Moshood Adebayo, Lagos
In a bid to boost the economic prosperity of the state, Lagos State Governor Babajide Sanwo-Olu has said it had attracted investment worth US250 million for its new industrial-residential development.
The governor disclosed this during the ministerial press briefing to commemorate his administration, revealing that the total value of the 24 companies within the zone is estimated to be US$250 million.
Speaking through the Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande, he said: ‘The companies will engage about 2,050 employees in the first phase of their operations.’
He described the project as a public-private partnership, mixed industrial-residential development where the state government owns 40 per cent as land equity while Messrs Rendeavour, Africa’s largest estate developer owns 60 per cent.
‘The project, located at Epe on a 2,000-hectare piece of land comprises a mix of industrial concerns, homes, offices, healthcare facilities, schools, hostels etc.’
According to him, there are 24 new companies at various stages of development in the zone with the very first factory to set up there, Ariel Foods, opening for business in January 2020.
‘Ariel Foods is the largest ready-to-use therapeutic food factory in Africa. Its investment in Alaro is a US$15 million multi-sector investment, including investment in housing, soap and detergent production.
‘The ground-breaking ceremonies for other investors at Alaro City such as ASB Valiant, Starium (BUA Group), Kenol, HMD, Loatsad, Sana and Universal Homes also took place in January 2020.’
Infrastructure in place includes roads which will open up access to 55 per cent of the site, a 1.4km dual carriageway asphalt road with a four-meter median, stormwater drains, street lighting and cycling lanes which are 90 per cent completed.
The governor expressed delight that the investment in the Lekki Free Trade Zone Development Company is yielding result as US$30 million goods were exported in the last 12 months while 19 new companies are at various stages of deployment.