LEKKI-EPE CORRIDOR TRUCK PARKS FACE SETBACK AS INVESTORS WITHDRAW

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The inability of the Lagos State Government to carry out investment initiatives has caused stakeholders in the Lekki-Epe port corridor to distance themselves from the different truck park projects.

Due to the government’s incapacity to coordinate its operations with other players in that axis, many investors are rerouting their investments away from the Lekki-Epe corridor after suffering financial losses.

The government’s only goal, according to Lanre Ope, Managing Director of Tal Concept, one of the main investors in the truck parking facility in the corridor, is to prevent a recurrence of the catastrophe that occurred in the Apapa neighborhood of Lagos.

He added that investors have the right to take whatever decisions with regards to their investments adding, however, that efforts are being made to bring everybody to the table to dialogue.

Ope stated: “From the angle of Lagos State government, and the interest of government you saw what happened in Apapa, we are not going to open our eyes and allow a similar thing to happen in Lekki-Epe axis.

“For me, that is a concern as a Lagosian, while others are considering pulling out their investments, I have to be patient and get all the parties involved to do what we need to do for all of us to be on same page.

“Because this is part of the development effort of Babajide Sanwo-Olu’s administration, so it is about Lagos for me and at the same time, it is about business. Having invested so much on that project and when you consider what the Banks are charging as rates, investors are not smiling.

“So, I sympathize with my colleagues who are truck park owners, they are right to take any decision they want to take but I can only appeal to them for us to continue to engage every other stakeholder to be able to get to where we are going in the best interest of all of us. “I know that it is a matter of time, and I have also reached out to some people in government to let them know the need for them to be forthcoming on the matter and I am sure very soon we will get over the problem”.

Mr. Tunji Baale, Managing Director of Diamond Star Limited, the company that operates the Diamond Star Export Processing Terminal at LilyPond in Apapa, stated that his company has shifted its investment to other regions. He is another truck park investor.

Baale further revealed that the ongoing conflict between the truckers and other interested parties has resulted in significant losses in investments in residential and office space, electronic barriers, and the establishment of an ICT center, among other things. He clarified that because of their agreement with the government, companies had made significant investments in the various parks.

He stated: “We have lost huge sums of money there, getting the premises ready for the intended purpose, setting office accommodation, putting lightening facilities, ICT facilities, setting up digital barriers, we have spent a lot of money we would have used for other purpose.

“God willing, we might have to redirect investments to other purposes because the way it stands now, it is a sad story for everybody.”