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35 foreign and local firms commit to Lekki FTZ
Wed, 14 Oct 2009 11:21
TradeInvestNigeria Staff


35 local and foreign companies have signed memoranda of understanding with the Lagos State Government to invest a total of US$1.496 billion in the Lekki Free Trade Zone (FTZ).

This Day newspaper reports that five firms account for 64% or $955 million of the planned investments.

  • Telsy Energy Consulting & Investment Limited plans to construct a power generation plant at a cost of $480 million;

  • Giorgio Dredging Limited is to build a petroleum products storage facility at a cost of $200 million;

  • Cornerstone Consultants Limited will establish a 126 megawatt gas power plant costing $125 million;

  • Netherland Mittal Steel plans to build a large-diameter welded-pipe mill at a cost of $100 million; and

  • UK Trafigura (Nigeria PUMA), one of the world's biggest oil traders, will invest in a $50 million petroleum products storage base.

    • The idea behind the Lekki FTZ is to create a new model city. It is located on the Lekki Peninsula, south-east of the city of Lagos. The zone will feature its own power plant, deep sea port, housing, recreational facilities, etc. Phase one of the project was completed in May 2008.

    One of the reasons why the Lekki FTZ has been introduced is to attract foreign direct investment in industries such as textiles, household equipment, electronics and food and beverages.

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