Rendeavour, Africa’s largest urban land developer, has signed a joint
venture agreement with the Lagos State Government and Lekki Worldwide
Investments Limited for a mixed-use land development within the Lekki
Free Trade Zone. The multi-billion naira project will include the
development of world-class infrastructure and creation of thousands of
employment opportunities.
“We are delighted to partner with Lagos State and Lekki Worldwide
Investments Limited on this visionary project for Nigeria and
Rendeavour,” said Stephen Jennings, Founder and CEO of Rendeavour. “Our
investment in Lekki will contribute to the further diversification of
the economy of the region, increase local employment and encourage
industry to thrive. Rendeavour’s urban developments in Ghana, Kenya,
Zambia and Democratic Republic of Congo are setting the standard for
well-planned live-work-play environments, and our expansion in Nigeria
further demonstrates our record of success.”
The Lekki Free Trade Zone has stimulated major investment into Lagos
State and Nigeria. The start of construction for the deep-sea port to
the south of the zone is already well under way, whilst the proposed new
International airport close to the free trade zone, is poised to offer a
major alternative point of entry into the country. The recent entrance
of Dangote Industries, alongside other companies moving to the Zone, has
further boosted the Lekki Free Trade Zone project. These investments
have already led to a general buoyancy in the economy of the wider Lekki
sub-region. This will be further enhanced by Rendeavour’s entrance.
Speaking on behalf of Lagos State, Honourable Commissioner for
Commerce and Industry, Mrs Olusola Oworu said: “We are thrilled to have a
global company with Rendeavour’s experience working alongside Lagos
State. Rendeavour have shown a unique understanding of the overall Lekki
concept, and we are certain this partnership will bring numerous
benefits to the local area, the wider Lekki peninsula and of course
Lagos State. We look forward to working with Rendeavour to ensure
relevant documentation is abided by and to a fruitful partnership in the
years to come”.
Rendeavour, which initially has joint ventured on developing 250
hectares (approx. 625 acres) with an intention to increase the project
land size, will begin feasibility studies and the project’s
comprehensive master plan, ensuring that all regulatory approvals and
studies are completed before commencing construction.
“The Lekki Free Trade Zone is poised for a period of significant
development and value creation,” said Yomi Ademola, Rendeavour’s Country
Head for Nigeria. “With the continued support of the Lagos State
Government and Lekki Worldwide Investments Limited, we believe that this
project will play a key role in the wider transformation of the Lekki
peninsula.”
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