Alaro City, the future forward mixed-use new city planned on 2,000 hectares in the Lekki Free Zone, won the award for the most investor-friendly zone in the country at the 30th anniversary celebration of the Nigeria Export Processing Zones Authority (NEPZA) held in Abuja, Nigeria.
Alaro City’s success was announced at NEPZA’s awards dinner and gala night following an extensive judging process.
“We are delighted that NEPZA has recognised Alaro City’s success in providing unparalleled amenities and infrastructure to local, regional and multi-national investors,” said Yomi Ademola, Managing Director of Alaro City. “The future-forward, business-friendly investment framework of Lekki Free Zone makes it a stand-out investment destination on the continent.”
Alaro City is a joint venture between the Lagos State Government and Rendeavour, the largest new city and industrial park builder in Africa. The project is a visionary initiative and is also one of Nigeria’s most rapidly expanding urban development and real estate projects.
Market-leading businesses operational or developing at Alaro City include Mantrac Caterpillar, HMD Africa, Ariel Foods, TYD Holdings and Starium Detergent, a subsidiary of BUA Group.
More than 400 homeowners have purchased fully serviced land, and Universal Homes is constructing 576 two-to-four-bedroom apartments.
Located in the North West Quadrant of the Lekki Free Zone, Alaro City is strategically positioned as the logistics and light industrial hub of the zone, providing complementary support to the southern quadrants, which are home to major businesses, such as the Dangote refinery and petrochemical plant, as well as the recently completed Lekki Deep Sea Port. It is also in close proximity to the recently approved Lekki International Airport.
NEPZA is the apex regulator of the free zone regime in Nigeria. Working with free zone management companies such as Alaro City, it is able to deliver to its mandate of facilitating foreign direct investments into the country while creating an enabling environment for such entities and investments to thrive.