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HomePoliticsNEWSNew industrial, residential development - Lagos attracts $250 million investment

New industrial, residential development – Lagos attracts $250 million investment

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Lagos State government yesterday said that it had attracted investment worth $250 million for its new industrial cum residential development aimed at boosting economic activities and jobs.

The state’s Commissioner for Commerce, Industry and Co-operatives, Dr. Lola Akande, disclosed this at the year 2020 ministerial press briefing to commemorate Governor Babajide Sanwo-Olu’s administration, saying that the total value of the 24 companies within the zone is estimated to be $250 million.

“The companies will engage about 2,050 employees in the first phase of their operations.”

Akande said that the Alaro city project, located at Epe on a 2,000 hectare piece of land, is a public-private partnership and mixed industrial-residential development where the Lagos State government owns 40 per cent as land equity while Messrs Rendeavour, Africa’s largest estate developer, owns 60 per cent.

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