25 March 2017, Sweetcrude, Lagos – The Lagos State government and China Africa Lekki Investment Limited, CALIL, will inject $64 million into Lekki Free Trade Zone before the end of 2017, lagos State governor, Akinwunmi Ambode, has announced.
Ambode made the announcement while visiting the site of the free zone in Lekki, Lagos, saying the injection of the fund would serve as equity from both parties and help attract more investors to the facility.
“This place will help to reduce unemployment and capacity for the future.
I want to assure that our financial commitment to Lekki Free Trade Zone (LFTZ) will be improved in 2017. We will accelerate to quickly clear our outstanding counterpart funding for the zone. In essence, we expect that in the next six month.
“We should be having an investment of over $60 million. I believe that when we invest our share of the fund and CALIL does, it will bring a major development for the zone. Putting the fund here at this time in our country will improve the infrastructure and boost development,” the governor stated.
Speaking earlier, the Chairman of Lekki Free Trade Zone Development Company, Mr. Biodun Dabiri, disclosed that about $6 billion had in the last one year been invested in the zone, which is expected to boost trade in Lagos and neighbouring states.