In a move aimed at accelerating the growth of the Lekki Economic Zone, the Lagos State government has formalised collaboration among the different stakeholders within the zone.
The state ministry of commerce, cooperatives, trade and investment, brought major drivers in the Lekki Economic Zone together on Monday, where they signed a Memorandum of Understanding (MOU) involving the Lekki Worldwide Investment Limited – representing the state government, Lekki Free Zone Development Company (LFZDC), Lagos Free Zone, Dangote Enterprise Zone, Alaro City, Lekki Ports and others at Alausa.
Folashade Ambrose, the commissioner in charge of the ministry, described the occasion as historic, as leaders of enterprises in Lekki Economic Zone rose above the walls of economic partitions and organisational divides, to set off a transformational shift that will redefine business and investment landscape in the zone.
“Today’s event marks a significant milestone in our collective desire to ignite the latent potentials of the Lekki Economic Zone, exploring its huge opportunities and accelerating its development with the entrance of additional investments. It is part of the broader plan to transform the region into an economic and industrial hub, catering to various sectors including manufacturing, real estate, trade, logistics, and services.
“The signed MOU reflects our concerted efforts to position Lagos as a key hub for trade and investment in West Africa, attracting both local and international businesses. The Zone is expected to significantly impact the Lagos economy by creating a more diversified industrial base and offering numerous opportunities for businesses and investors” she said.
Speaking further, the commissioner stressed that the initiative would allow stakeholders such as government agencies, businesses, and local communities to pool resources, share expertise, and collaborate on infrastructure development, leading to more effective and efficient use of resources.
“By working together, we will also create a conducive environment for investments, industrial growth, and job creation, driving the growth of both the Lekki Economic Zone and the broader Lagos economy. In addition, the partnership will lead to the development of world-class infrastructure, including transport systems, utilities, and communication networks, which will improve business operations and the quality of life for residents. It will also afford stakeholders from different sectors, including government and the enterprises, an opportunity to share risks associated with large-scale development projects, leading to minimised financial burden and making the projects more sustainable,” she added.
Adeniyi Akinlusi, managing director, Lekki Worldwide Investment Limited, described the event as epoch-making.
According to Akinlusi, the collaboration would significantly transform the Lekki Economic Zone.
“An African adage says, if you want to go fast, go alone but if you want to go far, go together. Today, we have agreed to go far by going together,” he said.
Also speaking, Adesuwa Ladoja managing director/CEO, Lagos Free Zone, said the coming together of investors in the zone was a game- changer for existing and potential investments in the corridor.
“Today sees the beginning of what will be a game-changer in the Lekki Economic Zone. It is not that we have not been collaborating but this has formalised our cooperation, making it more stronger to achieve the economic vision outlined in the T.H.E.M.E.S+ Development Agenda and the Renewed Hope Agenda of both the State and Federal Governments.”
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