- Dangote Industries received Nigeria's Federal Executive Council approval for a N158 billion project to link Lekki Deep Sea Port and Shagamu-Benin Expressway.
- The initiative aims to enhance transportation infrastructure and industrial growth in Lagos, alleviating traffic congestion and improving logistics.
- Aliko Dangote, worth $13.2 billion, aims for ambitious revenue growth, targeting over $30 billion by 2024 after securing $105 million in forex.
Dangote Industries Limited, owned by Africas richest man, Aliko Dangote, has secured approval from Nigeria's Federal Executive Council (FEC) for a N158 billion ($97 million) road infrastructure project.
The project will link the Lekki Deep Sea Port to the Shagamu-Benin Expressway via Epe, enhancing transportation infrastructure in Lagos, Nigerias economic center.
This marks the tenth infrastructure project undertaken by the Dangote Group under the Federal Governments infrastructure tax credit scheme, reinforcing the conglomerate's pivotal role in national road development.
The projects funding is part of the Federal Governments Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme, allowing private firms to finance public infrastructure projects in exchange for tax credits.
Boosting Lagos' logistics and industrial growthThe new service lanes are expected to alleviate congestion in Lagos, particularly around the Lekki Free Trade Zone, which hosts numerous industries.
