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Lagos, Rendeavour partner to deliver N90bn Alaro City

Lagos, Rendeavour partner to deliver N90bn Alaro City

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Maduka Nweke 

The Lagos State government, in a bid to alleviate the housing needs of thousands of staff and personnel of the Lekki Free Zone, the Lekki International Airport and other companies along the Lekki business corridor has entered into partnership with an urban developer to develop Alaro City.

A source privy to the deal said the city will be developed at a total cost of $250 million. While acknowledging the substantial Foreign Direct Investment (FDI) involved in the project, Lagos State Governor, Akinwunmi Ambode, said it will further enhance the Lekki Free Zone as the gateway of choice to Nigeria and West Africa as well as support the local community. He added that the project as well symbolises the government’s continuous support for private investors and fast tracking development. The project, named Alaro City, is a mixed-income, city-scale development and a premium industrial, logistics, housing and leisure location, complemented by high quality commercial office complexes, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces.

Rendeavour and Lagos State government, through their subsidiary, North West Quadrant Development Company (NWQDC), had conceived Alaro City as a 2,000-hectare, market-led project.  He said that NWQDC is authorised by both the Federal Government, through the Nigeria Export Processing Zones Authority (NEPZA) and the Lagos State government as an entity to develop, operate, administer and manage Alaro City. Located in the North West Quadrant of the Lekki Free Zone, Alaro City lies in the growth path of Lagos, one of Africa’s fastest-growing cities with a population of over 20 million. It is adjacent to the future Epe international airport, Lagos, and close to the region’s largest deep-seaport and major Nigerian and international companies.

At a ceremony marking the start of the project, which already has multi-national companies building facilities on site, Alaro City’s partners outlined their vision of the satellite city. Conceived as a 2,000 hectare project in 2012, Rendeavour and Lagos State announced their partnership in 2015 under the administration of former Lagos State Governor Babatunde Fashola.

The post Lagos, Rendeavour partner to deliver N90bn Alaro City appeared first on The Sun Nigeria.

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