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Lagos Cooperatives Investment Hits N152bn

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The Lagos State Government on Monday revealed that cooperatives investment in the state’s economy has risen to N152 billion in the last three years.

The state’s Commissioner for Commerce and Cooperatives, Mrs Olayinka Oladunjoye who disclosed this at the annual ministerial press briefing said high net worth cooperative societies were being encouraged to invest into the productive and key service sector such as water,

transportation and services.

Oladunjoye also said over $735.8million (about N264billion) worth of finished goods have so far been exported from the Lekki Free Zone project in the last three years.

According to her, the government was totally committed to the

development of businesses in the Zone, adding that measures were taken to ensure that the goods meet international standard before they are exported out of the country.

She said the Nigeria Customs, Nigeria Export Processing Zones

Authority (NEPZA) and other supporting agencies coordinated the exporting process of the goods in conjunction with the Standard

Organisation of Nigeria (SON), saying that it was a testament to the fact that the Zone was living up to expectation.

The commissioner explained that the Lekki Free Zone, among other things, was conceptualized to develop an offshore economic growth zone, attract foreign investments, promote export, create job opportunities, transfer technology, minimise capital flight and establish a one stop business haven and currently has 22 Free Zone Enterprises (FZEs) and 18 manufacturing enterprises in operation.

She also disclosed that to date, the Joint Venture with the Chinese Consortium has a total equity investment of $180.4million and has received Foreign Direct Investment (FDI) totalling $140.2million out of the $200million FDI expected from the Consortium.

Besides, she said 125 investors have registered, while 59 investors

have their Lease Agreements, adding that 726 Nigerians have been employed by the FZEs and N376.5million spent on executing 14 Corporate Social Responsibility (CSR) projects for host communities.

She listed other achievements in the Lekki Free Zone to include\ $500million FDI from FZEs in operation, while a Customs Processing Centre (CPC) for Nigeria Customs Service was established to improve the ease of doing business and eliminate bottlenecks.



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