March 11, 2024

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 (LFZDC).

The agreement to build the plant was sealed with the signing of a Memorandum of Understanding (MOU) between LFZDC 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.

The Commissioner for Commerce, Cooperatives, Trade & Investment (MCCTI), Mrs. Folashade Ambrose-Medebem while commending the Management of the Zone for the feat, described the development as a milestone investment that will further consolidate the business landscape of Lagos.

The Commissioner said, “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”.

Managing Director of LFZDC, Zhang Bin noted that the coming of the steel plant will drive production activities and position the Zone as a leading special economic area in the country.

Deputy Managing Director, LFZDC, Mrs. Bolatito Ajibode affirmed that the choice of the Lekki Free Zone as the site for the manufacturing plant points to the attractiveness of the Zone for businesses.

Managing Director of FINCON Capital Partners, Mr. Bayo Adelore stated that the plant will sit on 700 square kilometres of land space and will provide 200 employment opportunities, noting that work will start on the plant in the second quarter of the year.