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.”