A Chinese firm, Longrich Production Company, has expressed its readiness to inject additional $100 million worth investment to the Lekki Free Trade Zone.
The proposed $100 million investment, which would come to fruition this year, is an additional financial commitment by the company to the zone following an earlier investment worth $20 million injected by the company for the construction of its plants and offices in the Lekki Free Trade Zone.
With this $120 million worth investment, Longrich is set to key into the Nigerian economy, create more than 1,000 jobs and boost the nation’s foreign exchange earnings.
The company’s top officials disclosed this during a courtesy visit to Lagos State Commissioner for Commerce, Industry and Cooperatives, Lola Akande.
The commissioner described the proposed investment as a good development for Lagos State and Nigeria as a whole. She added that when the investment potential of the zone is finally harnessed, the economy of the state would receive a major boom just as more job opportunities would be created.
Lekki Free Trade Zone is a collaboration between Chinese and Nigerian governments under the management of Lekki Free Zone Development Company (LFZDC). Spread over 805 hectares of land, the zone would have several industrial zones and offer access to an enormous consumer market across West African region.
Longrich has its products in over 150 countries of the world. It remains the largest and most advanced centre for research, development, manufacture and sales of cosmetics and healthcare products in China.
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