Homes & Property

July 1, 2021

Lawmakers, NEPZA commend Alaro City’s attraction of FDI

Lawmakers, NEPZA commend Alaro City’s attraction of FDI

Members of the Senate Committee on Trade and Investment, NEPZA management and others on an assessment tour of Alaro City in connection with the proposed amendments to the NEPZA Act.

By Kingsley Adegboye

Members of the Senate Committee on Trade and Investment and executives of Nigeria Export Processing Zones Authority, NEPZA, have commended Alaro City for the significant Foreign Direct Investment, FDI, and new industrial businesses the new city has attracted in the two years since its launch in the Lekki Free Zone.

Led by the Senate Committee Chairman on Trade and Investment, Senator Francis Adenigba Fadahunsi, the federal lawmakers visited Alaro City in the company of the NEPZA Board of Directors, led by its Board Chairman, Alhaji Adamu Fanda, and Managing Director, Prof. Adesoji Adesugba.

The progress assessment of free zones was part of ongoing updates of the NEPZA Act before the National Assembly.

Senator Fadahunsi said the lawmakers visited to see the progress of free zones operators like the City, especially with regards to attracting investment, boosting manufacturing and creating jobs.

READ ALSO: Universal One launches 576 apartments in Alaro City

The results of the visit will inform the National Assembly as it makes progress on amending the NEPZA Act.

“We are amazed with the level of multi-billion-dollar investments in the Lekki Free Zone, which harbours various mega projects of global magnitude like Alaro City and the Dangote Refinery,” he said.

“The level of progress in Alaro City and the Lekki Free Zone is encouraging and paints a clear picture of the direction we want our free zones to take,” added Senator Fadahunsi.

Launched in January 2019, Alaro City is planned as a 2,000-hectare mixed-income, city-scale development with industrial and logistics locations.

It’s complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares (370 acres) of parks and open spaces.

The City, a model for Public-Private-Partnerships, which are a key focus for the Lagos State Government, is a joint venture between Rendeavour, Africa’s largest new city builder and Lagos State, the economic and financial nerve centre of Nigeria.

Over 3.5km of initial road networks with rain garden drainages and cycling lanes are under construction; as well as power, water and sewerage infrastructure.

Yomi Ademola, Country Head, Rendeavour, and Managing Director Alaro City, believes the progress being seen at Alaro City is as a result of a number of factors.

He listed commitment and support of the Lagos State Government, evidenced by the quality and magnitude of infrastructure, as well as the vision and experience of Rendeavour in driving projects of this nature and scale in multiple locations across Africa, as factors.

Vanguard News Nigeria