Lagos State Secures $1.35 Billion Facility for Infrastructure and Food Security

Lagos State has taken a step towards accelerating its development as it signed a transformative deal with the African Export-Import Bank (Afreximbank) to secure a $1.35 billion facility.

The signing ceremony unfolded on the sidelines of the 2023 AfriCaribbean trade and investment forum in Georgetown, Guyana

Afreximbank, a vital player in the continent’s economic growth, is committed to providing the equivalent of $1.35 billion in local currency to support Lagos State’s initiatives.

These funds are destined to enhance crucial trade-enabling infrastructure, fostering industrialization and export manufacturing.

This partnership will bring forth roads connecting productive centers with consumption and processing areas, establishing trade hubs to bolster the dissemination of goods and empower the state’s citizens.

For Lagos State, these projects hold the promise of transformation and are aptly termed “legacy projects.”

They include the first phase of the fourth mainland bridge, Omokrik, a game-changing infrastructure project, and the Lekki Airport.

All of these developments will not only redefine the landscape but also unlock economic potential and promote self-sufficiency in food production.

Babajide Sanwo-Olu, the Governor of Lagos State, emphasized the profound impact these projects would have on the lives of its residents, promising a brighter and more prosperous future.

The commitment of Afreximbank and the support from Access Bank are pivotal in reshaping Lagos State and enhancing its potential as a dynamic hub of commerce and development.