Lagos State to Pump $60m Into Lekki Free Zone Project

The All Progressives Congress-led
administration of Lagos State is set to spend billions of naira on the Lekki Free Trade Zone for developmental purposes.

Lagos State governor, Mr. Akinwunmi Ambode, yesterday, said about $60million would be pumped into the ongoing
development of the Lekki Free Trade Zone (LFTZ) within the next six months.

The governor, who spoke when he met with stakeholders at the Zone, assured that he remains committed to addressing the
challenges and ensuring the project is actualised.

“I want to assure that our financial commitment to LFTZ will be improved in 2017, that is, we will accelerate to quickly clear our outstanding counterpart funding
for the Zone.

“In essence, we expect that in the next six month, we should be having an investment of over $60 million. I believe that when we
invest our share of the fund and China Africa Lekki Investment Limited (CALIL) does, it will
bring a major development for the Zone,” he said.

The governor said that putting the fund at the Zone at a time when Nigeria was gradually easing its way out of recession would not only improve infrastructure and
boost development, but will also help attract more investors to the Zone.

He said over $6billion has been invested in the LFTZ in the last few years, with Dangote Group providing a lion share of about $
4billion.

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.

“We are all aware of the investments by Dangote Group and the China Africa Lekki
Investment Limited (CALIL), had done as it concerns the partnership they signed with
the Lagos State Government. And this partnership made the company own 60 percent while Lagos owns 40 percent.”

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.