Business

Eco-friendly Industrial Park To Takeoff in Lagos

Published

3 years ago

June 12, 2023

568 Views

The federal government has conclude arrangements for the establishment of the first zero fossil energy emission-free trade zone in the country.

The industrial park being located at the Imoore, Amuwo-Odofin area of Lagos, would sit on 115,503 hectares of land.

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, disclosed this during the handing over ceremony of the park’s license, to the Managing Director/CEO of the Zone, Anita Omoile.

He said that the park is being developed in line with the federal government’s policy on promoting a green environment.

He said that after the completion of the project it will positions Nigeria as the leading continental hub for regional eco-friendly industrial activities and logistics services with free trade zone status.

” The new dispensation will still witness active manufacturing activities without the usual emission of destructive carbon energy into our space,” he said.

He added that the park is a manufacturing space that would promote food processing, textile and garment production, renewable energy and electric cars as well as research and development services with over 50 international enterprises ready to move to the site in earnest.

Anita Omoile, said that the industrial park would generate over 10,000 jobs and inject an estimated $100 million annually into the economy.

Omoile expressed satisfaction with the seamless and speedy manner the approval was given, adding that the authority had taken the ‘ease of doing business’ policy of the government to a new effective level.

“Our partners across the globe are enthused with the development and this shows that the country is beginning to create the right business environment to attract the needed Foreign Direct Investments,’’ Omoile said.

Related Topics:Eco-Friendly Industrial Park FG Lagos

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Naira Exchange Rates Monday, 20 July

Published

1 day ago

July 20, 2026

OCHEFA

31 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422

GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,380.18

GREAT BRITISH POUND (GBP) ₦1,854.42

EURO (EUR) ₦1,577.00

SWISS FRANC (CHF) ₦1,707.94

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203.57

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦367.48

SOUTH AFRICAN RAND (ZAR) ₦83.29

Business

BUA Foods target expansion into noodles industry

Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.

Published

4 days ago

July 17, 2026

OCHEFA

58 Views

Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”

Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.

He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”

“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.

“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.