24 firms stake $250m in Alaro City

Investments estimated at over $250 million are springing up at the Alaro City, a mixed industrial-residential development rising from the remote Epe area of Lagos State.

The development being jointly undertaken by the government of Lagos State and Messrs Rendeavour, one of Africa’s largest estate developers, is expected to drive employment and further the economy of Nigeria’s largest commercial hub.

The public-private partnership (PPP) initiative, which sits on a 2,000 hectare land space, is owned 40 percent by Lagos and 60 percent by Rendeavour. It is designed to embrace industrial concerns, residential homes, offices, healthcare facilities, schools, hostels among other facilities.

Lola Akande, Lagos State commissioner for commerce, industry and cooperatives, at a media briefing on Thursday, said that 24 companies with interests in different sectors of the economy, have established their presence at the zone with a combined investment of over $250 million.

The companies, according to Akande, would also be generating over 2,050 employment opportunities, which will add to further strengthen economy as well as boost Lagos’ gross domestic product (GDP).

“There are presently 24 new companies at various stages of development in the zone. The first factory is the largest ready-to-use therapeutic food factory in Africa. Its investment in Alaro is a $15 million multi-sector investment, including housing, soap and detergent production,” Akande said.

According to the commissioner, infrastructure already in place at the city include roads, which will open access to 55 percent of the site, a 1.4km dual carriageway asphalt road with 4 metres median, storm water drains, street lighting with cycling lanes 90 percent completed.

Akande, whose briefing was to mark the first year in office of the Babajide Sanwo-Olu’s administration, also gave an insight into the progress being made at the Lekki Free Trade Zone (LFTZ), another joint venture between the state government, which owns 40 percent and China Africa Investment Limited (CALIL), which holds 60 percent of the equity.

She disclosed that in the last one year, goods worth over $30 million had been exported from the zone while nine new companies are now at various stages of deployment.

One of the companies, according to Akande, is CCLE Rubber, a tyre manufacturing whose investment is valued at $20 million, adding that the state government is working to attract more investors to the LFTZ.

She also said that the state government in the last one year has continued the tradition of supporting membership business organisations (MBOs) to showcase their products and services at trade exhibitions and fairs. The MBOs, Akande said, include National Association of Small Scale Industrialists (NASSI), Nigeria Association of Small, Medium Enterprises (NASME) and YEFADOT Association of Small and Medium Enterprises (YESME) among others.