• April 13, 2021

Lagos Secures $250 Million Investment Porfolio For New Industrial-Residential Development

By Bonita Onyeka (AGENDAWATCHDOG) – An investment portfolio of US250m has been secured by Lagos State government for an industrial/residential development project targeted at boosting economic activities and creating jobs.

The good news was broken by the Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande, during this year’s ministerial media chat to mark the first year anniversary of the Governor Babajide Sanwo-Olu administration.

According to Akande, the project is a public-private partnership, mixed industrial-residential development, in which Lagos State owns 40 per cent as land equity, while Messrs Rendeavour, Africa’s largest estate developer owns 60 per cent, is located at Epe on a 2,000-hectare piece of land, which comprises a mix of industrial concerns, homes, offices, healthcare facilities, schools, hostels etc, revealing that 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.

The infrastructure in place, according to Akande, include 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 are 90 per cent completed.

Agenda Watchdog

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