FEC: N3.4bn Approved For Infrastructure At Lekki Economic Zone
The Federal Executive Council (FEC) has approved the sum of N3.4 billion to provide infrastructure in one of the country’s special economic zones.
This was disclosed by the Minister of Industry, Trade and Investment, Niyi Adebayo, while briefing State House reporters on the outcome of the federal cabinet meeting presided over by President Muhammadu Buhari at the Council Chambers of the Presidential Villa in Abuja.
He says the council approved N1.5 billion to develop an initial five-megawatt power plant and electrical reticulation within one of its special economic zones in Lekki under the Nigerian Export Processing Zones Authority (NEPZA) because of the plan for textile and garment.
He added that the contract is to be delivered within a period of 52 weeks, was awarded to Messrs. Mustra Energy Limited.
“The objective of developing the Special Economic Zones is to establish an economic zone with multifunction of industry, commerce, trade, medical tourism, recreation and residence to attract foreign investment, create employment and expedite economic growth.
“As you’re all aware, constant power supply as well as provision of other infrastructure like roads is very important for the functioning of the Special Economic Zones and as a result of that, which Council approved the contract that I had previously mentioned.
“We are hopeful that once the Special Economic Zone is functional, it will generate employment for about 3500 Nigerians in the short term, and in the long term, it will provide employment for about 10,000 Nigerians,” he says.