… as Ambode assures investors of state’s support
Investment inflow into the Lekki Free Trade Zone (LFTZ), an emerging business hub in Lagos, has risen to over N100 billion in the last 10 years.
Abiodun Dabiri, chairman of Lekki Free Zone Development Company, said this at the weekend while giving progress report on the zone to Governor Akinwunmi Ambode.
According to Dabiri, efforts being made by the state government towards the development of hub have yielded positive results, as more investors have shown interest in setting businesses in the zone.
He said with the investments already in 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 would commit $62 million in the next six months as part of its counterpart funding to advance the ongoing development of the LFTZ.
He assured that the government was totally committed to addressing the challenges and ensuring the project was actualised, saying, “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.”
On the other hand, Governor Ambode assured investors at the LFTZ in particular and Lagos in general of the resolve of his administration to continue to provide the enabling environment for businesses to thrive.
Ambode gave the assurance at the Nigeria-China forum on production capacity at the LFTZ, saying the state was richly blessed with investment opportunities, which local and foreign investors could tap into.
According to Ambode, who was represented by Benjamin Labinjo, special adviser to the governor on commerce, industry and co-operatives, Lagos has adequate capacity to cooperate with investors willing to do business in the state.
“I am aware that Lagos State has adequate capacity to cooperate with foreign stakeholders, especially China, in providing capacity development for the benefit of investors in the LFTZ. Chinese investors have shown positive interest and support for the development of this axis.
“Therefore, I urge the leadership of Nigeria – China forum on production capacity and investment cooperation at LFTZ, not to relent in your efforts in attracting more investors to the axis.
“I assure you that the doors of our ‘Lagos Global’ one-step shop office is open to ensure and enhance the 24/7 economy assistance that would promote investment in the axis. We have transformed the transportation sector by providing infrastructure to promote excellence in service delivery and seamless intermodal transportation for commerce and personnel movement. Also, many more opportunities abound in the Lekki axis for investors to tap into,” he said.
Speaking at the event, Zhou Pingjian, ambassador of China to Nigeria, said, “Since the Johannesburg summit of the forum on China – Africa cooperation (FOCAC) in December 2015, the outcomes have been implemented in a swift and all-round way.
“Nearly half of the $60 billion funding support that China pledged to Africa has been disbursed or arranged. Nigeria has the potential to become a major player in the global economy by virtue of its human and natural resources endowments.
“However, this potential has remained relatively untapped over the years.”
Also speaking, Aisha Abubakar, minister of state for industry, trade and investment, represented by Aminu Jalal, director-general, National Automotive Design and Development, said: “The Federal Ministry of Industry, Trade and
Investment on her part is striving to position the country on the path of sustainable prosperity through appropriate policies and programmes that are aimed at tackling the challenges besetting the industrial sector such as; infrastructure development, finance, skill, and security to build a Nigeria of our dream and the development of industrial zones is a means of achieving this.”
The minister said further, “The ministry will continue to hold consultations with relevant stakeholders to fashion out sector specific policies and intervention schemes to address the challenges in the manufacturing sector.”
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