INVITATION FOR EXPRESSIONS OF INTEREST FOR THE CONCESSION OF LAGOS INTERNATIONAL TRADE FAIR COMPLEX (COMPLEX), LAGOS.
- Background and Objectives
The Federal Government of Nigeria (FGN) through the National Council on Privatisation (NCP) and its Secretariat, Bureau of Public Enterprises (BPE) in conjunction with the Federal Ministry of Industry, Trade & Investment (FMITI) and Lagos International Trade Fair Management Board invite interested investors to express interest in the concession of a part (approx. 100 Hectares) of the Lagos International Trade Fair Complex (Complex) through a competitive bidding process and in line with the guidelines of the Infrastructure Concession and Regulatory Commission.
The objectives of the concession are to substantially repurpose, and redevelop the designated part of the Complex, to profitably operate and manage it through professional and efficient management practices as a world-class events and hospitality centre for a minimum of thirty (30) years.
- Overview of Lagos International Trade Fair Complex
The Complex, originally a 322-hectare facility located at kilometre 15 on the Lagos-Badagry expressway, was established in 1977 by the Federal Government as a trade development and promotion centre. The Complex was conceptualized and designed primarily as an exhibition and convention centre. The facilities at the Complex include the Main Entrance Complex comprising an Auditorium, Business Blocks and the Administrative Block, a VIP Block, a Mini Stadium, twelve (12) Exhibition Halls and other support facilities (water treatment plant, substation, sewage treatment, staff quarters’ complex and support facilities etc.) Prospective investor should note that the National Council on Privatization has reserved 24% equity interest in any winning bid for Lagos State Government.
- Business Opportunities:
Since hosting the Lagos International Trade Fair, Nigeria’s premier annual international trade fair, which is the largest international trade exhibition in West Africa, the Complex has grown to a vibrant business and commercial park and has become one of the premier venues for events in the country. The Complex derives its strength from its strategic location and enjoys patronage from a large number of customers.
The commercial opportunities are vast. It is expected that the concessionaire will turn the Complex into a world class event centre and hospitality park with facilities like multi-purpose halls, five-star hotels, cinema houses, shopping mall, office complexes, theme park (play land) etc.
See the below picture Gallery for an illustration of the expected standard and development potential of the designated part of the Complex.
Below is the video illustration as well
It is possible to hit breakeven point within the shortest possible time given the strategic location, existing enabling environment and positive co-operation with the Lagos State Government.
- Calibre of Investors Required
Prospective concessionaire can be local or international investors or a consortium of investors and must have a track record of successful operation/management of a world-class event/shopping mall/hospitality centre. A minimum of five years’ experience in operation/management in relevant area(s) is required. Prospective concessionaire must also demonstrate ample financial resources to finance the required transformation through their own resources (their net worth in the audited financials) and access to debt capital through a letter of interest from a reputable financial institution.
- EXPRESSION OF INTEREST FROM POTENTIAL BIDDERS SHOULD PROVIDE THE FOLLOWING AS BASIS FOR SELECTION:
- Corporate Information
- Full name of the company and contact person, postal address, telephone numbers, and e-mail addresses;
- Ownership structure of company, name(s) of major shareholders with 5% or more stake;
- Audited financial statements of members of concessionaire groups for the past three (3) years and most recent management accounts;
- Evidence of tax payments in Nigeria (2019, 2020 and 2021);
- Evidence of current Industries Training Fund (ITF) Compliance certificate (2022);
- Evidence of Registration through valid certificate of incorporation with CAC;
- Evidence of current Pension Compliance Certificate (2022); and
- Evidence of current Nigeria Social Insurance Trust Fund (NSITF).
All the above will apply to international firm
Except 4, 5, 6, 7 and 8.
- Technical and Operational capacities:
- Evidence of ownership/management/operation of world class event centre;
- Number of years in event/hospitality operation; and
- Evidence of a strong balance sheet and demonstration of a good financial track record over time with respect to its core business and in other hospitality projects.
- Method of Application:
Prospective Bidders should register their Expression of Interest(EOI) by completing the prescribed forms and providing the supporting information and documents. The complete pre-qualification package (forms and instructions) can be downloaded here .
- Submission of EOIs:
An original copy and six (6) other copies of Expressions of Interest and one digital copy in PDF format stored on a readable digital media (no CDs or DVDs) shall be delivered in a sealed envelope clearly marked “Expression of Interest for the Concession of Lagos International Trade Complex (LITFC)” and delivered to the address below not later than 1.00p.m. on 20thJuly, 2022.
Alex A. Okoh,
Bureau of Public Enterprises
11, Osun Crescent, Off IBB Way
Maitama District, FCT, Nigeria
Attention: Mr. Yunana Malo
Director, Industries and Services Sector
- The name of the prospective bidder must be visibly stated on the envelope. Submissions made by e-mail/late submission will be rejected.
- Upon receipt of Expressions of Interest (EOIs) from prospective concessionaire, the Bureau shall evaluate and pre-qualify the applicants. ONLY SHORT-LISTED FIRMS WILL BE CONTACTED.
- 10. Thereafter, pre-qualified firms will be issued a Request for Proposal (RFP) and other bidding documents upon the payment of a non-refundable fee of Seven Million Five Hundred Thousand Naira (N7,500,000.00) in bank draft payable to the Bureau of Public Enterprises.
For Further enquiries, contact
Ms. Omotunde Balogun
Deputy Director Industry and Commerce
DISCLAIMER: This Invitation for Expression of Interest does not in any manner constitute an agreement and is neither an offer