Free trade zones offer potential growth and development prospects to both foreign and domestic investors, as Alaro City has demonstrated.
The city is a collaborative effort between the Lagos State government and Rendeavour, whose mixed-income communities include residences, workplaces, industrial zones, schools, and hospitals, according to a statement from the firm. It is situated in the Northwest Quadrant of the Lekki Free Zone in Lagos.
According to it: “It is a self-sustaining city furnished with industrial grade standard roads, including an 8-lane, 60-meter-wide Boulevard, which is one of the largest privately owned roads in Africa.”
Yomi Ademola, the managing director of Alaro City, stated that the road would be completed by October of this year.
He emphasised the advantages and chances that investors who had taken positions in the city had, which were also accessible to potential investors because the city was located in the free trade zone, during an interactive session with journalists in Lagos.
Ademola claims that the city’s exceptional infrastructure, which includes 6 km of finished roads, scalable gas distribution, 100 MVA scalable power supply, sewage treatment, industrial and potable water supply, high-speed fibre information communication technology, and city management services, is what sets it apart.
He revealed that the city receives its electricity from an independent power plant that is privately owned. The airport, the Lekki Deep Seaport, the Dangote Refinery, and the city’s well-integrated road infrastructure, he continued, were some of the factors that supported the free zone’s business growth.
Ademola claims that Lekki Port is a favoured location for the shipping industry since it can accommodate considerably larger ships than Apapa and because it has far better traffic management than Apapa.
He disclosed that: “Lekki Port has a call-up system that is working already; the port has an automated system; that ensures that no truck is parked along the road and, of course, no vehicle is seen around the port area if it has no business there.”
According to him, the Lagos State government’s construction of the Fourth Mainland Bridge and the Regional Road would supplement and prevent any traffic jams on the Lekki Epe Motorway.
Laying emphasis, he said: “Alaro City has been deliberate in its efforts to provide an enabling environment for businesses. Critical road infrastructure investments within the city and connections to the Lekki Expressway and Deep Sea Port allow businesses to optimise manufacturing and foster trade with partners across Nigeria and around the world.”
