Over 740 million naira has been approved by the Lagos State Government as compensation for host communities of the Lekki Free Trade Zone (LFTZ) and the proposed Lekki International Airport.
Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, who announced the approval of the Governor at a media briefing in Ikeja, said the development was in line with the commitment of government towards sustainable cordial relationship between the host communities and investors in the zone.
Mr Ogunleye said since assumption of office, Governor Ambode had seriously and holistically addressed the salient need to compensate the host communities, adding that remarkable progress had been recorded in that regard.
“The State Government has continued to engage the host communities ever since the LFTZ project started in 2004, the engagement principally centered on the need for the communities to recognize the multiplier effects of the project in terms of employment generation and the value to be added to the socio-economic lives of the people,” he stressed.
He said already, modalities were being put in place to ensure a hitch-free disbursement of the approved N740 million, adding that the payment would be effected immediately.
“The compensation exercise is a continuous process. 65 million naira was paid early this year for land owners affected by the ongoing Dangote projects which included petrochemical plant, gas project, fertilizer and refinery project capable of refining 650, 000 barrels of oil per day,” according to the commissioner.
He said before now, the host communities of the 3,000 hectares of land, which housed the LFTZ Development Agency, were heavily compensated, noting that more land owners would be compensated in due course at the end of verification and valuation exercise.
“Let me reiterate once again, the commitment of this administration to Community Social Responsibility (CSR) and its readiness to continue to heed the yearnings of our people in the areas covered by the LFTZ and its complementary projects. I also need to assure both local and foreign investors that all our projects in the corridor are fully on course and as an administration, we are fully committed to them.
At this time of economic downturn, our State as the nation and Sub Saharan economic hub is providing this investment platform with huge potentials as the best destination for direct investment. We are providing appropriate road infrastructure to ease the operations of investors in the zone and we will continue to sustain the friendly operating environment that now subsists,” Ogunleye said.