Rendeavour, Africa’s largest urban developer in collaboration with the Lagos State Government, has broken ground on a new satellite city development in the Lekki Free Zone as part of a joint venture that will increase foreign direct investment in Nigeria and promote employment creation.
The project, Alaro City, is a mixed-income, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares (370 acres) of parks and open spaces.
At a ceremony marking the start of the project, which already has multi-national companies building facilities on site, Alaro City’s partners outlined their vision of the satellite city.
“We are proud and delighted to be bringing our successful inclusive city model to Nigeria and Lagos State, the heart of the country’s vibrant economy. Our partnership with Lagos State will ensure that Alaro City is an economically sustainable city open to all Nigerians,” said Stephen Jennings, founder and CEO of Rendeavour.
Lagos State Governor Akinwunmi Ambode said, “We welcome the substantial foreign direct investment Rendeavour is making in Alaro City, which will further enhance the Lekki Free Zone as the gateway of choice to Nigeria and West Africa. Alaro City symbolises the government’s continuous support for private investors and fast tracking development.”
Rendeavour is building seven new cities in Africa: in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. As a master developer, Rendeavour invests over $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development.