Massive Development In Ibeju Lekki Area
Massive Development In Ibeju Lekki Area
Development in Ibeju Lekki is simply massive by every standard. Some people call it real estate gold mine and others call it the new Lagos. Let me analyze why Ibeju lekki, the Lagos State’s Envisioned Smart City, is thought of as a hot real estate investment destination.
Developments In Ibeju Lekki
The biggest factor behind the rapid development in the Ibeju Lekki axis is the Lekki Free Trade Zone, Dangote Refinery.-home to the Dangote Petrochemical Refinery (one of the biggest refineries in Africa), Lekki Deep Seaport, the Lekki International Airport, and several industries. The refinery is expected to take off in a few years and spur massive growth in the area. Now let’s take a deeper look at each of these projects:
The Lagos Free Trade Zone is a private-owned free trade zone in Nigeria. Designed to serve as an integrated hub with active roads, rails and sea links, the Lagos Free Trade Zone is set to open up the investment, business and tourism potential of Nigeria to the world.
A Free Trade Zone is an area free from the intervention of customs authorities, where goods may be landed, handled, manufactured or reconfigured, and re-exported. The Lagos Free Trade Zone was initiated in 2002 and is the first private-owned free trade zone in Nigeria and the biggest in West Africa.
With its well-planned development and promotion, the Lagos Free Trade Zone is an investment platform riding on the merits of strategic location, sound infrastructure, natural resources, and attractive incentives. The Lekki Free Zone’s completion date is set in 2022, and it’s projected to create 300,000 direct jobs and 600,000 indirect jobs.
2. Dangote Refinery
Dangote Oil Refinery Company (Dangote) is constructing an integrated refinery and petrochemical complex in the Lekki Free Zone near Lagos, Nigeria. The refinery is expected to be the world’s biggest single-train facility, upon commissioning in 2021
The new refinery will double Nigeria’s refining capacity and help in meeting the increasing demand for fuels while providing cost savings. This project is projected to generate more than 9,500 direct and 25,000 indirect jobs.
3. Lekki Deep Seaport
Lekki Seaport is NIGERIA’S DEEPEST PORT. A multi-purpose, Deep Sea Port at the heart of the Lagos Free Trade Zone. It will be one of the most modern ports in West Africa, offering enormous support to the burgeoning commercial operation across Nigeria and the entire West African region.
The Lekki Deep Sea Port is designed to provide enormous value and support to the rapidly increasing commercial operation across Nigeria and the entire West African region. This project is expected to create about 170, 000 direct jobs and grow to about 2.7 million and 4.5 million TEUs when the project operations fully commence. Also, note that the deep seaport location was strategically located based on the inter-connected road network.
4. Lekki International Airport
As a result of the pressure on the only existing airport, former Governor Babatunde Raji Fashola initiated the new international airport project at Ibeju-Lekki. The new airport expected set to lessen the pressure on the dilapidated federally owned Murtala Muhammed International Airport and serve the fast-growing industrial Lekki hub, the Lekki Deep Seaport and Dangote’s 650,000bpd refinery, among others.
Lekki-Epe International Airport is an airport development in Ibeju lekki east of Lagos, Nigeria. The master plan has been completed and a 3500 hectares site for the airport has been secured. The airport is designed to handle five million passengers p/a with scope for future expansion.
5. The 4th Mainland Bridge
The new bridge is expected to improve the natural flow of people and vehicles. It is designed as a 2 level bridge that simultaneously allows the smooth movement of large numbers of people. When completed it will be 38 kilometres long and would run pass Lekki, Baiyeku towns and Langbasa, serving as an alternative route from Lekki to Ikorodu, Ikeja to Ajah and an additional alternative to the Eko, Carter and 3rd Mainland Bridge.
The 4th mainland bridge is a four-lane dual carriageway designed to have eight interchanges to facilitate effective interconnectivity between different parts of the state. This project is projected to cost N844billion and is expected to be delivered in three years.
6. The Dubai Smart City Deal
To crown it all, the Chief Executive Officer of Smart City Dubai LLC, Jabber Bin Hafez, has signed the MOU, which would make Lagos the home of the first Smart City in Africa. The event was presided and witnessed by the Lagos State Governor, Mr Akinwunmi Ambode. The Chairman of Dubai Holdings, His Excellency, Ahmad Bin Byat who is also the Deputy Prime Minister.
The Smart City deal is expected to draw from the success of Dubai’s innovative knowledge-based industry clusters, to empower business growth for companies and knowledge workers all over the world including our very own Ibeju-Lekki axis. The deal establishes this axis as a strong convergence for technology, economic development in Ibeju lekki, and governance.
Lagos state’s population growth rate is rapidly growing now reaching 21 million from just 1.4 million as of 1970. One report stated that about 6000 people move into Lagos daily. Unfortunately, this migration isn’t followed by adequate housing infrastructure. In fact, Lagos needs about 3 million housing units to cater to its existing population.
Other minor facts are:
- Lagos is the most expensive city to rent a house in West Africa.
- It is also home to the highest number of millionaires in Lagos and West Africa.
- If you’re a savvy investor, you must have gotten it already.
With the high demand for labour at Ibeju-lekki, expect a huge urban migration to this region. Coupled with a stable source of income, you’d have ready and willing people to pay good money for accommodation by 2022. This why Ibeju lekki is considered as a real estate investment destination for smart people like you.