Dangote, Others Invested $6bn In Lekki Free Zone In 2016

The largest manufacturing conglomerate in West Africa, Dangote Group, and other companies have invested $6 billion in Lekki Free Trade Zone (LFTZ) in the last one year, ThisDay reports.

Lagos State Governor, Mr. Akinwunmi Ambode, disclosed this at the weekend when he inspected the zone alongside state Commissioner for Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye and his transportation counterpart, Mr. Olanrewaju Elegushi, among others. Dangote Group is currently undertaking four strategic projects at the Lekki Free Trade Zone namely: a petroleum refinery, fertilizer processing plant, sub-sea gas pipeline project, as well as a petro-chemical project projected for completion on or before 2019.

During the inspection, Managing Director of Lekki Free Zone Development Company, Mr. Ding Yonghua, provided insight into the volume of investment the zone had attracted in the last 10 years. As at 2016, Yonghua disclosed that the zone had already attracted 114 investors, noting that of all the investors that came to the zone in the last 10 years, 46 are commercial investors. More investors have indicated interest in coming to set up businesses in the zone.