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Lagos partners Egyptian firm on local transformer manufacture

By Ikeoye Oyetoro
The Lagos State Government said it has entered into partnership with El-Sewedy Electric of Egypt to manufacture electric transformers locally.

This move, according to the Governor Babatunde Fashola of Lagos State, is to boost power distribution to manufacturing companies and houses in the state.

Represented by the Commissioner for Commerce and Industry, Prince Adeniyi Oyemade, at the just concluded 2009 Lagos International Trade Fair, the governor said that  El-Sewedy of Egypt, an international manufacturer of electric transformers, has established a production factory in the state to produce 500KVA’s electric transformers for free distribution to all the recognised Community Development Associations(CDAs) in the state.

Also, the state government has earmarked 10 hectares of land each for the establishment of three enterprise zones at three different locations in the state, namely: Otto-Awori, Ibeju-Lekki and Ikorodu areas in the state.

These enterprises zones, when fully developed and operational, would scale up the business activities of entrepreneurs and ultimately increase their productive capacities.

Similarly, the state government has awarded the contract for the development of Lagos Ultra Modern Auto Market at Mowo, near Badagry to a concessionaire under the Public Private Partner-ship (PPP) in order to relocate all the auto dealers currently scattered in different locations within the state to a centralised area that can be easily accessible and affordable to dealers and customers.

He noted that the successful completion of  the auto market will effectively tackle the problem of environmental degradations associated with unsuitable sites currently used by auto dealers in the state.

According to him, the present administration is responsive and committed to the revitalization and diversification of the state’s economy and this commitment is reflected in the policies and programmes of that are being vigorously pursued by the administration since its inception with a view to fostering an investment environment that is friendly and supportive of industrial growth and development.

Similarly, the Government has entered into partnerships with foreign investors in the development of the Lekki Free Trade Zone and considerable progress has been recorded in that regard.

The state government in a bid to coordinate these mutually beneficial business relationships has also established a public-private partnership (PPP) in the Governor’s office and its headed by a Director-General with considerable wealth of experience in business development and financial management.

The Commissioner however commended the Lagos Chamber of Commerce and Industry for their vision and energy dissipated into the organisation of the fair saying the annual Lagos International Trade Fair, is of great significance to our State which enjoys the enviable status of being the industrial, financial and commercial nerve centre of the country.

He noted that apart from the immediate economics gains which the fair bestows on the immediate environs, it also serves as an important forum for sensitizing prospective business men and foreign investors to Nigerian’s abundant investment opportunities stressing that this year’s edition, is unique, as it not only showcases the latest capacities and potentials of Nigerian entrepreneurs to the global market, but also opens significant business opportunities for would be foreign investors in our state.


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