In a landmark achievement for tourism and local development, the Nigerian Capital Development Fund, NCDF, in collaboration with Eternal Flame Worldwide Limited have committed $150 million to develop the Agonrin Sea Beach in Badagry, Lagos State.
The project aims to transform the area into a world-class tourist destination while boosting local economic growth, in addition to enhancing sustainability and net-zero emissions by providing clean, renewable energy in the community.
The investment plan includes the development of an African Creative City, a World-Class Eco-City where culture meets innovation, as well as the establishment of a 100 MW renewable energy power plant utilizing wind and solar technologies.
This is in addition to the construction of a manufacturing plant to produce Eco-Magic Cook Bags, a revolutionary device that enables 90 minutes of cooking daily, offering life-changing benefits such as reducing deforestation, decreasing water usage, and locking in carbon.
Hon. Babatunde Oralusi, Executive Chairman of the NCDF, and Ken Dunn, President of Eternal Flame Worldwide Limited, on Sunday concluded talks with the local community to finalize the site selection for the transformative project in Badagry.
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Hon. Oralusi described the policy thrust of the Tinubu administration as one designed to restored investor confidence and position Nigeria as an attractive destination for foreign direct investment.
“President Bola Tinubu’s reforms are yielding positive results, making Nigeria a hub of transformative initiatives like this one. However, more work remains to ensure these reforms create the desired impacts.
“We require additional incentives that will attract foreign direct investment and create substantial employment opportunities for our youth,” he stated.
The African Creative City, envisioned as a hub where culture, innovation and sustainability converge, will integrate tourism, technology and eco-friendly infrastructure, positioning Agonrin Sea Beach as a global model for eco-cities.
The power plant and manufacturing facility will serve as catalyst for socio-economic development, creating jobs, boosting local enterprise and empowering communities.
Dunn emphasized the global importance of the partnership with the NCDF, describing it as a groundbreaking initiative set to position Badagry as a premier international tourist destination.
“This partnership reflects our shared commitment to delivering sustainable and energy access. Together, we aim to set a benchmark for sustainable development in Africa.” he said.
The NCDF’s Badagry initiative aligns with its mission to promote sustainable infrastructure, renewable energy and community-driven projects; fostering long-term development across Nigeria.
The Nigerian Capital Development Fund is a venture capital fund management and impact investment organization dedicated to advancing sustainable development.
Through strategic collaborations with municipalities and private partners, NCDF drives initiatives in infrastructure, renewable energy and community-centric programs to uplift local communities and promote inclusive growth.
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