Property prices rise as Ogun partners investors on infrastructure
Property values are steadily appreciating and cost of land for both industrial and residential uses are on the increase in Igbesa-Agbara axis of Ogun state as roads network and other infrastructure are receiving facelift courtesy of Public Private Partnership (PPP) arrangement currently existing between Ogun state government and investors working around the axis.
Prior to the PPP agreement, roads and other major infrastructure in and around Igbesa-Agbara industrial estates were in disrepair, production cost was very high which necessitated increase in retail prices of goods coming from the axis, while several plants closed shop due to hardship.
But the present agreement signed between owners of industries and the state government is beginning to yield fruits as the reconstruction of roads network, spanning 5.2km within Agbara industrial estate is ongoing, just as the state government has pledged to evaluate and commence the reconstruction of Atan-Igbesa-Agbara road, though a Federal Government-owned.
It will be recalled that the state governor, Ibikunle Amosun, recently assured invetors and residents of Atan, Igbesa and Agbara that his administration would intervene and find lasting solution to the dilapidated roads network and general infrastructure around the axis.
He said, “I will get our Works Commissioner to quickly look into what he can do on this road. I will also call on Federal Government to do its own bit; we will write them to see what they can do on Atan-Igbesa-Agbara road”.
The first phase of roads construction in Agbara industrial estate which reportedly cost N1.2 billion, according to Bayo Ikunjenyo, President, Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) was not only helping free flow of goods in and out of the estate, but was also inviting more investors to locate industries around the axis.
Ikujenyo, who spoke in company of Stephen Ndukwe, group technical director, Flour Mills Nigeria Plc, disclosed that the roads reconstruction and the rehabilitation currently undertaken in the axis, coupled with Governor Amosun’s pledge on the reconstruction of Atan-Igbesa-Agbara accounted for the increase in the prices of land and property around the area.
He said OGUNCCIMA could observe the economic development the roads network could bring to the State in terms of investment, easiness to transact business, employment generation, increased revenue to government and investors, adding however that about 15 factories were constructing their plants in Igbesa axis only.
Bode Adeaga, estate surveyor and valuer, confirmed the rate at which the cost of land and property was skyrocketing on daily basis, saying a plot of land bought for N500,000 in December last year now goes for N800,000 and N1 million due to the facelift given to roads network and expected reconstruction of Atan-Igbesa-Agbara road which is the major industrial road that links Lagos state.
RAZAQ AYINLA