Lagos secures $629m for Lekki Deep Seaport development

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Dr. Lola Akande receiving an award on behalf of Governor Babajide Sanwo-Olu on Sunday.

Dr. Lola Akande receiving an award on behalf of Governor Babajide Sanwo-Olu on Sunday.

By Kazeem Ugbodaga

Lagos State Governor, Babajide Sanwo-Olu on Sunday disclosed that the state government has secured financial closure worth $629 million for the development of the Lekki Deep Seaport.

Sanwo-Olu disclosed this at the Lagos State Day of the 2019 Lagos International Trade Fair at the Tafawa Balewa Square, on Lagos Island, Lagos, Southwest Nigeria.

The governor, who was represented by the Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande, said the financial closure was secured two weeks ago.

According to Sanwo-Olu, this move, would in no doubt, catalysed the speedy delivery of the port project and also a manifestation of the confidence of investors in Lagos State.

“Again, you would readily agree that Nigeria’s recent upward movement by 15 places in the World Bank Ease of Doing Business Ranking Report 2020 is a clear testament to the efficacy of various reforms we have embarked upon as Lagos State is one of the index states used for analysing Nigeria’s Ease of Doing Business,” he said.

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The governor stated that the Lekki Free Zone was was open to local investors and all nationals and countries of the world with unique benefits and incentives, adding that in order to complement ongoing progress in the area, government had fast-tracked development of the Lekki-Epe axis with pliable roads and a world-class international airport.

On the trade fair, Sanwo-Olu aid his government  would continue to build on the legacies of his predecessors by supporting the growth of local economy, improving the ease of doing business, providing easy access to finance, among others.

“My government will therefore continue to harness public-private machinery in developing new business opportunities in manufacturing, agriculture and agro-processing, renewable power, oil and gas, transportation and affordable housing development,” he stated.

In her speech, Commissioner for Commerce, Industry and Cooperatives, Akande said the participation of the state government in the annual Trade Fair afforded the state the opportunity to accommodate a number of Micro, Small and Medium Scale Enterprises, MSMEs in the state’s pavilion to relieve them of the cost of participation, thereby affording them the chance to showcase their products and services to the international business community and general public free of charge.

Akande, whose speech was read by Oladele Ajayi, Special Adviser to the Governor on Commerce and Industry, explained that this was one of the many ways the state government was promoting and providing business support to MSMEs towards stimulating demand for their products and services and ultimately facilitating the enhancement of their productivity and profitability.