Lagos attracts US$250m investment for new industrial-residential development

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“The companies will engage about 2,050 employees in the first phase of their operations.”

The Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande disclosed this at the Year 2020 ministerial press briefing to commemorate Governor Babajide Sanwo-Olu administration, revealing that the total value of the 24 companies within the zone is estimated to be US$250M.

“Ariel Foods is the largest ready-to-use therapeutic food factory in Africa. Its investment in Alaro is a US$15m multi-sector investment, including investment in housing, soap and detergent production. Akande also disclosed that the investment in the Lekki Free Trade Zone Development Company is yielding result as US$30 million goods were exported in the last 12 months while 19 new companies are at various stages of deployment.

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