As part of efforts to accelerate the establishment of an economic zone in Lekki area of Lagos State, the Nigeria’s Federal Executive Council (FEC) has approved N3.4billion for some projects. in the area.
Minister of Industry, Trade and Investment, Niyi Adebayo who made this known when he briefed State House correspondents on the outcome of the Council meeting, chaired by President Muhammadu Buhari at the Presidential Villa, Abuja, on Wednesday said the approval was for the development of a five megawatt power plant and an access road from the Lekki-Epe expressway to a textile and garment park in the same area.
He said: “Council today approved contract for infrastructure in one of the six special economic zones that the Nigeria Exports Processing Zone Authority is creating for the special economic zone in Lekki.
“As part of that special economic zone, there is a textile and garment park that is being put up.
“The council approved contract for the development of an initial five megawatt power plant and electrical reticulation within the park in the sum of N1.5 billion inclusive of 7.5 percent VAT with a delivery period of 52 weeks.
“Council also approved the construction of an access road with associated drainage works from the Lekki-Epe expressway to the textile and garment park in the sum of N1.9 billion inclusive of 7.5 percent VAT with a delivery period also of 52 weeks.”
According to him, the objective of developing the special economic zones is to establish zones with multifunction of industry, commerce, trade, medical tourism, recreation and residence among others, in order to attract foreign investment for the country.
President Muhammadu Buhari alongside other dignitaries on March 22, 2022 predicted an agriculture and economic boom for the country following the coming on stream of the $2.5 billion Dangote Fertiliser Plant in Ibeju-Lekki, Lagos.
They spoke during the inauguration of the plant, with an installed capacity of producing three million metric tonnes (mt) of urea yearly.
Specifically, President Buhari noted that the plant is already exporting fertiliser to the United States of America (USA), India and Brazil, among other countries and is expected to trigger huge job creation opportunities, wealth, and secure the country’s agricultural future.
The plant, situated on 500 hectares of land in the Lekki Free Trade Zone, is reputed as Africa’s largest Granulated Urea Fertiliser complex and expected to add well over $400 million in foreign exchange to the Nigerian economy from the exportation of the products to other Africa countries.
Buhari noted that the plant would result in Nigeria becoming self-sufficient in fertiliser production.
According to him, the Federal Government is now determined more than ever before to provide enabling environment for private sector investors to thrive, adding that his government would continue to improve on infrastructure, power, security and enact relevant laws and regulations that would drive investments in the economy.
He said: “The fertiliser plant we are commissioning today has the capacity to provide multiplier effects on our economy, including job creation, which is a key goal of my administration. The nation also stands to gain extensively in earnings of foreign exchange from the excess production of the plant. I am informed that we have already started exporting to the USA, Brazil and India.
“The coming on stream of the plant is creating huge opportunities in the areas of employment, trade, warehousing, transport and logistics. This will drastically create wealth, reduce poverty and secure the future of our nation,” he said.