Sanwo-Olu reveals investments in Lekki will triple Lagos’ GDP

Sanwo-Olu reveals investments in Lekki will triple Lagos’ GDP

Lagos State Governor, Mr Bababjide Sanwo-Olu, says the multi-billion dollar investments in the Lekki corridor will multiply the state’s Gross Domestic Product (GDP).

Sanwo-Olu said this on Friday, March 19, during a two-day working tour with his cabinet to the three free trade zones established in the Ibeju-Lekki area of Lagos.

He said that the Lekki Seaport alone had the potentials to dramatically turnaround the state’s economy and generate employment for teeming Nigerians when completed in 2023.

The governor expressed satisfaction with the level of the remarkable progress made so far in the multi-billion dollar project.

Sanwo-Olu described the three big concessions and free zones in the axis namely: The Lagos Free Zone and Lekki Port, the Lekki Free Trade Zone, and the Dangote Refinery and Fertilizer, as huge investments capable of changing the fortune of the nation and the citizens.

The first phase of the seaport project, which is being financed by a $629 million facility from China Development Bank (CDB), is at 48 per cent completion.

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”Given the report I got and what I have seen here; I can say that Lagos Free Zone has made tremendous improvement. We have seen the level of partnership Tolaram Group is bringing in terms of international investment; and local brands on this corridor.

”I commend all stakeholders that are with us on this journey we have found ourselves. With the level of work we have seen, I am truly excited. It is more gratifying that we are taking up this assignment with all energies required; and we all can also see what we can achieve when we work together.

”Since we signed a loan agreement less than 18 months ago, we have demonstrated strong capability in bringing the project to reality. This is the first quarter of 2021 and we have seen the project in about 48 per cent completion.

”The investors have given us the commitment on the first quarter of 2023 completion date. We will fulfill all our parts to make sure this date becomes reality.

”We can see that everything that we care about is creating jobs for youths; as well as creating opportunities for youth; and changing the landscape of our host communities,” Sanwo-Olu said.



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