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Coy to invest N41.5bn in Lekki Special Medical/Pharms Free Trade Zone

The Nigeria Export Processing Zones Authority (NEPZA) has announced that Ash Biomedical Diagnostics Ltd, an anchor tenant, would invest an initial $100m (N41.5bn) capital in…

The Nigeria Export Processing Zones Authority (NEPZA) has announced that Ash Biomedical Diagnostics Ltd, an anchor tenant, would invest an initial $100m (N41.5bn) capital in the production of a variety of medical equipment in the freshly approved Medical/Pharmaceutical Special Free Zone in Lekki, Lagos.

The Managing Director of NEPZA, Prof. Adesoji Adesugba, who made the disclosure during a meeting with the company’s team led by its Managing Director/CEO, Mr Ade Shodeinde in Abuja, said the breakthrough hinged on the authority’s relentless investment campaigns and drives across targeted investment potentials within and outside of the country.

In a statement by the Head, Corporate Communications of NEPZA, Martins Odeh, Prof Adesuga explained that the company had scaled through a series of tests and financial evaluations aimed at determining its capacity to carry out the expected tasks.

The NEPZA boss said that Ash Biomedical Diagnostics Limited had a solid investment capital base, adding that the authority became more convinced with the company’s capacity to deliver on the expectations after being exposed to its famous and world class foreign partners.

“Recall that scores of prospective anchor tenants came to us seeking to establish world class hospitals and pharmaceutical industries in the Lekki Medical Special Free Zone to end the unnecessary medical tourism abroad, we are indeed opened to bringing into the zone world class pharmaceutical companies to serve not only Nigeria but Africa and the rest of the world from Lekki.”

 He added that the prospects of the zone are unimaginable and promised to relax perceived stringent rules to ensure the comfort of anchor tenants.

He added that the Lekki Medical Special Free Zone would be a business hot-spot with opportunities for other business chains ranging from transport/logistics, electricity, estate development and tourism/hospitality among others.

He further explained that investors should explore similar zones in Katsina and Ilorin, adding that the federal government is expecting state governments to leverage all free zone types to fast track the nation’s industrialisation.