2019 General Election season is just around the corner and the recent turn of events in the political sphere of Lagos has been thrilling leaving room to heavy speculations. Although no one can say for sure how next year’s going to turn out. Here’s a brief synopsis of the economic development trend of Ibeju-Lekki since 1990.
In 1990, Ibrahim Babangida the military ruler of Nigeria at the time divided the Old Epe Local Government into four local government areas. Ibeju-Lekki was one of these areas.
By 2003, Bola Ahmed Tinubu, the running Governor of Lagos State, spearheaded the development of the entire Lekki Peninsula, carving out the Lekki LCDA as a starting point. During this time, the Free Trade Zone project was initiated and projected to serve as a key catalyst for the economic development of Lagos state.
Former Governor, Babatunde Raji Fashola, continued in line with these developments, advancing the project forward and passing onto the current Lagos Governor, Akinwunmi Ambode; who pledged to fast-track developments in this region.
It’s worth noting that in spite of the change of power in the political office, the master plan for Lagos state including the vision for Ibeju-Lekki emerging as a commercial hub of West Africa and Africa as a whole has predominantly remained unchanged and is significantly taking shape.
It is then safe to say that The Lagos State Development Plan presented by Governor Babatunde Fashola and fronted by Mr. Bola Tinubu is the exemplary template for any incumbent Governor.
Most of the major industrial developments in the Ibeju-Lekki region operate as a public-private partnership. The private companies and investors provide the majority of the funding, whilst Lagos State Government acts as a strategic partner; providing necessary incentives and relinquishing land ownership. This system of ownership applies to the Lekki Free Trade Zone, which is the first privately owned free trade zone in Nigeria and the biggest in West Africa. The Lagos State Government holds 40 percent, while the Tolaram Group of Singapore has 60 percent. Other major projects at the heart of the Lekki Free Trade Zone include the Dangote Refinery and The Deep Seaport.
“Looking at what the Governor has done by bringing this here I can assure you that this is going to be the biggest free trade zone in the African Continent and I know that the people will begin to show their appreciation. For instance, there is no way we can put down over $9 billion of our money here without making sure that the zone is going to work.”
While it is factual that no one can be certain of the political outcome of 2019’s governmental and presidential elections, one thing is certain; economic developments in Lagos has been designed to thrive in spite of the incumbent governor.
What Does This Mean for You?
While everyone recognizes the economic value of investing in Ibeju-Lekki, there’s a current wave of reluctance due to the imminent shift in power. If this is where you stand, it’s completely understandable.
This is why investing in real estate in this region is still your safest option, as the value of the property appreciates irrespective of the incumbent Governor. (Look at the trends…)
“In the business world, the rearview mirror is always clearer than the windshield.” Warren Buffet. Simply put, it is easier to look backward than to look into the future.
Regardless of how wonderful investing in Ibeju-Lekki might sound, you must ensure not to buy land that has been reserved by the government for developmental purposes.
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” – Warren Buffett
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