Lagos State Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, has revealed that about $15 billion investments, an equivalent of N4.55 trillion, is currently in place in the free trade zone, saying 116 investors have so far registered with Lekki Free Trade Zone (LFTZ) out of which 16 have commenced full operations.
Refinery and fertilizer plants are being constructed by the Africa richest man Aliko Dangote, estimated at $11 billion, with Ogunleye saying fresh investments in the LFTZ had hit over $4billion.
The commissioner spoke at the 2017 ministerial press briefing of his ministry, saying the LFTZ remained a landmark industrial project for the state government.
Ogunleye said, “The Lekki Free Zone remains a landmark industrial project for the Lagos State Government. The strategic partnership between the Lagos State Government and the China-Africa Lekki Investment Limited (CALIL) in the Lekki Free Zone Development Company (LFZDC) is a testament to the undying resolve of the state government to ensure sustainable industrialization of the state that would translate to improved job and wealth creation as well as economic growth through the attraction of local and foreign direct investments.”
“I am very happy to inform you that 116 investors have so far registered with LFTZ out of which 16 have commenced full operations. While some factories are currently under construction, 100 investors have also signified their intention to register and situate their business within the zone.”
The commissioner said the present government in the state was keen about ensuring the free trade zone worked because it held the key to the country’s quest to diversify its economy.
He explained that the free trade zone project was a testament to the undying resolve of the state government under the leadership of Governor Akinwunmi Ambode to ensure sustainable industrialisation of the state that would translate to improved jobs and wealth creation as well as economic growth through the attraction of local and foreign direct investments.
Ogunleye added that, while some factories were currently under construction, 100 investors had also signified their intention to register and situate their businesses within the zone.
“During the period under review, the Lagos State government further released a sum of six hundred and ninety-eight million, four hundred and seventy-eight thousand, eight hundred and ninety fine naira to the joint ventures as part of the state’ equity contribution. This is part of the effort to ensure the speedy development of the free zone and honour the state’s obligation to counterpart funding of the project,” he said.
Ogunleye listed other efforts by his ministry to ensure that commerce and economic activities in the state were vibrant, saying implementation of the harmonised inspection of industries and support for entrepreneurs was in the offing.