The holding company for the project is SmartCity Resorts Plc, an investment and infrastructure company dedicated to creating modern real estate and infrastructure projects that allows people to live, work and relax in more pleasant and productive ways. It has a technology based hub which is targeting like 50,000 direct jobs in the country in its first five years. It has also promised to increase economic diversification and moving Nigeria towards a knowledge-based economy. Promoters of the initiative, including the Federal Ministry of Communications Technology, National Information Technology Development Agency (NITDA), Nigeria Computer Society (NCS), and the Association of Telecommunications Companies of Nigeria ATCON, disclosed this in Lagos recently at a private presentation of the project to technology industry stakeholders.
Promoters of the SmartCity Innovation Hub described the project as a bold move to bring technology, government and society together in order to promote the culture of innovation and the competitiveness between allied businesses and knowledge-based institutions. It will be Nigerian equivalent of America’s Silicon Valley.
It will be cited within same locality as the Pan Atlantic University (PAU) and proposed developments such as Lekki Free Trade Zone, Lekki International Airport, Deep Seaport Project, and Dangote Petrochemical Project, the innovation hub is being developed on a 48 hectare land allocated by the Lagos State Government.
Chairman, SmartCity Resorts Plc, Sir Demola Aladekomo, said "the hub is an A-grade technology development infrastructure which will prime the local technology industry for global competitiveness, galvanizing it from crass consumerism towards innovation and world class manufacturing standards. Upon completion, it has the potential to create about 50,000 direct employments in its first five years.
Affirming this, Mr. Funmi Oshinfuye, who represented the Lagos State Commissioner for Physical Planning and Urban Development, disclosed that the project aligns with the overarching vision of the ministry to transform Lagos State into a megacity through new urban developments that are eco-friendly and socially inclusive.