Lagos State Governor, Mr. Akinwunmi Ambode, on Friday said about $60million would be pumped into the ongoing development of the Lekki Free Trade Zone (LFTZ) within the next six months.
The governor, who spoke when he met with stakeholders at the Zone, assured that he remains committed to addressing the challenges and ensuring the project is actualised.
“I want to assure that our financial commitment to LFTZ will be improved in 2017, that is, we will quickly clear our outstanding counterpart funding for the Zone.
“In essence, we expect that in the next six months, we should be having an investment of over $60 million. I believe that when we invest our share of the fund and China Africa Lekki Investment Limited (CALIL) does, it will bring a major development for the Zone,” he said.
The governor said putting the fund at the Zone at a time Nigeria was gradually easing its way out of recession would not only improve infrastructure and boosts development, but will also help attracts more investors to the Zone.
He said over $6billion has been invested in the LFTZ in the last few years, with Dangote Group providing a lion share of about $4billion.
Ambode said: “Over $6 billion has been invested in the Zone in the last few years with Dangote share in the lump sum at $4 billion and we have a land space of over 16,000 hectares of which just a portion of it is activated.
“We are all aware of the investments by Dangote Group and the China Africa Lekki Investment Limited (CALIL). I mean what they had done as it concerns the partnership they signed with the Lagos State Government. And this partnership made the company own 60 percent while Lagos owns 40 percent.”
The governor also assured that work would commence on the Lekki Deep Sea Port next month, saying it was also a critical infrastructure that would attract more investors into the Zone and ensure return on investment.
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