Power: Lagos To Generate 7 Megawatts As Lekki Zone Attracts Companies
LAGOS, Sept 13, (THEWILL) - Pushed by the country’s deepening power crisis, Lagos State Government has announced its partnership with Island Power Company Limited to generate about 7 megawatts to power no fewer than twenty streets on Lagos Island.
Governor Babatunde Raji Fashola (SAN) disclosed the state’s plan to seize the opportunity of public-private partnership (PPP) to develop independent power projects (IPPs) to address its incessant problem of power failure, at the 1, 200th day celebration of his administration in Lagos over the weekend.
Fashola said the state government had started developing an independent power project through Island Power Company Limited to generate 7 megawatts to power over 20 streets on Lagos Island without any interruption.
He said power failure "is a major challenge to our country. As a responsible government, we have been involved through partnership with Island Power Company Limited to generate 7 megawatts. This will be delivered in January.
"We will not stop at this. We will continue to take advantage of the public-private partnership approach to improve the condition of living and provide social goods for all residents in the state," the governor explained.
Foreign Companies Jostle For Lekki Free Trade Zone
The governor also said more than 135 foreign and local companies had indicated strong interest in the state’s massive industrial park, Lekki Free Trade Zone (LFTZ), which he said, had been attracting attention of critical investors globally.
According to the governor, over 70 local and foreign companies had already signed a Memorandum of Understanding (MoU) with the state government and made financial commitments signifying interest in the project.
He said 53 companies had registered in the Free Zone investment agreement while 12 companies have executed investment agreements to secure employment opportunities for over 800 Nigerians and 70 Chinese nationals within the zone.
On Lekki-Epe Expressway, Fashola called for understanding on the erection of tolls, saying the state government "has already put in place a committee to ensure that all parties are satisfied. I urge you all to allow the committee to do its work."
Fashola gave an overview of what the administration has been able to achieve in the last three years, saying the administration had built on the rock and foundation of socio-economic breakthrough, which former Governor Bola Ahmed Tinubu laid.
He said the administration had delivered about "151.454km of high grade roads spread across all the three senatorial districts in the state. Of particular interest is the construction of Ajara-Erekiti-Ikoga road, Ajangbadi-Ilogbo-Elegba road, Okota-Itire overhead link bridge and Shibiri-Etegbin road among others."
Fashola also expressed gratitude to all tax payers in the state as he announced a significant improvement in the state’s internally generated revenue (IGR), which he said, had reached N18 billion monthly.
He said the landmark improvement "gives us some latitude to improve, but not enough for the required resources for the quality of service delivery envisaged for our dear state. Nevertheless, the review of the 2010 budget in the last quarter points to about 80 percent budget performance."