Badagry and its environs have now become the hottest locations for real estate developers in Lagos recently. As we write, more and more developers are now moving to the axis in big numbers. City People’s findings have revealed why more and more real estate investors are moving there. We would tell you what we have found out. This is a moment of relief for the residents of Badagry and its environs. The Federal Government is leaving no stone unturned to complete the 10-Lane dual expressway, from Mile2 to Badagry Town. The project, which commenced a few years ago, has now reached 70 per cent completion.
It is a known fact that an average Lagos resident on the Mile 2, Oluti, Alakija-Abule, Ado, Ojo-Alaba, Okokomaiko, Ijanikin, Agbara–Badagry axis cannot wait to see the completion of the expressway and the accompanying light rail. This would definitely be a new dawn for them.
Also rejoicing are real estate investors, especially those who have a large expanse of land there, or those who have one or two properties that are undervalued in the axis. Another set of people who are rejoicing are Omo-onile who see these as a means of selling their land with a higher valuation. A lot of real estate players now see the Badagry axis as the new Lekki. In the last few weeks, property valuation in the axis is beginning to rise and more and more people have ticked the axis as their next destination of investment.
What City People found out is that property valuation in the axis will quickly rise as big property firms are set to spend big to acquire land to build big estates in the axis in the coming months. Another thing we have also found out is that those property firms with big investments there have suspended selling out pending when the two massive projects reach a stage of completion. According to one of them, “we can’t really say how far the prices would go but we are very sure that in the next few months, we would be selling double price of what we sell now”.
Last week, the Federal Government assured that reconstruction work on the Badagry Expressway will achieve 80 per cent completion before the end of 2022 as funding from the N15 billion tax credit given by the Nigerian National Petroleum Corporation (NNPC) continues to be released.
Director of Federal Highway, South-West Zone, Adedamola Kuti, who gave this assurance during an inspection tour of the expressway, which starts from Agbara to Badagry, revealed that the tax credit has facilitated the progress of work on the 46-kilometre expressway that links Nigeria to the Benin Republic.
“NNPC funding for this job is just about N15 billion but we have been assured that the government will not stop funding. That is why you are seeing tremendous progress of work on this road,” Kuti said. According to him, the N15 billion has been a major boost to the ongoing project as it has contributed to the payment of some outstanding bills for works that have been done.
Another project which will also transform the axis is the Lagos Blue line light rail. The Lagos Blue Line light rail project comes as an accompaniment of the ambitious reconstruction and expansion of the Lagos-Badagry Expressway (LBE) from four to a 10-lane regional road.
In the estimation of Lagos residents and other keen watchers of the project, the completion of the rail lines promises a new lease of life and an improved standard of living for residents living along the rail routes. There will be a growth of businesses and sundry economic activities and increased revenue for the government.
The Lagos State Metropolitan Transport Authority (LAMATA) says it is certain that the impact of the two lines would be monumental, explaining that the rail lines would reduce traffic congestion. They would also stimulate growth, development and job creation just as they are expected to promote the use of public transport; promote business tourism, and improve road traffic safety.
Additionally, the projects are expected to improve the image of public transportation and attract more car users to public transport; increase travel efficiency and workers’ productivity. “It will improve the quality of the environment – air and life. Our projection is that the first phases of the two rail lines would cut down congestion on the two rail routes by more than 50 per cent,” LAMATA said.
From 2009, when the Blue Line was started by Babatunde Fashola as Lagos Governor, it could be said that the project has dragged on, more so when a similar light rail project in Addis Ababa, Ethiopia, that was started two years after that of Lagos, has been completed and operating since 2015.
But there is good news with its completion now in sight, according to Governor Babajide Sanwo-Olu, who is assuring Lagosians that, by the last quarter of 2022, the project would be completed.
By its nature, rail transportation is a mass transit system which explains why the goal of the rail lines is to reduce traffic gridlock in the metropolis, particularly along the Mile 2-Okokomaiko-Marina corridor. Specifically, the approximately 27-kilometre Blue Line is aimed to facilitate the development of economic activities along its route. With these two major infrastructures on this axis, there would definitely be a relief for the people in the axis while the investors, especially real estate big boys, would relocate to the axis.
-Isaac Abimbade
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