NCDF partners foreign firm, commits $150m to transform Agonrin Sea Beach in Badagry
Omeiza Bilal
The Nigerian Capital Development Fund (NCDF) in collaboration with Eternal Flame Worldwide Limited has concluded plans to spearhead a transformative $150 million investment in Agonrin Sea Beach, Badagry West Local Government Area of Lagos state.
The Nigerian Capital Development Fund is a venture capital fund management and impact investment organization dedicated to advancing sustainable development.
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.
Executive Chairman of NCDF Hon. Babatunde Oralusi, and President of Eternal Flame Worldwide Limited, Ken Dunn, Monday finalized 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.
This groundbreaking 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 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 a catalyst for socio-economic development, creating jobs, boosting local enterprise and empowering communities.
Dunn, President of Eternal Flame, 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.
