Dangote Refinery will change the narrative of Real Estate Investment in Ibeju-Lekki, Lagos, Nigeria when Operations kickstarts next year 2021:

When Aliko Dangote announced his intention to build the largest refinery in Africa in Ibeju-Lekki, Lagos, and kickstarted the project in 2016, the narrative of real estate within the vicinity changed to the nth degree. Within the shortest period, urbanization of the community increased greatly, and gradually the less recognized environment became a discussion topic for smart investors.

With the foresight on anticipated needs that would arise due to huge infrastructural development within the Lekki Free Zone area, many real-estate development companies have disrupted the myth surrounding real-estate investment in the environment.

They spearheaded the purchase of both residential and commercial land surrounding the community, took up the responsibility of interfacing with the state government regarding all necessary land documentation while providing trust and hassle-free investment opportunities for investors to achieve their homeownership dream – which greatly solved one of the biggest problems of real-estate investment in Lagos years before now. This caused an upsurge in the prices of properties within Ibeju-Lekki, plot of land selling averagely less than N500, 000 ($1,000) increased in value to a million naira and above.

If all these interesting developments were experienced just because of the announcement of the $15 billion Dangote refinery which is still under construction, the big question is what would happen when the largest refinery in Africa and the world’s biggest single-train facility commences operations in 2021?

Understudying the trajectory thus far and taking into cognizance what played out in other suburb areas like Ikoyi, Victoria Island, Lekki Phase 1&2, VGC, Ajah via increasing developments to Bogije on the Island of Lagos which has all seen about 500% to 5000% ROI for those who bought properties in these areas, it is safe to say that we are right on the pathway to see history repeat itself.

Dangote refinery which recently got recognized as one of the 20 most influential projects in the world is projected to produce 650,000 barrels of crude oil per day and create nearly 35,000 direct and 100,000 indirect jobs in and around Lagos. In addition, the project will bring about $10 billion in value added to the organization in terms of foreign exchange, and lead to more infrastructure development and job opportunities within the environment.

Coupled with other multi-billion-dollar projects that are under development within the Ibeju-Lekki axis such as Lekki Free Trade Zone, New Deep-sea Port, 4th Mainland Bridge, and New International Airport amongst others. All these leads to the inundation of people which in turn increases demand for housing as the narrative of Ibeju-Lekki begins to play out as seen in other areas of Lagos in time past – where the value of real estate properties increased exponentially.

Would you rather take a slice of Ibeju-Lekki when it is still more affordable or wait till it becomes one of the most expensive cities in Africa?

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Providing intelligent, integrated real estate consultancy services driven by a time-tested approach of safe and smart real estate investments through intermittent research of the industry is the goal of Oluwajuwon Obaniyi – who is leading the team at Property in Nigeria.