The Federal Executive Council (FEC) Wednesday approved N3.4 billion for the Nigeria Export Processing Zone in Lagos.
Minister of Industry, Trade and Investment, Mr Niyi Adebayo said this while briefing State House correspondents at the end of the weekly FEC meeting presided over by President Muhammadu Buhari.
He said the approval covers the development of five megawatt power plant and an access road from the Lekki-Epe expressway to textile and garment park in the same area.
“Council today approved contract for infrastructure in one of the six special economic zones that the Nigeria Exports Processing Zone Authority is creating. It is of the special economic zone in Lekki and as part of that special economic zone is a textile and garment park that is being put up.
“The council approved contract for the development of an initial five megawatt power plant and electrical reticulation within the park in the sum of N1.5 billion inclusive of 7.5 percent VAT with a delivery period of 52 weeks.
“Council also approved the construction of an access road with associated drainage works from the Lekkii-Epe expressway to the textile and garment park in the sum of N1.9 billion inclusive of 7.5 percent VAT with a delivery period also of 52 weeks,” he said.
The minister said the objective was to establish zones with multifunction of industry, commerce, trade, medical tourism, recreation and residence, among others, to attract foreign investment for the country.
