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LAGOS, Nigeria, June 28, 2016 /PRNewswire/. Rendeavour and Lagos State Government, represented by Lekki Worldwide Investments Limited, have announced an expansion of Rendeavour's urban development project in the Lekki Free Trade Zone to 1,000 hectares, providing more development area for a mixed-use and master planned solution for businesses and residents.
The development's relocation and expansion to the North West quadrant, adjacent to the Lekki-Epe expressway and proposed international airport, comes one year after Rendeavour's agreement to develop a 250-hectare site at Lekki Free Trade Zone.
"By increasing the site size, we are demonstrating our long-term commitment to well-planned urban developments for Lagos and its residents," said Stephen Jennings, Founder and CEO of Rendeavour, Africa's largest urban land developer. "Lagos State Government has created a conducive business climate to which international developers like Rendeavour can attract additional investment in the residential, commercial, logistics and industrial sectors."
Speaking on behalf of Lagos State, Honourable Commissioner Ministry of Commerce, Industry and Co-operatives Prince Rotimi Ogunleye said: "Rendeavour's proven track record in delivering multiple large-scale urban development projects across Africa, combined with their solid work in community engagement, fully aligns with the goals of Lagos State to work with key partners in developing the Lekki Free Trade Zone."
Lekki Free Trade Zone has stimulated major investment into Lagos State and Nigeria. Dangote Industries and other Nigerian and international companies are building large-scale facilities that further boost growth in the Lekki Free Trade Zone. The construction of the deep-sea port to the south of the zone is 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 expansion of Rendeavour's Lekki Free Trade Zone development effectively doubles our investment in Nigeria," said Rotimi Oyekanmi, Chairman of Rendeavour West Africa. "Lagos State Government and Lekki Worldwide Investments Limited have shown great understanding of our work, and we are excited to be part of the transformation of the Lekki peninsula together."
Rendeavour is Africa's largest urban land developer with over 12,000 hectares (30,000 acres) of visionary projects in the growth trajectories of large cities in Kenya, Ghana, Nigeria, Zambia and Democratic Republic of Congo. Rendeavour's vision goes beyond alleviating what is a self-evident problem – that of stifling urban congestion and a dearth of quality housing and commercial property in Africa. Rather, we aim to help create the infrastructure – the living and working spaces, communities, schools and hospitals – that will help sustain and accelerate Africa's economic growth, meet the aspirations of Africa's burgeoning middle classes, and serve as a catalyst for further urban development.
The Lekki Free Trade Zone is a 16,500-hectare project southwest of Lagos, initiated by Lagos State Government through Lekki Worldwide Investment Limited. The Lekki Free Trade Zone is a multi-use facility with designated zones for oil and gas, industry, manufacturing, business & financial, commercial, recreation and residential. The land use master plan for the Lekki Free Trade Zone divides the area into four main quadrants, each with its own theme. The zone is designed to develop an economic growth zone, attract foreign investments, promote export, create job opportunities, and establish a one-stop global business haven.
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