In Ibeju Lekki, the Dangote Refinery is expected to be the world’s biggest single-train facility and estimated to cost $9bn. It covers a total area of 2,635ha on the Lekki Free Zone near the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets.
Nigeria currently has about 37 billion barrels of oil reserves, however, most of our refined products are imported due to the lack of adequate domestic refining capacity. It was due to this pressing need that birthed the Dangote Refinery. The refinery is expected to double Nigeria’s refining capacity, largely to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex, to fully utilize the raw materials released from the refinery.
This project is projected to generate more than 9,500 direct and 25,000 indirect jobs.
The Lagos Free Trade Zone
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 initiated in 2002 is the first private owned free trade zone in Nigeria and the biggest in West Africa.
It is located at the Ibeju-Lekki Local Government Area, covering about 155 square kilometres. This zone was strategically chosen based on its integrated hub of active roadways, rail and sea links, eliminating all accessibility barriers. The core objective for this Lekki Free Trade Zone is to provide an ideal platform to expand the investment potential, business activities and tourism sector of Nigeria by eliminating trade barriers, while developing the export-oriented industries, increase foreign exchange earnings and generate employment opportunities.
Already, the LFTZ has facilitated massive investments like the Dangote Refinery and Petrochemical plant. 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.
The Lekki International Airport
The Lekki International Airport project was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) in Ikeja. The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with the capacity for up to 500 seats. For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with future prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs.
The airport’s site is on a 3,000-hectare piece of land off the Lekki-Epe corridor; about 10km from the Lekki Free Trade Zone (LFTZ). It’s strategically located to serve the fast-growing residential and industrial Lekki hub.
The Deep Seaport
The new multi-purpose Deep Sea Port, dubbed as the deepest port in Africa is located at the heart of the Lagos Free Trade Zone. It is spread over 90 hectares of land, approximately 65 km East of Lagos City. The Lekki Deep Sea Port is designed to provide enormous value and support to the burgeoning commercial operation across Nigeria and the entire West African region; with a contract term of 45 years. 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 sea port location was strategically located based on the inter-connected road network like:
- The Old Ibeju-Lekki Road
- Lekki-Epe Expressway
- Ikorodu Road
- Ikorodu-Itoikin-Ijebu-Ode Road
- Itoikin-Epe Road
- Lagos-Ibadan Expressway
- Sagamu-Benin Expressway
The 4th Mainland Bridge & Masterplan
Lagos is the commercial heart of Nigeria and West Africa; with this comes massive economic opportunities, rapid population growth rate and infrastructural pressure like the need for bigger, better roads. The 4th mainland bridge was proposed to curb the increasing pressure that threatens to paralyse the city’s circulation. The new bridge is expected to improve the natural flow of people and vehicles.
The bridge is designed as a 2 level bridge that simultaneously allows the smooth movement of large numbers of people. The bridge when completed 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 inter-connectivity between different parts of the state. This project is projected to cost N844billion and is expected to be delivered in three years.
The Dubai Smart City Deal
To crown it all, the Chief Executive Officer of Smart City Dubai LLC, Mr. Jabber Bin Hafez signed the MOU, which would make Lagos the home of the very 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, and governance.
Real Estate Forecasts for Ibeju-lekki
Besides all these massive industrial developments currently on-going at the Ibeju-Lekki axis, one factor that makes investing in real estate at Ibeju Lekki an absolutely ultimate deal is the growing Lagos Population Growth.
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.
- Knowing where to invest is one thing, choosing the team to work with to realize your investment goals is another. Here at Sevic PDC, we ensure your investments are 100% secured by offering you the following:
- The best, strategically located estate at Ibeju-Lekki. LekkiVale Estate is located along the Lekki-Epe Expressway approximately 45 mins from Lekki Phase 1 and 10 mins from the new airport.
- LekkiVale Estate has a valid, verifiable C of O land document. We encourage all our clients to thoroughly verify land documents before buying land, and we assist them through the whole process.
- LekkiVale Estate is spread across 6 hectares of dry land. You don’t have to spend an extra naira on landfilling.
- All our land prices are extremely affordable, with the added advantage of a flexible payment plan to suit your budget.