The Lekki Free Trade Zone (FTZ) in Lagos State has signed a US$1.5 billion investment fund agreement with AYR Logistic, an American financial company.

Tajudeen Disu, managing director of Lekki Worldwide Investment Ltd. said that over US$20 million has been invested in the FTZ in the last four months and that another U$153 million investment is targeted before September.

The Lekki FTZ is located on the Lekki Peninsula south-east of the city of Lagos. The idea is to create a new model city with industries and businesses encompassing all sectors of the economy. Lekki Worldwide Investment Ltd. is a private company incorporated in March 2006 to promote and manage the development of the Lekki FTZ.