Positive Feedback on Alaro City’s Role in Business Growth, According to Stakeholders

Praising Alaro City for its contribution to repositioning Nigeria as a production economy, stakeholders expressed their approval during the Alaro City Trade Summit. This event brought together industry leaders, policymakers, and stakeholders from both private and public sectors to discuss strategies for transforming Nigeria’s business landscape into one driven by production.

Located in the logistics and commercial hub of the Lekki Free Zone, Alaro City is an integrated, mixed-use urban center.

During the summit, Mr. Mosopefolu George, the Commissioner for Economic Planning and Budget of Lagos State, highlighted the substantial progress achieved in Alaro City, particularly from its inception to its current level of export activities.

He emphasized the strategic importance of the Lekki Free Zone, situated in one of the fastest-growing corridors in West Africa. The government has strategically invested in essential developments such as road enhancements, transportation infrastructure, and the fourth Mainland Bridge to ensure seamless accessibility.

George reaffirmed the Lagos State Government’s dedication to fostering a conducive environment for businesses to thrive. The focus has been on investing in social initiatives, developing human capital, and launching projects that positively impact residents’ lives and enhance business productivity.

Yomi Ademola, the Managing Director of Alaro City, emphasized the company’s commitment to creating a supportive business environment. He highlighted the critical road infrastructure investments within Alaro City, along with its connections to the Lekki Expressway and Deep Sea Port, enabling businesses to optimize manufacturing processes and facilitate trade with partners nationwide and globally.

Ademola pointed out that businesses establishing themselves in Alaro City can benefit from various Free Zone tax incentives, potentially leading to a 43% increase in profits for these enterprises.

“Alaro City has a strong track record of facilitating productivity for SMEs, international corporations, multinationals, and local businesses, serving as a key distribution and production center. For instance, Ariel Foods, operating in the therapeutic food sector, has shifted from being a net importer to becoming a significant contributor to Nigeria’s net exports in this industry,” he remarked.

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