The Lagos State Government says it has released the sum of N1.6 billion as part of its equity contribution to the Lekki Free Zone Development Company (LFDC).
The Commissioner for Commerce, Industry and Cooperatives, Mr Rotimi Ogunleye, made the remark at the 2016 Ministerial Media briefing in Lagos.
He said that this was to boost the ongoing infrastructural development in the zone, as well as encourage investors’ participation in the project.
Ogunleye said he was engaging the host communities to ensure a sustainable cordial relationship with investors in the zone.
“I want to assure all prospective investors in the zone that the government has overhauled the security network in the area in order to guarantee a safe haven for investment,” he said.
The commissioner said that a World Bank report listed the Lekki Free Zone as the fastest growing trade zone.
Ogunleye said the products from the zone were compliant with international standards, as they went through the standardisation laboratories.
He said that the Lekki Free Zone project, which had remained the flagship of the state governments industrial development initiative, was conceptualized to provide enabling environment for industries to operate.
The commissioner said that the project was also set to attract both local and foreign direct investments into the state.