Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI), on Monday brought together major drivers and stakeholders in the Lekki Economic Zone as part of measures to boost development of the corridor.
The relations between the zones and enterprises became formalised with the signing of the Memorandum of Understanding (MOU) by Lekki Worldwide Investment Limited, representing the Lagos State Government, Lekki Free Zone Development Company (LFZDC), Lagos Free Zone, Dangote Enterprise Zone, Alaro City, Lekki Ports, among others.
Commissioner for CCTI, Folashade Ambrose described the occasion as historic as leaders of enterprises in Lekki Economic Zone rise above the walls of economic partitions and organisational divides, to collaborate and set off a transformational shift that will redefine business and investment landscape in the Zone.
Her words: “Today’s event marks a significant milestone in our collective desire to ignite the latent potentials of the Lekki Economic Zone, exploring its huge opportunities and accelerating its development with the entrance of additional investments.
“It is part of the broader plan to transform the region into an economic and industrial hub, catering to various sectors including manufacturing, real estate, trade, logistics, and services.
“The signed MOU reflects our concerted efforts to position Lagos as a key hub for trade and investment in West Africa, attracting both local and international businesses.
“The Zone is expected to significantly impact the Lagos economy by creating a more diversified industrial base and offering numerous opportunities for businesses and investors.”
Speaking further, the Commissioner stressed that the initiative will allow stakeholders such as government agencies, businesses, and local communities to pool resources, share expertise, and collaborate on infrastructure development, leading to more effective and efficient use of resources.
“By working together, we will also create a conducive environment for investments, industrial growth, and job creation, driving the growth of both the Lekki Economic Zone and the broader Lagos economy. In addition, the partnership will lead to the development of world-class infrastructure, including transport systems, utilities, and communication networks, which will improve business operations and the quality of life for residents. It will also afford stakeholders from different sectors, including government and the enterprises, an opportunity to share risks associated with large-scale development projects, leading to minimised financial burden and making the projects more sustainable,” she said.
Ambrose affirmed the commitment of the State Government, under the leadership of Governor Babajide Sanwo-Olu, to continuously initiate strategies, facilitate ideas and sustain the drive to ensure an ease-of-doing-business environment that supports businesses’ prosperity and strengthens the economy.
“This collaboration will drive more cooperation and inclusion in many areas that will further strengthen the Lekki Economic Zone and make it more attractive to businesses and investors. We strongly believe that by creating an enabling environment for business, the Lekki Economic Zone can attract both local and international investors, driving long-term economic growth,” she said.
Describing the ceremony as epoch-making, Managing Director/CEO of LWIL, Adeniyi Akinlusi remarked that the stakeholders’ collaboration will transform the Lekki Economic Zone considerably. “An African adage says, if you want to go fast, go alone, but if you want to go far, go together. Today, we have agreed to go far by going together,” he said.
Managing Director/CEO of Lagos Free Zone, Adesuwa Ladoja stated that the coming together of investors in the zone is a game changer for existing and potential investments in the corridor.
“Today sees the beginning of what will be a game changer in the Lekki Economic Zone. It is not that we have not been collaborating, but this ceremony has formalised our cooperation, making it stronger to achieve the economic vision outlined in the T.H.E.M.E.S Plus Development Agenda and the Renewed Hope Agenda of both the State and Federal Governments.
