Melvin onwubuke
The Lagos Free Trade Zone has announced that a new $300 million steel manufacturing plant is set to be established in the Lekki Free Zone, managed by the Lekki Free Zone Development Company.
The project has taken off through a Memorandum of Understanding signed between the LFZDC, represented by Managing Director Zhang Bin, and FINCON Capital Partners led by CEO Bayo Adelore.
This crucial agreement, which was described by the Lagos State government on its official website as a major milestone in the industrial development of the area, has taken place at Zone’s Ibeju Lekki office.
The statement read in part “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.
“The agreement to build the plant was sealed with the signing of a Memorandum of Understanding between Lekki Free Zone Development Company 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.”
Commenting on the development, Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Fola Ambrose Medebem, commended the Zone’s management on its achievements in order to ensure that there is a strong 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,” she noted.
The Managing Director, of Lekki Free Zone Development Company, Zhang Bin, explained that the establishment of the steel plant would enhance the production activities and make the zone one of the most important special economic areas in Nigeria.
According to Managing Director of Fincon Capital Partners, Mr Bayo Adelore, the construction is expected to cover a total area of 700,000 hectares and create 200 jobs.
He was also informed that the construction of the plant is due to start in the second quarter of the year.
