By Sunday Ani
A property development and investment company, Rendeavour Nigeria Development Company Limited, said it has invested an estimated $5 billion in a 2000-hectare planned mixed use settlement called Alaro City, located in the Lekki Free Trade Zone (FTZ), Lagos State.
In an interactive session with journalists in Lagos at the weekend, the managing director and head of the company’s West African operations, Mr Yomi Ademola, said the firm had created a thriving business ecosystem for over 150 businesses, and in the process, generated over 50,000 jobs in Nigeria.
Ademola said Alaro City is a catalyst for foreign direct investment and a breeding ground for local businesses, especially the Small and Medium-scale Enterprises (SMEs).
“We are on a mission to be the international trade hub in Africa, a mixed-use development with the structure of a modern city. It would also surprise you to know the city is bigger than the entire Victoria Island. If you are looking for a unique investment that would most likely be safe and protected in Nigeria, then investing in Alaro City would be a great choice.
“There are many investment options available within the Alaro City community. Most companies leaving Nigeria would find Alaro City conducive for siting their manufacturing plants because of the state-of-the-art infrastructure we have put in place,” he stated.
He described the city as a place of the future, where a decision to invest today remains a very wise decision for discerning investors.
According to Mr Ademola, the city is a good investment that will have a lot of industries and commercial centres, as well as other infrastructure facilities, thus creating a need for accommodation that is close to work.
The city is a joint venture between the Lagos State Government and Rendeavour Nigeria Development Company Limited, a multinational property development company backed by American, Norwegian, British, and New Zealand investors.
Located in the Northwest Quadrant of the Lekki Free Trade Zone, the city is being developed with a design by Skidmore, Owings & Merrill (SOM), famed for planning and designing Canary Wharf in the United Kingdom, and the famous Burj Khalifa in the United Arab Emirates (UAE).
“The plots of land are also serviced, making them highly valuable. Investing in the city will surely create a safe path to wealth. Alaro City is located 40 minutes’ away from Lagos city centre.
Lagos is the safest state in the South West region of Nigeria, and is home to diplomatic missions and multinational companies. The majority of international trade occurs via Lagos seaports and airports, which are growing at double digits every year,” he stated.
Ademola further explained that the Lekki Deep Seaport, one of the largest private investments in Nigeria, located 20 minutes from the city, is the largest deep-water port in West Africa.
“The strategic location, flexible and optimised layout, and modern facilities give Lekki Port a competitive edge over any other port facility in the West African region,” he added.
Ademola also mentioned that the city is a mixed-use project featuring residential, commercial, and industrial developments. He said the industrial section was already occupied by over 65 reputable multinational companies, including BUA Sugar Limited and Mantrac.
“The residential area features blocks of two, three, and four-bedroom apartments developed by Universal Homes, an award-winning property development company with British origins.
“Additionally, an eight-lane roadway is being constructed within the estate. Although many people believe Alaro City to be in Ibeju-Lekki, geographically, it is located in Epe.
“If you own a commercial or industrial property at Alaro City, you will enjoy benefits such as zero percent Value Added Tax (VAT) on all purchases, zero percent corporate income tax, up to 32 percent savings, 20 to 25 percent savings on construction costs, zero expatriate quotas, speedy processing of goods at the port, and easy repatriation of funds,” he said.
He said the city generates its own electricity through renewable and clean energy sources and is being designed as a live, work, and play city. “Once fully developed, residents would have little or no reason to go outside the city. Alaro City will feature malls, hotels, shopping centres, restaurants, offices, schools, worship centres, parks, play areas, sporting facilities, and many green areas.
“The residential areas will primarily provide accommodation for individuals and families, while the commercial and industrial areas will offer employment opportunities for both residents and non-residents.
“The city is arguably one of the most well-planned cities in Lagos. It’s also going to be an enclosed city that allows the monitoring of entry and exits with adequate security,” Ademola assured.