Welcome to Ibeju-Lekki, a scintillating cynosure amidst several real estate investment locations in Lagos,Nigeria and Africa. Ibeju-Lekki has risen from relative obscurity to becoming an admirable monolith in a landscape of desirable real estate regions in Nigeria. Ibeju-Lekki has been called "The New Lagos", "The Dubai of Africa", "New Lekki Choice Location" etc
You may want to know why....
It's simple and obvious; Ibeju-Lekki is the chosen location for mega government and private projects which are already undergoing construction. Amidst these massive projects, The Free Trade Zone, Deep sea Port, Dangote $9b Refinery/Petrochemical Industry and the New International Airport are prominent. There are several other projects that cannot be mentioned now which are upcoming in this acclaimed axis of Lagos.
As an illustration, Dangote has confirmed that he would not invest that colossal sum of money and not ensure his company goes to work to make this a success, thereby causing phenomenal development and land value appreciation in the area.
Also, it is an open secret that Lekki-Ajah which has experienced an explosive population increase in recent years is becoming congested with the teeming number of immigrants due to the well-planned structure and layout of the area. Undoubtedly, this influx of new residents has triggered a tremendous and somewhat astronomical increase in the value of lands and houses in the region. One astounding case is that of Lekki Phase 1 formerly known as Maroko. Then Maroko was a run-down, rejected and waterlogged area that never tickled the fancy of most real estate investors. However, when the Government announced the establishment of an estate called Lekki Peninsular Scheme 1 in Maroko, some perspicacious investors saw a great opportunity and put down their hard earned money while others were being dragged and persuaded to buy. As at 2000/2002, plots of land were still selling for N500,000. Today, a plot of land in Lekki Phase 1 is about N100m. A plot of land which sold for about N100,000 in Ajah then sells for N15m today. This is about a whopping 15,000% ROI (Return on Investment). Now, people are moving beyond Lekki and Ajah and are coming down to Ibeju-Lekki. Inevitably, the wave of development currently spreads to Ibeju-Lekki while the mega ongoing projects will precipitate a transcendental appreciation of lands in the axis.
THE MEGA PROJECTS THAT WILL DRIVE VALUE APPRECIATION IN IBEJU-LEKKI
1.
THE FREE TRADE ZONE
The Commercial & Logistics Park is planned to be of multi-functions with integration of commerce, trading, warehousing, logistics, exhibition, value-added processing, supporting services, which are closely inter-connected and mutually promoted. In the long run, the Commercial & Logistics Park will serve as the logistics and distribution center of Chinese products in West Africa and represent a service demonstration base for the entire Lekki FTZ. (Culled from www.lfzdc.org)
According to the Site Plan of the Commercial & Logistics Park, a considerable number of construction works will be built in the Park, including the international commodities & trade center, the international exhibition & conversation center, industrial factory workshops, logistics warehouses, office buildings, hotels and residential apartment buildings, etc.
Impression Drawing of the Apartment Building in the Start-up area
Impression Drawing of the Apartment Building in the Start-up area
Layout of the FTZ showing the 4 different phases
INCENTIVES FOR NIGERIAN FREE ZONES
* Complete tax holiday from all Federal, State and Local Government taxes, rates, customs duties and levies
*One-stop approvals for all permits, operating licenses and incorporation papers
*Duty-free, tax-free import of raw materials and components for goods destined for re-export
*Duty-free capital goods, consumer goods, machinery, equipment, and furniture
*Permission to sell 100% of manufactured, assembled or imported goods into the domestic Nigerian market
*When selling into the domestic market, the amount of import duty on goods manufactured in the Free Zone is calculated only on the basis of the value of the raw materials or components used in assembly, not on the finished products
*100% foreign ownership of investments
*100% repatriation of capital, profits and dividends
*Waiver on all import and export and exports licenses
*Waiver on all expatriate quotas for companies operating in the Zones
*Prohibition of strikes and lockouts
2.
LEKKI DEEP SEA PORT
The Port at Lekki is the new seaport of Lagos in Nigeria with construction to commence in 2015 and be completed by 2018. It will then be the largest seaport of Nigeria. When in service, the Port at Lekki will be able to handle around 6 million TEUs (Twenty-foot Equivalent Unit) of containers, together with a significant volume of liquid and dry bulk cargoes.
The port is planned to be developed in phases to meet the growing demand. In phase one, which is expected to be operational by 2018, the port will have three container berths equipped to handle more than 1.8 million TEUs, one berth for dry bulk and two berths for liquid cargo.
The port is financed by private investors and a consortium of banks who have funded the project with $1.5 billion so far.
The Managing Director of Nigerian Ports Authority has said that the Lekki Deep Seaport project is an example of the Public Private Partnership success story that will transform Nigeria economy into global recognition. The project has been described as a game changer and a catalyst to the Nation’s economy in view of the number of businesses that the port will attract when fully operational
Impression Drwaing of the Lekki Sea Port
President Olusegun Obasanjo at the Ground Breaking Ceremony
MD of NPA , Mr Omar Suleiman, viewing the Scaled model of the Deep Sea Port
3.
DANGOTE $9 BILLION REFINERY AND PETROCHEMICAL INDUSTRY
Dangote is currently establishing a 500,000 barrels per day capacity refinery which would start operations in Nigeria by 2017.
The new refinery, which is worth $9bn, is to be situated in the Lagos area close to the Lekki Free Zone
In February 2014, Governor Fasola and Nigerian billionaire Aliko Dangote met with the Ibeju-Lekki Chiefs in respect of this massive project.
WHAT GOV FASOLA AND DANGOTE SAID
“Lekki Free Trade Zone is beginning to take shape. The Master Plan is being realized, investors are trouping in. Tank farms and major refineries are springing up to service the demands of the country and make room for export. The refineries create a major selling point and release of the opportunities that lie ahead in this zone, create opportunities for the local people and the potentials for Lagos and the Nigerian economy” said Fasola
“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 $9 billion of our money here without making sure that the zone is going to work” said Dangote
Dangote had earlier said the communities stand to benefit enormously as over 8,000 engineers and numerous workers would be trained while jobs would be created for youths of the communities.
4.
LEKKI INTERNATIONAL AIRPORT
The Lekki-epe international airport which is located about 10km from Lekki Free Trade Zone and it's expected to gulp NGN71.64bn in its first phase and it is expected to cater for Airbus A380, which experts said makes it a code F compliant airport. It is expected to begin operations with initial capacity of 2million passengers per annum and exceeding 5million by 2015
The Lagos State Government is to spend N102 billion ($ 650 million) on the construction of the Lekki International Airport which was expected to commence operation in May 2012. The Governor howver spoke with strong optimism that in spite of the set backs, preparations and negotiations are under way fro the realisation of the project.
OTHER PROJECTS
5.
PAN ATLANTIC UNIVERSITY
6..
INDUSTRIAL PARK
7.
LEKKI GOLF COURSE/LEKKI COUNTRY ESTATE
8.
SEVERAL PRESTIGIOUS GATED ESTATES
Therefore, it is obvious and no less irrefutable that an investment in Ibeju-Lekki and the Free Zone area is a gilt-edge, blue-ribbon and cashed-backed one.
Be among the smart far-seeing investors who are investing profusely in this area.
Thanks.
