Lagos Discounts Land Prices to Attract Dangote Refinery

Former Lagos State Governor Babatunde Fashola disclosed that the state government deliberately discounted land prices to attract the Dangote Group for a multi-billion dollar refinery project in the Lekki Free Zone. This strategic decision was aimed at ensuring the refinery, which is expected to produce 650,000 barrels per day, remains in Lagos.

Fashola explained that the fixed price regime for land allocation made it challenging for the state to negotiate competitive rates. He noted that thousands of hectares in the Lekki Free Zone are available for development and urged the state government to consider offering concessions to investors.

Olusola Oworu, Director of CIOD Nigeria, emphasized the need for the state to look beyond immediate revenue from land sales. During a keynote address at a conference, Fashola also highlighted the importance of women's leadership in corporate governance, calling for stronger mentorship programs to prepare women for top leadership roles.