The Lagos State Government Thursday put the
value of assets locked outside its legal framework at an estimated $48.2
billion, which it said, it was working on the modalities to formalise
the state's extra-legal economy.
The state government also said the development of the Lekki Deep Seaport (Phase I) would gulp the sum of $1.5 billion while the cost of building the Lekki-Epe International Airport had not been ascertained.
The Commissioner for Commerce and Industry, Mrs. Olusola Oworu, said this at a news conference at the state secretariat, saying her ministry was working hard "to make the Lekki Free Trade Zone a fully functional investment haven."
Oworu, who addressed the conference alongside Special Adviser on Commerce and Industry, Mr. Oluseye Oladejo, among others, added that a pre-diagnostic study conducted by the Institute of Liberty and Democracy (ILD) revealed that 90.2 per cent of real estate assets were locked outside the legal framework.
According to the commissioner, an estimated $48.2 billion was located in the extra-legal sector with concomitant undercapitalisation of business undertakings, and impoverishment of the masses.
She added that the state government had commenced works on the development of the Lekki-Epe International Airport "to complement activities at the LFTZ and also provide alternative air transport services in the state.
"The Lekki-Epe International Airport is designed to handle five million passengers annually with provision for a modular terminal for future expansion. Preliminary works on the project have commenced the clearing of 150 hectares (run way), 4.5km of the access road and 9 kilometres of perimeter road."
She pointed out that the airport would be built and managed by private investors, noting that the process for the selection of private investors "to develop and manage the airport has commenced."
She said the process of selecting the private manager had been contracted "to a team of local and internationally-acclaimed consultants namely Stanbic IBTC (financial advisers), Arup PTY (Technical Consultants), Norton Rose (off-shore legal consultants) and Banwo & Ighodalo (local legal consultants)."
The commissioner also lamented the inadequacy of facilities at the Apapa and Tin-Can Island Ports, thereby necessitating the need for Lekki Deep Seaport, which development would gulp $1.5 billion.
She said the state government with the federal government through the Nigerian Ports Authority (NPA) and a private investor - Lekki Port LFTZ Enterprise (LPLE) had commenced the development of the Lekki Deep Seaport.
Presently, the commissioner said, shareholders agreement had been executed while preliminary works had started at the site.
When completed, the port would relieve the pressure on the Apapa and Tin-Can Island Ports and would also support business activities at the Lekki Free Zone.
He said the construction of the port "is expected to last for about four years and over 10,000 jobs are projected to be created directly and indirectly during the construction period while over 169,000 jobs would be generated directly and indirectly when it becomes fully operational."
The state government also said the development of the Lekki Deep Seaport (Phase I) would gulp the sum of $1.5 billion while the cost of building the Lekki-Epe International Airport had not been ascertained.
The Commissioner for Commerce and Industry, Mrs. Olusola Oworu, said this at a news conference at the state secretariat, saying her ministry was working hard "to make the Lekki Free Trade Zone a fully functional investment haven."
Oworu, who addressed the conference alongside Special Adviser on Commerce and Industry, Mr. Oluseye Oladejo, among others, added that a pre-diagnostic study conducted by the Institute of Liberty and Democracy (ILD) revealed that 90.2 per cent of real estate assets were locked outside the legal framework.
According to the commissioner, an estimated $48.2 billion was located in the extra-legal sector with concomitant undercapitalisation of business undertakings, and impoverishment of the masses.
She added that the state government had commenced works on the development of the Lekki-Epe International Airport "to complement activities at the LFTZ and also provide alternative air transport services in the state.
"The Lekki-Epe International Airport is designed to handle five million passengers annually with provision for a modular terminal for future expansion. Preliminary works on the project have commenced the clearing of 150 hectares (run way), 4.5km of the access road and 9 kilometres of perimeter road."
She pointed out that the airport would be built and managed by private investors, noting that the process for the selection of private investors "to develop and manage the airport has commenced."
She said the process of selecting the private manager had been contracted "to a team of local and internationally-acclaimed consultants namely Stanbic IBTC (financial advisers), Arup PTY (Technical Consultants), Norton Rose (off-shore legal consultants) and Banwo & Ighodalo (local legal consultants)."
The commissioner also lamented the inadequacy of facilities at the Apapa and Tin-Can Island Ports, thereby necessitating the need for Lekki Deep Seaport, which development would gulp $1.5 billion.
She said the state government with the federal government through the Nigerian Ports Authority (NPA) and a private investor - Lekki Port LFTZ Enterprise (LPLE) had commenced the development of the Lekki Deep Seaport.
Presently, the commissioner said, shareholders agreement had been executed while preliminary works had started at the site.
When completed, the port would relieve the pressure on the Apapa and Tin-Can Island Ports and would also support business activities at the Lekki Free Zone.
He said the construction of the port "is expected to last for about four years and over 10,000 jobs are projected to be created directly and indirectly during the construction period while over 169,000 jobs would be generated directly and indirectly when it becomes fully operational."
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