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Ibeju Lekki, once a relatively unknown local government area in Lagos, rose to prominence when it was selected as the site for the planned Lekki Free Trade Zones by the Lagos state government. This decision sparked a flurry of large-scale development projects in the area.

The establishment of the Lekki Free Trade Zones offered a significant advantage to both foreign and domestic investors, as it provided an opportunity to operate with minimal government intervention and enjoy various tax and operational incentives. Consequently, Ibeju Lekki became a magnet for investments, attracting billions of dollars from local and international sources. Notably, the Dangote Refinery stands out as one of the most prominent investments in the area.

This influx of investments has transformed Ibeju Lekki into a significant economic activity location, earning it the moniker “The New Lagos.”

While many individuals remain unaware of the immense investment potential in Ibeju Lekki, real estate developers and foreign and local investors are seizing the opportunity by acquiring substantial amounts of real estate in the area.

Here are 12 reasons why you should invest in the Ibeju Lekki axis:

  1. Dangote Petroleum Refinery

In September 2013, Dangote made headlines by announcing plans to construct the world’s largest single-train refinery in Ibeju Lekki, covering an expansive area of 2,635 hectares.

Major construction began in July 2017, and after years of construction and development, on January 2023, the completion of the refinery was announced. It was inaugurated on the 22nd of May, 2023, in Ibeju-Lekki, Nigeria.

As of January 2023, the project, which commenced with a proposed $9 billion investment in 2013 and initially slated for completion within a few years, has concluded after nearly a decade. The total investment from inception to completion swelled from approximately $14 billion to $16 billion. This could have resulted from supply chain issues, the global pandemic, overestimation of the technicality involved, poor project management, or other unforeseen circumstances.

In September, it quickly became clear that the refinery would not be able to start operations because the supply of crude oil was stalling. This caused considerable public reaction. On 25 November, the Financial Times gave a new date for the start of operations in December 2023, with the refinery expecting a delivery of 6 million barrels of crude oil in December, after which operations could begin. This would be the first delivery of a total of six.

On Thursday, 7 December 2023, the refinery received its first delivery of 1 million barrels of Agbami crude oil. The delivery of the Supersuez tanker OTIS did not take place in the refinery’s harbour but via Single Point Mooring, a buoy-like floating facility for unloading liquid cargo off the coast.

On Tuesday, 19 December 2023, the refinery received its second cargo of 1 million barrels of crude oil.

Former CBN Governor Emefiele once stated that upon full operation, the Dangote refinery would decrease the country’s forex dependence by 40%, a significant boon to the economy. The completion and operationalization of the refinery have catalyzed substantial investments in and around Ibeju Lekki.

Moreover, the Dangote refinery complex includes a $2.5 billion fertilizer factory, a petrochemical facility for polyethylene and polypropylene production, and a gas pipeline capable of transporting 3 billion standard cubic meters of gas daily, valued at around $2.5 billion.

These investments have already generated over 60,000 jobs in the area; fully operational, it will provide 135,000 permanent jobs in the region, with projections indicating that the figure could surpass 180,000 positions.

The commercial and residential opportunities in the Dangote Refinery axis are boundless!

To invest around the Dangote refinery axis…

2. The Lekki Free Trade Zone:

The Lekki Free Trade Zone, segmented into four distinct zones encompassing residential, commercial, and industrial sectors, spans 16,500 hectares. The rapid development near Ibeju Lekki can be attributed to the combined multi-billion dollar investments across these diverse free zones.

All Four Lekki Free Zone Quadrants

While much attention is often directed toward the Dangote Refinery, located in the Southeast quadrant and recognized as the largest investment in the area, it’s important to note that it’s just one component of the broader Ibeju Lekki landscape.

In the South-West quadrant lies the Lekki Free Zone (LFZ), overseen by the Lekki Free Zone Development Company (LFZDC). Already home to notable companies such as Kellogg’s factory, Power Oil factory, Longrich Biomedical factory, and Dano milk factory, this zone is also complemented by the $2 billion Lekki deep-sea port.

The LFZDC, a joint venture involving the majority shareholder China-Africa Lekki Investment Ltd (CALI), the Lagos State Government (LASG), and Lekki Worldwide Investments Limited (LWIL), manages the development and operations of the Lekki Free Zone.

3. The Lekki Deep Sea Port

Lekki Deep Sea Port is a multi-purpose deep sea port in the Lekki Free Zone. It is the only currently operating deep-sea port in the country, starting commercial operations in April 2023.

It is the largest seaport in Nigeria and one of the biggest in West Africa. Lekki port is to be expanded to have a capacity of handling around 6 million TEU of containers and a significant volume of liquid and dry bulk uncontainerized cargoes. The port is to be equipped with ships able to transport over 14,500 containers. It is projected to be the largest deep-sea port in West Africa.

Being within a free zone means minimal interference from port authorities, exemption from import duties, avoidance of strikes, and swift processing times. Consequently, this seaport is poised to handle substantial imports and exports, alleviating pressure on the Apapa port complex and presenting a more viable option for investors and businesses regarding operations and economic viability.

The Lekki Deep Sea Port is why the Lekki Free Zone is fast attracting local and foreign investors.

4. Alaro City

Alaro City

Alaro City, situated in the northwest quadrant and managed by Rendeavour, is another significant free zone development. Rendeavour, a leading African developer, partnered with the Lagos State Government to establish Alaro City through their subsidiary, the North West Quadrant Development Company (NWQDC). Spanning 2,000 hectares, Alaro City is envisioned as a market-driven project.

What distinguishes Alaro City from other free zones, such as those managed by the Lekki Free Zone Development Company (LFZDC), is its unique location along the Lekki-Epe corridor. Moreover, Alaro City’s master plan showcases a higher level of organization, with investors and partners from diverse backgrounds, including Norwegian, American, and British entities.

Alaro City serves as the primary residential hub within the Lekki Free Trade Zone, featuring mixed-use areas and hosting a range of industrial, residential, and infrastructural developments. The abundance of incentives offered within this free trade zone has attracted investments from around the globe, resulting in over 50 businesses, with more flocking to the area with each passing day.

Here are some of the specific incentives for companies and residents in Alaro City;

  • No withholding tax is imposed on dividends.
  • No corporate income tax is levied on income generated within the free zone.
  • No value-added taxes (VATs) are applied to purchases made within the free zone.
  • Exemption from customs duties on imports.
  • Exemption from foreign exchange controls and de-dollarization policies.

These and more are superb reasons you should invest in Alaro City.

The city enjoys a prime location along the Lekki-Epe Expressway, facilitating convenient transportation routes connecting Lagos, Epe, Ogun, and beyond.

To the city’s south, construction is underway for the largest Deep-Sea Port in West Africa. A bridge connects Alaro City to other free zones, including the Dangote Refinery and the LFZDC Free Zone.

Additionally, plans are underway for an international airport spanning over 2,000 hectares, situated adjacent to Alaro City along the Lekki-Epe Expressway.

A significant portion of 150 hectares within the city will be dedicated to parks, green spaces, and open areas, promoting a harmonious blend of urban living and natural surroundings.

Universal One City in Alaro City

5. Lekki Epe International Airport

The absence of an international airport in the Lekki area poses significant challenges for the large population of expatriates, celebrities, and politicians residing on Lekki Island. Commuting to and from the Murtala Muhammed International Airport in Ikeja on the Lagos mainland involves enduring kilometres of traffic congestion, resulting in wasted man-hours, missed flights, logistical complications, and other adverse effects.

Recognizing this need, plans for the Lekki-Epe International Airport have been proposed for the Ibeju Lekki/Epe axis adjacent to Alaro City. With a projected capacity of 5 million passengers annually and designed to accommodate aircraft like the Airbus A380, this airport aims to address the transportation demands of the growing Lekki area.

The estimated cost of over $400 million for phase 1 development includes essential infrastructure such as the terminal building, air traffic control facilities, airfield ground lighting, and navigation services. Although initial sponsors withdrew, the Lagos State Government is actively seeking investors through bid tenders, with 33 firms, both local and international, responding.

With the impending completion of significant projects like the Dangote Refinery, Alaro City, and other industries within the free trade zones, coupled with the commercial benefits stemming from road expansions from Ibeju Lekki to Epe, the Lekki-Epe International Airport is poised to become not only a lucrative investment opportunity but a vital necessity.

Investing in the Lekki-Epe-Lagoon axis, particularly close to Alaro City and the proposed airport site, presents promising prospects.

6. 6 Lane Road Expansion Project from Eleko Junction Ibeju Lekki to Epe T Junction

Governor Babajide Sanwo-Olu of Lagos State initiated the first phase of the expansion of the Lekki-Epe Expressway in November 2021, marking the commencement of the rehabilitation of this four-decade-old infrastructure.

The initial phase of the road expansion covers an 18.7-kilometre stretch featuring a 6-lane rigid pavement carriageway extending from Eleko Junction in Ibeju Lekki to Epe T Junction in Epe. This segment comprises three lanes in each direction, including a dedicated lane for heavy-duty trucks.

Lagos State Governor Babajide Sanwo-Olu, on January 2023, unveiled the first phase of the reconstructed and upgraded Eti Osa-Lekki-Epe Expressway.

The governor inaugurated the 18.75-kilometre-long stretch from Eleko to Epe T-Junction, turning a two-lane rural roadway into a six-lane rigid concrete carriageway. Some features on the already-completed stretch include drainage channels, a curb and segregated lanes for heavy-duty vehicles.

After inaugurating the completed first phase of the road, Sanwo-Olu immediately flagged off the second phase of the road project, which will extend the construction from the Eleko axis to the Abraham Adesanya Roundabout. This construction is a precursor to the famous 4th mainland bridge.

The governor said the development marked another effort by his administration to invest in infrastructure that would positively impact the socio-economic well-being of the residents.

It’s an exciting period for road infrastructure development in Ibeju Lekki. In the near future, possessing property along the Lekki-Epe Expressway in the Ibeju Lekki area will be akin to owning prime real estate near Shoprite at Jakande Mall in Lekki Phase 1.

It is a place with high value! Don’t sleep on this…

7. Lekki Coastal Road

The development of the Lekki coastal road, an 8-lane road traversing the Dangote refinery and free zone axis, is a significant catalyst for investment in the Ibeju Lekki region.

This Coastal Road project, in its initial phase, will originate from Koko in Delta State, passing through Okiti-Pupa in Ondo and extending to Ijebu Waterside in Ogun State before culminating at the Epe/Lekki corridor in Lagos State.

Progress on the project has seen Levant Construction completing construction up to Ureju town, covering approximately 15.4 kilometres. Presently, the focus is on constructing a bridge over the Ologbo River as the project advances westward.

In preparation for the commencement of construction on the coastal road, the Lagos Environmental and Special Offences (Enforcement) Unit executed a demolition exercise targeting over 2,500 illegal structures erected in the Marwa Waterside area of Lekki.

8. Greenline Rail

Currently, a feasibility study is underway to assess the feasibility and viability of the Green Line project in Lagos.

In a demonstration of the government’s commitment to the Green Line initiative, an expression of interest has been opened to companies interested in constructing the line and potential financiers looking to support this substantial undertaking.

The Lagos Rail Mass Transit Green Line is envisioned as a major railway project over 60 kilometres. It will commence from Lagos Island, traverse the Lekki Peninsula, and culminate at the proposed site of the Lekki International Airport. Additionally, a spur will be incorporated to link the Lekki Free Trade Zone to the main line.

It is projected to carry over 500,000 passengers per day for a start, rising to over a million in 2031.

9. Itana Lagos (Formerly ‘Talent City’)

Five unicorns have emerged in Nigeria, comprising half of Africa’s ten. Over the past decade, companies like Andela, Flutterwave, and Opay have joined Jumia and Interswitch in attaining valuations exceeding $1 billion. Notably, Flutterwave recently soared to a valuation surpassing $3 billion.

Two of the most recent unicorns share a common thread: they are backed by the same Venture Capital fund and co-founder—Future Africa and Iyin Aboyeji, respectively. Iyin, the co-founder of Andela and Flutterwave and founding partner of Future Africa, aims to establish charter cities in Africa.

Iyin’s VC fund, Future Africa, recently invested $13 million in acquiring 72,000 square meters of land in Alaro City, a Free Trade Zone in Lagos. Could Talent City become Nigeria’s next unicorn?

Talent City envisions a comprehensive residential estate catering to tech and IT talents from Lagos and surrounding states. Given Iyin’s track record of driving over $4 billion in valuation through Andela and Flutterwave, he has garnered substantial support from Tech Venture Capitalists, founders, and angel investors for this project. He envisions creating the ‘Silicon Valley of Africa,’ and from the deeds he’s accomplished, that’s an achievable vision.

This city within a city aims to attract both local and international tech talents and expats, leveraging its location within a Free Trade Zone near other petrochemical and chemical industries. As residents operate in an environment free from FX controls and policies, transactions will predominantly occur in dollars.

Talent City seeks to foster an ecosystem conducive to innovative startups, with infrastructure and amenities tailored for a fully remote future. Friendly business policies in the Free Trade Zone facilitate easy company registration, encouraging startups to establish their presence there.

Designed as a technology hub with high-speed internet, reliable infrastructure, ample coworking space, and uninterrupted power supply, Talent City is poised to exceed expectations. This $13 million investment underscores the attractiveness of the Lekki-Epe axis within the Free Trade Zone, positioning Ibeju Lekki as a prime investment destination.

With Future Africa and Iyin Aboyeji’s stellar track record, Talent City Charter Cities could emerge as Nigeria’s next unicorn.

While Talent City is a fully funded private project, opposite Talent City is Universal One Homes, a residential complex where you can purchase apartments. For more info:

10. Universal One Homes Alaro City

Universal One is the premier family-friendly, master-planned community within Alaro City, directly opposite Talent City. Comprising 576 contemporary two-bedroom apartments, expandable to three and four bedrooms, Universal One offers a harmonious blend of tranquillity and modern living, complemented by world-class amenities and Alaro City’s commitment to greenery and nature.

Below is a list of all the features that each unit will come with and a list of the amenities that will be within the estate:

Home Features:
  • Open-plan living room with balconies
  • Modern imported kitchen with mosaic backsplash and breakfast bar
  • Polished Italian-style granite worktops
  • European 85kg security door
  • Wooden teak textured ceramic tiles
  • Utility area with provision for a washing machine
  • 100L Solar water heating with booster
  • Smoke detectors
  • AC in all bedrooms and living space
  • White UV high-quality wardrobes in all bedrooms
  • Italian-style stainless kitchen and bathroom fittings
  • Frameless glass shower screens & rain shower in the bathroom

The estate offers an array of amenities catering to residents’ diverse needs and lifestyles:

  • 3-acre park
  • Luxury swimming pool
  • Clubhouse
  • Supermarket
  • Fitness gym
  • Restaurant
  • Basketball court
  • Badminton/volleyball court
  • Kids adventure playground
  • Jogging trail
  • BBQ corner
  • Underground water storage
  • -24-hour security through CCTV and key card access
  • Lush landscaping along boulevards and avenues
  • Well-lit common areas with solar-powered streetlights
  • Secured parking for residents and visitors
  • 24/7 Electricity

Homes in Universal One range from NGN32 million to NGN37 million, with flexible payment plans available over up to 12 months. Staged homes are already available for viewing, and construction progress is rapidly advancing to meet the growing demand.

11. Beaches and Resorts in Lagos

Given its location along the coastline, bordered by the Atlantic Ocean and the lagoon, Ibeju Lekki naturally lends itself to developing beach resorts in Lagos. Numerous investors are already exploring this lucrative opportunity, with established resorts like La Campagne Tropicana, Jara Beach Resort, and Chaka Beach Resort dotting the Eleko Beach area.

These resorts often experience high demand, with bookings stretching months in advance for vacationers, honeymooners, staycations, work retreats, and those simply seeking a relaxing weekend getaway at a premier destination.

The rapid commercialization and transformation of once predominantly rural Ibeju Lekki into a bustling hub is evident, as more investors seize the opportunity to capitalize on its coastal allure.

If you want to open your resort in Ibeju Lekki or buy property along Eleko beach, the Atlantic or Lagoon coastlines and its axis, Contact…

12. Proximity to Epe, another Hot Real Estate Location

Epe, situated along the Lekki-Epe corridor, shares a boundary with the expansive Lekki Free Trade Zone – Alarocity, encompassing 2000 hectares of land. Thanks to the presence of Alarocity, properties in Epe are experiencing rapid appreciation, with specific areas commanding rents as high as N400,000 per year for two-bedroom apartments.

Epe is also renowned for its well-developed road networks, which are widely regarded as some of the best in Lagos. These roads connect Epe to critical areas such as Ikorodu, Itokin, and Ijebu Ode in Ogun State. Notably, the road construction and design projects in Epe were expertly executed by Craneburg over 16 months.

In the past year alone, Epe has witnessed the emergence of numerous estates, each offering promising prospects for residents. Isimi Lagos stands out as one of the most anticipated developments, boasting amenities such as outdoor parks, eco-friendly transportation options, golf courses, a jetty, a helipad, and a tech hub.

Other notable estates in Epe include Lagoon Front Estate and Dukia Africa Estate, touted as the most significant planned resort estate in Africa. With such extensive development unfolding at both ends of the Lekki-Epe axis, it’s evident that Ibeju Lekki is poised to become an even more valuable investment destination in the near future.

Investing Wisely and Safely in Ibeju Lekki

All being said, you should exercise caution before investing in property. Especially in Lagos, where there are a lot of cases of property fraud, before investing in property, do your due diligence namely;

  • Make your research on the property
  • Asking for relevant documents
  • Visit the property of interest
  • Seek Legal assistance
  • Carefully review the documents
  • Verify the credentials of the real estate agent/broker

Frequently Asked Questions

Is Ibeju Lekki A Good Place To Live?

Yes, Ibeju Lekki is a beautiful place to live with lower rental costs than other parts of Lagos. Testimonials from some residents of Ibeju Lekki describe that they find the cost and quality better in Ibeju Lekki. While the traffic might have been wrong in the past with the dire conditions of the Lekki-Epe Expressway, it’ll be better now with the first phase already completed.

Is Ibeju Lekki on the Island?

Ibeju Lekki is an extension of Lekki Phase 1 and Lekki Scheme 2. Lagos is a coastal city, so the Ibeju Lekki, on the island, is surrounded by the Atlantic Ocean and the Lagoon.

Where Does Ibeju Lekki start?

Ibeju Lekki starts from Awoyaya; just after Sangotedo.

Where Does Ibeju Lekki End?

Ibeju Extends fron Awoyaya to Eleko.

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