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."