Lagos State has secured a significant investment with a $300 million steel-manufacturing plant set for the Lekki Free Zone, overseen by the Lekki Free Zone Development Company (LFZDC).
The project materialized through a Memorandum of Understanding (MOU) signed between the LFZDC, represented by Managing Director Zhang Bin, and FINCON Capital Partners, led by Managing Director Bayo Adelore.
This pivotal agreement took place at the Zone’s office in Ibeju Lekki, marking a significant milestone in the region’s industrial development, as highlighted in a statement from the Lagos State Government’s official website.
- “The quest to attract more investors into Lagos State received a major boost with the coming onboard of a $300 million steel-manufacturing plant to be sited in the Lekki Free Zone, under the Lekki Free Zone Development Company (LFZDC).
- “The agreement to build the plant was sealed with the signing of a Memorandum of Understanding (MOU) between LFZDC led by the Managing Director, Zhang Bin and FINCON Capital Partners led by the Managing Director, Bayo Adelore at the Zone’s office, Ibeju Lekki recently,” the statement read in part.
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- Speaking on the development, Mrs. Folashade Ambrose-Medebem, the Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI), praised the Zone’s management for their achievement and characterized the new investment as a significant milestone that will strengthen the business environment in Lagos.
- “I am excited to be part of this moment which is very historic and the fact that it is coming at a time when even big economies are facing recession demonstrates the resilience of the Lagos economy and its huge potential to continuously attract investment. I commend the promoters for heeding the call of Governor Babajide Sanwo-Olu to take advantage of the numerous opportunities available in the State with great returns on investment,” Ambrose-Medebem said.
- Zhang Bin, Managing Director of LFZDC, emphasized that the establishment of the steel plant will enhance production activities and establish the Zone as a premier special economic area in Nigeria.
- Mrs. Bolatito Ajibode, the Deputy Managing Director of LFZDC, highlighted that selecting the Lekki Free Zone for the plant underlines its appeal to businesses.
- Mr. Bayo Adelore, Managing Director of FINCON Capital Partners, revealed that the facility will occupy 700 square kilometers and is expected to generate 200 job opportunities.
- He also noted that construction of the plant is scheduled to commence in the second quarter of the year.
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