The Alaro City within the Lekki Free Zone, along Epe axis of Lagos, whose development started barely 36 months ago, has attracted investors both from within and outside the Nigeria.
The city recently announced a new wave of new investments in Lagos State, with the commencement of operations of Ariel Foods, a multinational therapeutic food producer, and multi-sector investments in housing, soap and detergent production, construction materials and equipment, media and energy.
Lagos State Governor Babajide Sanwo-Olu who joined American, British, Canadian, Nigerian and Kenyan investors from Ariel Foods, Universal Homes, HMD Africa, Sana Industries, Loatsad, Kenol and ASB Valiant to inaugurate latest indigenous and foreign direct investments in Lagos State acknowledged the presence of over seven production companies in the area.
The governor who was represented by the Commissioner for Commerce and Industry Mrs. Lola Akande said,“I am pleased to witness the start of operations of Ariel Foods, which has built a remarkable facility in less than one year,” Governor Sanwo-Olu said.
“I am equally pleased to welcome Universal Homes, HMD Africa, Sana Industries, Loatsad, Kenol and ASB Valiant to the LekkiFree Zone. The confidence of international and Nigerian investors is a testament to Alaro City as the location of choice for businesses in the Lekki Free Zone, and to the ease of doing business in Lagos State.”
A partnership between Rendeavour, Africa’s largest new city builder, and Lagos State Government, Alaro City is a mixed-income, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares (370 acres) of parks and open spaces. Currently, 16companies are designing or building their facilities, and 3.5km of initial road networks and a modular 50MVA power plant are under construction.
Frank Mosier, Chairman of Rendeavour, said the organisation is building seven inclusive new cities in Africa: in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. As a master developer, Rendeavour invests more than $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development.
“When we launched Alaro City one year ago, we promised to deliver investment and jobs to Lagos State and Nigeria, so it is with great pleasure that we welcome a major food producer and housing developer to Alaro City. Global, regional and local companies are building facilities in Alaro City, taking advantage of its ideal location for transport and logistics, free zone status, secure land title and high-quality infrastructure.”