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The future of retail: Modern shopping centre planned
Tue, 17 Feb 2009 09:59

Region
Lagos
Nigeria

Sector
Retail

Summary:
Investors have the opportunity to partner with the Lagos State Government in the construction of a world class shopping centre.
Contact
Senator Tokunbo Afikuyomi

Email
tafikuyomi@lagosstate.gov.ng


Private investors are needed to partner with the Lagos State Government in the construction and operation of a world class shopping mall, dubbed the Capital City Mega Mall, in the state capital Ikeja.

Project details

  • The mall which will be located in Ikeja will redefine the area's landscape and establish it as a worthy capital.
  • This multi-purpose project will feature retail outlets, restaurants, a cinema, bowling arena, games arcade, etc.
  • The proposed mall will utilise electricity from an independent power project (investor required).

    Market

    Lagos is Nigeria's most populous state with close to 18 million people. This huge population guarantees that investments in the tourism, hospitality and leisure industry would yield high returns for investors.

    Nigerians spend an average of N140 billion (US$1.2 billion) on luxury goods in Dubai every year. The Lagos State Government therefore wants to attract reputable international brands to set up shop in the metropolis.

    Incentives

    In addition to incentives offered by the Lagos State Government, Nigeria's Federal Government is willing to extend the following incentives to investment in the tourism, hospitality and leisure industry:

  • The sector qualifies for incentives such as tax holidays, longer years of moratorium and import duty exemption on tourism related equipment.
  • Provision of basic infrastructure such as roads, water supply, electricity and communication facilities to the centre of attraction.
  • Provision of land for tourism development at concessional rates.
  • Availability of soft loans with a long period of moratorium.

    • Investors interested in this opportunity should contact Senator Tokunbo Afikuyomi, Commissioner for Tourism & Inter-Governmental Relations at tafikuyomi@lagosstate.gov.ng

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