein, the Commissioner received the management team of UpField Foods Nigeria Ltd where issues bordering on mutually beneficial relationships between the company and the state government were discussed.
Upfield is the largest plant-based consumer packaged goods company in the world, operating in 95 countries and sells multiple brands of margarine and other food spreads, including Flora, Blue Band, Stork, Becel and Country Crock.
In another development, the Commissioner and other senior officials of the ministry paid an assessment tour to the ALARO CITY located within the LFTZ where the Commissioner appreciated the progress of works within the city.
ALARO CITY is located within LFTZ and it’s a 1,000 hectares of land out of the 16,000 hectares land in the Trade zone. The land is earmarked as a mixed development site located within LFTZ and will serve both industrial and residential purposes.