Rendeavour, an African urban land developer, has signed a joint venture agreement with the Lagos State Government and Lekki Worldwide Investments Limited for a mixed-use land development within the Lekki Free Trade Zone. The multi-billion Naira project is said to include the development of world-class infrastructure while creating thousands of jobs.
The firm’s development formula involves working with local developers, communities and governments to create large-scale, mixed-use and mixed-income satellite cities, which are designed as integrated live-work-play urban environments. This project is Rendeavour’s second project in Nigeria following their investment in Jigna, Abuja aside other interests within major cities in Kenya, Ghana, Zambia and the Democratic Republic of Congo.
The site is approximately 10 km from the approved location for the proposed Lekki International Airport, in close proximity to the Lekki Deep Sea Port, oil refinery by the Dangote Group and many other residential and retail projects.
Stephen Jennings, former CEO of Renaissance Capital and Founder of Rendeavour explained:
“We are delighted to partner with Lagos State and Lekki Worldwide Investments Limited on this visionary project for Nigeria and Rendeavour…Our investment in Lekki will contribute to the further diversification of the economy of the region, increase local employment and encourage industry to thrive.”
A representative, speaking on behalf of Lagos State Honorable Commissioner for Commerce and Industry also noted that Rendeavour have shown a unique understanding of the overall Lekki concept, adding that their new partnership would bring numerous benefits to the local area, the wider Lekki peninsula and Lagos State.