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Lagos attracts US$250m investments to Alaro City industrial hub

The Lagos State Government on Thursday said it has attracted investments worth US250m for its new industrial cum residential development hub aimed at boosting economic prosperity of the state.

Dr Lola Akande, Commissioner for Commerce, Industry and Cooperatives, disclosed this at the 2020 ministerial press briefing in Alausa, Lagos, Southwest Nigeria.

She said that the total value of the 24 companies within the Alaro City zone in Epe was estimated to be US$250m, saying that the companies would engage about 2,050 employees in the first phase of their operations.

“It is a public-private partnership, mixed industrial-residential development where the Lagos State government owns 40% as land equity and Messrs Rendeavour, Africa’s largest estate developer owns 60%. 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.

“Presently, there are 24 new companies at various stages of development in the zone. The very first factory to set up there, Ariel Foods, was opened in January, 2020. Ariel Foods is the largest ready-to-use therapeutic food factory in Africa. Its investment in Alaro is a Fifteen Million U.S Dollars (US$15m) multi-sector investment, including investment in housing, soap and detergent production,” she said.

Akande stated that 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.

“The total value of the 24 companies within the zone is estimated to be US$250m. The companies will engage about 2,050 employees in the first phase of their operations.

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“The infrastructure in place includes roads which will open up access to 55% of the site, a 1.4km dual carriageway asphalt road with 4 meter median, storm water drains, street lighting and cycling lanes is 90% completed.

“Various Corporate Social Responsibility (CSR) activities, including the commissioning of a 50m borehole for the Epe community and the provision of relief packages and support amid COVD-19 pandemic were carried out amongst other relief efforts,” she added.

The commissioner further said that the investment in the Lekki Free Trade Zone Development Company was yielding result as US$30 million goods were exported in the last 12 months while 19 new companies are at various stages of deployment.

She stated that the state government through the Ministry of Commerce, Industry and Cooperatives remained committed to the establishment of the Fashion Hub and Academy on a 10-hectare land Enterprise Zone at Gberigbe in Ikorodu.

Akande said it would be a well-equipped centre where everything that had to do with fashion would be made available and the academy would be responsible for training the youth in fashion with world class standard.

“Infrastructure such as road network, drainage, walkway, street light including dedicated areas for truck and car parks have been provided by the state government,” she said.

Akande said engagement was currently in top gear with consultants and relevant ministries towards the development of the concept design preparatory for the development of the super structures.

According to her, “it is expected that development of super structures in the facility would commence in 2020. The Fashion Hub and Academy will among others add value to fashion sector in the state, assist to further upscale the skills of the old and new fashion designers, create wealth opportunities directly and indirectly as well as establish a cluster that may be a source of revenue for the individuals and the state.”

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