Business

$300m Steel Plant to Boost Lagos Investment Landscape

Lagos State has secured a significant investment milestone with the introduction of a $300 million steel-manufacturing plant slated for the Lekki Free Zone, under the auspices of the Lekki Free Zone Development Company (LFZDC).

The agreement to establish the plant was solidified through the signing of a Memorandum of Understanding (MOU) between LFZDC, represented by Managing Director Zhang Bin, and FINCON Capital Partners, led by Managing Director Bayo Adelore, at the Zone’s office in Ibeju Lekki.

Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI), hailed the achievement as a pivotal investment that will further enhance Lagos’ business ecosystem.

Expressing her enthusiasm, she underscored the resilience of the Lagos economy amidst global economic challenges and emphasized the state’s capacity to continually attract investment.

Zhang Bin, Managing Director of LFZDC, highlighted the transformative impact of the steel plant, envisioning heightened production activities that will elevate the Zone’s status as a premier special economic area.

Bolatito Ajibode, Deputy Managing Director of LFZDC, affirmed the attractiveness of the Lekki Free Zone for businesses, citing its strategic advantages.

Mr. Bayo Adelore, Managing Director of FINCON Capital Partners, disclosed that the plant will occupy 700 square kilometers of land space, generating 200 employment opportunities. He anticipates commencement of construction in the second quarter of the year.

The imminent establishment of the steel plant signals a promising era of industrial growth and economic prosperity for Lagos State, underscoring its allure as a prime destination for strategic investments.

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