With major infrastructural projects such as Lekki Deep Seaport, the Ibeju-Epe Expressway and the Dangote Refinery and Petrochemical Park set for completion over the next 3 years, the Ibeju-Lekki region is en-route to establishing itself as a major hub of industrial and commercial activity.
Dangote Group’s Refinery and Petrochemical Park, which is planned to open in 2018 is located within the Lekki Free Trade Zone. The Lekki Free Trade Zone was established through a joint venture between China Africa Lekki Investment Ltd (CALIL), Lagos State Government (LASG) and Lekki Worldwide Investment Ltd. This team will develop, operate and manage the Lekki Free Zone project. Dangote’s refinery will have the capacity to refine 650,000* barrels of crude oil on a daily basis. According to the NNPC, four of Nigeria’s refineries in Port Harcourt, Kaduna and Warri currently have a combined installed capacity of 445,000 barrels per day.
The $1.65 billion Lekki Deep Seaport, which is projected to be the deepest seaport in Sub-Saharan Africa, is slated to commence operations in early 2019. The current capacity shortfall for container terminal facilities in Lagos is estimated to be 0.8 million TEUs in 2016, going up to 5.5 million TEUs in 2025. The Lekki Deep Sea port, which is located at the heart of the Lagos Free Trade Zone (LFTZ) will have a project capacity of 2.7 million TEUs per annum. Development and construction activities of the Lagos Free Trade Zone is being undertaken by Lagos Free Trade Zone Company, a company wholly owned by the Tolaram Group. This port will be operated by the Lekki Port LFTZ Enterprise, which is also currently fully owned by Tolaram Group, but will have the Nigerian Ports Authority and the LASG as shareholders.
Finally, in January 2016, the LASG ensured that the abandoned Ibeju-Epe Expressway would be completed. According to the LASG, a representative of Craneburg Construction Company promised the delivery of the project within 20 months (±H2:2017). It is important to note however, that infrastructure projects typically have extensive delays.
Nearby, estates including Lakowe Lakes Estate, CHOIS Gardens, Adiva Plainfields Estate, Residence de la Paix and Green Park will support this commercial growth through the delivery of housing units and serviced plots of land. More residential developments are expected in the region as the infrastructure projects outlined above move closer to completion. Currently, developers are selling two and three bedroom apartments for ±₦10 million and ±₦14 million respectively, while other real estate companies are selling plots of land in the Ibeju-Lekki region within the loose range of ±₦800,000 to ₦5 million depending on proximity to the expressway and these infrastructural projects.