The Lagos State Government said the Lagos Free Trade Zone (LFTZ) project has so far received $180.4 million as total equity investment from the Joint Venture with a Chinese Consortium and $140.20 million in foreign direct investment (FDI).
The state’s Commissioner for Commerce, Industry and Cooperatives; Mrs Olayinka Oladunjoye, disclosed this in Alausa during the Ministerial Press Briefing to commemorate Gov.Akinwunmi Ambode’s third year in office.
She also added that $735.8 million worth of finished goods were exported from the zone in the last three years.
She said that about 125 investors had registered, while 59 of the investors had obtained their lease agreements.
Oladunjoye said that 18 manufacturing companies were operating in the zone and 726 people were employed.
The commissioner disclosed that plans are underway to provide a holistic inter-modal transportation infrastructure within the free zone’s axis.She said it was part of efforts to mitigate future challenges of traffic congestion in the area.
The Free Zone project is an initiative of the state government to enhance industrial development.
It is aimed at boosting offshore economic growth zone, attracting foreign investments, promoting export, creating employment and technology transfer, minimising capital flight and establishing a one stop global business haven.
Oladunjoye said that the inter-modal transportation network would comprise rail, road, and water transport systems.
According to her, the current emerging industrial revolution within the Epe-Ibeju-Lekki axis stands to further place Lagos State on the world map as a preferred investment destination.
She cited the development of the LFZ, Lekki Deep Seaport, Dangote Refinery and Fertilizer plants, as well as the Lagos Free Trade Zone as such developments.
“We are not unmindful of the fact that one of the critical success factors, that is an integrated transportation infrastructure, must be catered for along with investors endeavours within the corridor for us to harness the full values that these projects will bring on board when they come on stream,” she said.
According to her, it is envisaged that an estimated 6,650 daily truck movement will be within the corridor when all the investments are completed.
The commissioner said that huge funding was required for the project.
In realisation of this, she said the government had encouraged investors to express interest in one of the planned axial roads that divert traffic from adjoining towns of the area.
Oladunjoye said that necessary procurement processes for selection of concessionaire would be fast tracked.
She said that efforts were in top gear to ensure construction work commenced before end of the year.