Ibeju Lekki: The new real estate ‘Bethlehem’

Gradually but steadily, a new Bethlehem is evolving in Lagos, Nigeria known as Ibeju Lekki. Like the Biblical Bethlehem-the tiny, agrarian, sleepy and little known Jewish town where the meek and gentle Baby Jesus was born which later became a historical phenomenon by virtue of Christ’s personality, saving grace and redemptive power, Ibeju Lekki is also a rural, sleepy town in Lagos that is today an investment destination with the potential to change the narrative of rural communities.

The facts about this community are not only intimidating but also compelling, especially for savvy and patient investors with long term view of the property market.

Today, Ibeju-Lekki is the fastest developing corridor in Nigeria and, in fact, Africa. It is an ideal investment destination for real estate investors and the future of Lagos. The reason for this is simple and not far-fetched.

This community is where the Lekki Free Trade Zone (LFTZ), Lekki Deep Seaport, Dangote Refinery and Petrochemical Industry, Dangote Fertilizer Plant, International (Cargo) Airport, Lekki International Golf Course, Pan Atlantic University, Eleganza Industries are being developed.

Over 1,000 staff of Dangote Refinery have been provided accommodation by developers, while others are still providing within and outside the zone. Over 8,000 engineers will be engaged by Dangote Refinery and the satisfaction of their housing needs is a clear opportunity for both public and private investors

Unconfirmed report has it that the LFTZ has attracted about $10.1billion investment commitments from about 49 investors. Presently, only about 20 percent of the available space around the area is being utilized and that injection of investments in the region is set to transform the existing environ into a highly industrialized area with mixed-use developments, leading to rapid economic growth, increased migration rate and creation of about 300,000 jobs.

Federal Government is doing its bit by the re-habilitation and reconstruction of Benin-Shagamu road and Lagos-Ibadan Expressway to enhance the distribution of over 35 percent of farm produce from the zone to the hinterland.

The area is properly planned and free from congestion, leaving the area adequately secured. There is an on-going expansion of the road by the Federal Government, which gives access to Epe, Ijebu and towards the eastern part of Nigeria.

The expansion of the Lekki-Epeh Expressway by the Lagos State government is another attraction to this community and as is known generally, road infrastructure enhances value of real estate investment.

Close market watchers estimate that in the next five to 10 years, Ibeju Lekki may turn out to be another Banana Island in terms of property values, hence the wisdom in moving cash to that part of town for investment in either land or housing or both.

They advise, however, that the state government should do well by making sure that developments in the area follow proper physical planning to prevent the development of another slum area in the city.