THE NIGERIAN Capital Development Fund (NCDF) has concluded plans to spearhead a transformative $150 million investment in Agonrin Sea Beach, Badagry West LGA, in collaboration with Eternal Flame Worldwide Limited with headquarters in the United Kingdom.
Hon. Babatunde Oralusi, Executive Chairman of NCDF, and Ken Dunn, President of Eternal Flame Worldwide Limited, yesterday finalised discussions with the local community on the site for the project.
The ambitious 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.
The ground-breaking project aims to foster sustainability and net-zero emissions by providing clean, renewable energy in 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, offering 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 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 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 NCDF is a venture capital fund management and impact investment organisation 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.
