Lagos State has secured a significant investment milestone with
the introduction of a $300 million steel-manufacturing plant slated for the
Lekki Free Zone, under the auspices of the Lekki Free Zone Development Company
(LFZDC).
The agreement to establish the plant was solidified through the signing of a
Memorandum of Understanding (MOU) between LFZDC, represented by Managing
Director Zhang Bin, and FINCON Capital Partners, led by Managing Director Bayo
Adelore, at the Zone’s office in Ibeju Lekki.
Mrs.
Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade
& Investment (MCCTI), hailed the achievement as a pivotal investment that will
further enhance Lagos’ business ecosystem.
Expressing
her enthusiasm, she underscored the resilience of the Lagos economy amidst
global economic challenges and emphasized the state’s capacity to continually
attract investment.
Zhang Bin, Managing Director of LFZDC, highlighted the transformative impact of
the steel plant, envisioning heightened production activities that will elevate
the Zone’s status as a premier special economic area.
Bolatito Ajibode, Deputy Managing Director of LFZDC, affirmed the attractiveness
of the Lekki Free Zone for businesses, citing its strategic advantages.
Mr.
Bayo Adelore, Managing Director of FINCON Capital Partners, disclosed that the
plant will occupy 700 square kilometers of land space, generating 200
employment opportunities. He anticipates commencement of construction in the
second quarter of the year.
The
imminent establishment of the steel plant signals a promising era of industrial
growth and economic prosperity for Lagos State, underscoring its allure as a
prime destination for strategic investments.