The Nigerian Capital Development Fund (NCDF) has concluded plans to spearhead a transformative $150 million investment in Agonrin Sea Beach, Badagry West Local Government Area, in collaboration with Eternal Flame Worldwide Limited, headquartered in the United Kingdom.
Hon. Babatunde Oralusi, Executive Chairman of NCDF, and Ken Dunn, President of Eternal Flame Worldwide Limited, finalized discussions yesterday with the local community on the project site.
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The ambitious plan includes developing an African Creative City, a world-class eco-city where culture meets innovation, as well as establishing a 100 MW renewable energy power plant utilizing wind and solar technologies.
This groundbreaking project aims to foster sustainability and net-zero emissions by providing clean, renewable energy to the community.
The partners also plan to construct a manufacturing plant to produce Eco-Magic Cook Bags, a revolutionary device that enables 90 minutes of cooking daily. The initiative offers life-changing benefits such as reducing deforestation, decreasing water usage, and locking in carbon.
Hon. Oralusi described the policy thrust of the Tinubu administration as one designed to restore 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 catalysts 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 sustainability 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.
