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Dangote refinery, free trade zone lift Lagos real estate

By Chinedum Uwaegbulam   |   13 March 2017   |   4:17 am

On-going public and private sector synergy leading to the development of Dangote Refinery Project and Lagos Free Trade Zone (FTZ) have been received by the real estate community last week with mixed feelings, with the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) decrying the non-involvement of members in the investment opportunities along the Ibeju-Lekki axis.
   
The projects were the focus of NIESV Lagos branch’s 2017 Business Luncheon under the theme: The Dangote Refinery Project and FTZ – Capturing the Real Estate Opportunities organized by the MCPD sub -committee.
     
The guest speaker, Mr. Paul Osaji, an estate surveyor, disclosed that some private sector developers as well as the Lagos State Government have provided housing within the neighbourhood of the Lekki Free Trade Zone and Dangote Refinery Site for the workers at these locations. 

   
He stated that the developers of Sapphire Garden – (POC Nigeria Limited) and Eko Akete (Lagos State Government) have provided accommodation for about 1,000 staff of Dangote refineries.  Other developers and estate outside the zone are providing accommodation for the skilled and unskilled workers working in the zone.
 
Chairman of the Lagos branch of the Institution, Mr Offing Samuel Ukpong, who set the tune of the event, lamented that despite the huge investments in the Ibeju-Lekki corridor, the land economists have not tapped into the opportunities created by the projects. 
  
He said that members should be interested in the land values of these investments, relocation of existing dwellers outside the three kilometers radius of the plant, compensation and land uses surrounding the area.
   
The Regional Director, Lagos, First City Monument Bank, Bukola Smith, noted that the  real estate sector as other sectors of the economy has been severely beaten as there are reduction in occupancy rates, adding that despite all these opportunities  exist for the sector. 
 
NIESV Deputy President, Emmanuel Wike, said the Institution is built on continuous learning and new trends are emerging in technology, if the members refuse to follow, they will lose steam in the global community.
 
He said that Lagos branch is setting another pace by going to valuation and other business opportunities surrounding a proposed business venture that is bringing huge financial benefit to the country. Wike urged the branch members to work towards becoming a major player in the proposed project.
   
  

  




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    The Ibeju-Lekki corridor, is undoubtedly, remains the toast of real estate investors courtesy of these two giant developments. I wrote on http://www.propertynews.com.ng that we have not seen any real estate business on that axis yet, because most developers are still at land acquisition stage. The next couple of years would launch them into physical developments. So do not wait for the big actions, join the train now.

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