PRESIDENT of Dangote Group, Alhaji Aliko Dangote, disclosed on Wednesday that his group’s investment in the Lekki Free Zone, Lagos will earn Nigeria N8 trillion annually.
Dangote made the disclosure at the maiden edition of the Lagos-Kano Economic and Investment Summit held at the Jubilee Chalets in Epe, Lagos, saying that his company’s investment in the zone which include its refinery and others would single-handedly earn Nigeria such huge income.
“Lagos is more than ready for business. Our refinery, petrochemical, fertilizer and gas projects will generate N8 trillion per annum for Nigeria when fully on stream,” he said, contending that he was one of those who believed that state governments should collaborate with one another for economic benefits of their states.
Alhaji Dangote expressed the belief that the partnership between Lagos and Kano would go a long way in driving their economy which would have a spiral effect on the nation’s economy.
Vice President Prof. Yemi Osinbajo, who was at the event, said at least $2 billion would be required to revive the Lagos-Kano Rail Line as part of efforts to boost local and international trade along the Northern and Southern zones.
According to Nigeria’s No 2man, the Federal Government, in partnership with a private firm, General Electric (GE) is already proposing to invest in the project to enhance the movement of cargo from Apapa ports to Kano via the rail line.
Osinbajo, who commended governors of Lagos and Kano states for creating a platform to collaborate for economic growth, expressed optimism that such initiatives would open up the investment opportunities that abound in both states to would-be investors both locally and internationally.
“I believe that Lagos and Kano states have by this collaboration underscored the cornerstone of the Federal Government’s economic recovery and growth plan, namely the leveraging of synergies among States and between government and the private sector.
“The strategic role of the Federal Government is of course to create an enabling environment for commerce beginning with the provision of infrastructure.
“For us, what this meant especially in the context of Lagos and Kano collaboration is the refurbishing of the narrow gauge Lagos to Kano Rail with a concession to General Electric who are proposing to invest almost $2billion to ensure that the rail route is effective for movement of cargo from Apapa port to Kano.