Ibeju-Lekki is one of the hottest real estate hubs in Nigeria. The location is regarded as the gold mine of the Nigerian economy due to some developmental projects coming into the axis. More than 20 capital projects are gradually coming up there.
Prior to now, a lot of real estate players have positioned themselves there. Many of them have bought a large expanse of land where they sell land at a very affordable rate, while some are into housing construction and are also selling. Presently, a plot of land with a good title in Ibeju-Lekki sells between 2-3 million. But the reverse is the case now as Dangote fertilizer plant is set to take off operation this early December. The news broke a few weeks back in a press conference.
The Dangote Group said the two-billion-dollar granulated urea fertilizer plant located at Ibeju Lekki, Lagos will begin operation before the end of December.
Anthony Chiejina, Group Head, Corporate Communications, Dangote Group, confirmed the development to the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Mr. Chiejina said: “The project will be ready for take-off before the end of December.
“The pre-testing has already been done and the delay in starting operations was due to the COVID-19 pandemic.”
NAN reports that Aliko Dangote, Chief Executive Officer, Dangote Group, had in February projected that the plant would begin operations in July.
Mr. Dangote had said that the project would be the largest fertilizer plant in the world with its three million tonnes per annum capacity.
He said it would make Nigeria the only urea exporting country in sub-Saharan Africa, adding that the fertilizer and petrochemicals plants were capable of generating $2.5 billion annually.
According to him, the amount is almost 10 percent of what Nigeria is getting from home remittances, which is one of the highest in the world.
With this development, real estate investors in that axis have been alerted. The prices of land in that axis has now increased compared to what it used to be. Those who sell for 3 million per plot are now selling between 3.5 to 4 million naira.
According to Hon. Kehinde Bankole, MD/CEO, KAB Constructions Limited, who has a lot of landed properties very close to Dangote refinery, disclosed that he may probably stop selling his land to determine the new market-rate in the coming weeks. He also said, he wants to acquire another 100 plots of land so that he won’t run out of stock. He said he would increase the price of his landed property courtesy of Dangote fertilizer plant that will take off operation in a few weeks.
Below are some other reasons investors are investing in Ibeju-Lekki/Ajah axis:
Lekki-Epe International Airport. New Sea Port. Dangote Refinery. Free Trade Zone. New Shoprite. Pan Atlantic University. 4th Mainland Bridge. Access to luxury resorts such as; La Campagne Tropicana Beach Resort, Eleko beach and other beautiful Beaches. Major industries (Eleganza Industrial City, Coscharis HQ, New Computer Village and so much more). It is the fastest-growing region in Nigeria. Property will more than triple in appreciation within the next 2 years. Free from Omo Onile and government acquisition. Owners of properties will be neighbours to lots of estates, such as; Oakwood Garden Estate Phase 2 Ibeju Lekki Oakwood Park Phase 2, Mayfair Gardens, Oakwood Gardens, Lekki.
– Isaac Abimbade
