The Nigerian Capital Development Fund, (NCDF) has gone into partnership with its UK counterpart, Eternal Flame Worldwide Limited to commit $150 million investment in Agonrin Sea Beach, Badagry West Local Government Area.
The Executive Chairman of NCDF, Hon. Babatunde Oralusi and President of Eternal Flame Worldwide Limited, Ken Dunn, have reportedly finalized discussions with the local community on the site for the project.
Information reaching us said that the plan for the project 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.
It is said that the project would be aimed to foster sustainabiliy and net-zero emissions by providing clean, renewable energy in the community.
The partnership, according to informed source, would lead to constructing 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.
Speaking on the project,
Hon. Oralusi said that the policy thrust of the Tinubu administration has given rise to the project, 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,” Mr. Oralusi 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.
Ken Dunn,President of Eternal Flame Worldwide Limited, highlighted the global significance of this collaboration.
“This partnership reflects our shared commitment to delivering sustainableand energy access. Together, we aim to set a benchmark for sustainable development in Africa.”
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.
