FDi Intelligence, a Financial Times service, has recognised the success of Alaro City in the fDi Global Free Zones of the Year Awards 2020, which acknowledge the most promising free zones in the world.
fDi Intelligence assessed free zones by growth rate, innovation, services, products and initiatives supporting companies in them
Alaro City was awarded “Highly Commended in Africa” in the SME Winners Category and named “One to Watch” among free zones globally.
The panel of judges from fDi, comprising the Financial Times’ specialist editorial team and independent judges for each region studied 61 free zones. Commenting on Alaro City, the judges said: “Alaro City FZC in the Lekki Free Zone in Nigeria has been developing an SME enclave where a shared facilities strategy will be adopted to optimise the operations of companies within the enclave.”
Over 30 companies are operational, building or designing their facilities in the city, and 3.5km of initial road networks and a modular 50MVA power plant are under construction.
Mr. Ayo Gbeleyi, Chairman of Alaro City, said: “We are honoured by fDi Intelligence’s recognition of the innovation and economic growth that Alaro City represents. As economies emerge from the shocks caused by the COVID-19 pandemic, free zones are using their special status to keep trade flowing.”
Last year, Alaro City’s masterplan won the international Architizer A+ Popular Choice Award, among other mentions.