Alaro City, Nigeria’s free Trade zone, has successfully revolutionised the country’s industrial sector. It is becoming a symbol of optimism for both local and international Investors as it focuses on creating jobs and tackling housing shortages in the rapidly expanding regions of West Africa. This is greatly influencing the country’s economic growth. During a recent press conference, Yomi Ademola, the managing director of Alaro City, highlighted the city’s stable and safe setting that maximises the advantages of a free zone.
With these benefits, companies can see annual profit growth of up to 43%, which helps minimise market risks and uncertainties while expanding business operations domestically and internationally. Ademola emphasised Alaro City’s crucial contribution to driving industrial growth in West Africa. The city provides a home for companies in various fields, including logistics, technology, Manufacturing and renewable energy. Located near the efficient Lekki Deep Sea Port, the city boasts 16,500 hectares of prime land. With modern Infrastructure like the port’s automated call-up system and well-connected road networks, transportation to Lagos and beyond is a breeze.
Staff and residents of the location have access to various facilities.
The urban centre is a hub for industries and provides residential spaces for companies and individuals. These living spaces are strategically located near workplaces in the Lekki Free Zone. Moreover, the urban centre boasts beautifully maintained green areas that allow residents and employees to enjoy nature, recreational facilities, and a healthier atmosphere. He claims the urban centre covers 2,000 hectares of valuable land and hosts 73 prominent businesses like BUA Group, Mantrac Caterpillar, Ariel Foods, TY Danjuma Holding, Kenol, SANA Group, and more.
Looking to reach 80 companies soon, the urban center is a key factor in attracting foreign direct Investment and boosting the development of local businesses and small-to-medium enterprises. Among other companies, Ariel Foods thrives in the free zone, adhering to global production standards. This is helping the country establish itself as a leading exporter of Ready-To-Use Therapeutic Foods (RUTF) across Africa. He emphasised the urban centre’s potential to become a bustling industrial centre, offering advanced amenities and a favourable regulatory environment.
Ademola urges to leverage the urban centre’s resources for business growth.
Also, the urban centre aims to attract various industries, from automotive assembly to pharmaceuticals and consumer goods manufacturing. This strategic diversification is projected to generate abundant employment opportunities, ultimately strengthening and invigorating the local economy. Ademola urges Small and Medium Enterprises (SMEs) to use the urban centre’s resources to expand their businesses and increase revenue. The urban centre offers essential services and safety measures to ensure smooth business transactions within a favourable setting. He further urged stakeholders and media members to highlight the favourable aspects of the country’s investment landscape, motivating potential investors to participate in a vibrant and competitive market.
According to his statement, the urban centre will have 2,000 hectares in the Northwest Quadrant of the Lekki Free Zone. It boasts a clear and unencumbered Certificate of Occupancy title (C of O) and features top-notch industrial-grade roads, including a massive 8-lane, 60-meter-wide boulevard, one of the biggest privately owned roads on the continent. The private Independent Power Plant (IPP) provides round-the-clock electricity, and residents also have access to water, drainage, sewage systems, and ICT services.
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