Lagos energy city project to gulp N228bn

Kunle Awosiyan, Lagos - 24.02.2008

About N228 billion will be spent to establish the Lagos Energy City in Badagry, the Chief Executive Officer of the Transglobal Energy Funds and one of the partners, Supra Energy, Mr. Trivedi Kiran has said.

He disclosed this during the unveiling of the project’s master plan by the Lagos State Governor, Mr. Babatunde Fashola (SAN) in Lagos on Saturday.

According to him, the company has generated over N105 million at present and by middle of March, it will generate about N200 million with about 17.5 per cent being sourced from local equity.

The Lagos Energy City Energy is a tourist project initiated by Supra Energy in collaboration with Lagos State Government to provide a fully integrated energy business centre for Lagos and Nigeria in general.

On the role that Lagos State Government will play in the project, Governor Fashola said that the government would convert the Lagos-Badagry Expressway to a 10-lane-road while a rail line would also be constructed to ease traffic in the area.

According to him, the state government has already awarded the contract for the master plan of the 10-lane-road and by July it will get the final submission to embark on the project.