• Friday, April 12, 2024
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Lekki Free Zone attracts $300m new investment

Lekki Free Zone attracts $300m new investment

The quest to attract more investors into Lagos State received a major boost with the coming of a $300 million steel manufacturing plant to be sited in the Lekki Free Zone, under the Lekki Free Zone Development Company (LFZDC).

The agreement to build the plant was sealed with the signing of a Memorandum of Understanding (MOU) between LFZDC led by Zhang Bin, managing director, and Bayo Adelore, manager director, FINCON Capital Partners, at the zone’s office, Ibeju Lekki recently.

Read also: Businesses in Alaro City benefitting from Lekki Port infrastructure MD

Witnessing the signing ceremony, Folashade Ambrose-Medebem, Lagos State commissioner for commerce, cooperatives, trade & investment, described the development as a milestone investment that will further consolidate the business landscape of Lagos as she commended the management of the zone for the feat.

“I am excited to be part of this moment which is very historic and the fact that it is coming at a time when even big economies are facing recession clearly demonstrates the resilience of the Lagos economy and its huge potential to continuously attract investment. I commend the promoters for heeding the call of Governor Babajide Sanwo-Olu to take advantage of the numerous opportunities available in the state with great returns on investment,” she said.

Zhang Bin, managing director, LFZDC, noted that the coming of the steel plant will drive production activities and position the zone as a leading special economic area in the country.

Bolatito Ajibode, deputy managing director, LFZDC, affirmed that the choice of the Lekki Free Zone as the site for the manufacturing plant points to the attractiveness of the zone for businesses.

Read also: How Lekki Port berths CMA CGM Scandola, an LNG-power containership

Bayo Adelore, managing director, FINCON Capital Partners, stated that the plant will sit on 700 square kilometers land space and will provide 200 employments, noting that work will start on the plant in the second quarter of the year.