FG Approves N3.4b To Accelerate Economic Zone In Lekki
Niyi Adebayo
Nigeria’s Federal Executive Council (FEC) has approved N3.4billion to accelerate the establishment of an economic zone in Lekki area of Lagos State.
Minister of Industry, Trade and Investment, Niyi Adebayo who made this known when he briefed State House correspondents on the outcome of the Council meeting, chaired by President Muhammadu Buhari at the Presidential Villa, Abuja, on Wednesday said the approval was for the development of a five-megawatt power plant and an access road from the Lekki-Epe expressway to a textile and garment park in the same area.
He said: “Council today approved contract for infrastructure in one of the six special economic zones that the Nigeria Exports Processing Zone Authority is creating for the special economic zone in Lekki.
“As part of that special economic zone, there is a textile and garment park that is being put up.
“The council approved a contract for the development of an initial five-megawatt power plant and electrical reticulation within the park in the sum of N1.5 billion inclusive of 7.5 per cent VAT with a delivery period of 52 weeks.
“Council also approved the construction of an access road with associated drainage works from the Lekki-Epe expressway to the textile and garment park in the sum of N1.9 billion inclusive of 7.5 per cent VAT with a delivery period also of 52 weeks.”
According to him, the objective of developing the special economic zones is to establish zones with multifunction of industry, commerce, trade, medical tourism, recreation and residence among others, in order to attract foreign investment for the country.
