Many multi-billion dollar projects have either taken off or are in the process of commencement within the Lekki-Epe corridor just as prospective investors are positioning themselves to take advantage of the fast-rate business and industrial development.
The choice of the Lekki/Epe corridor for these gigantic projects is beneficial to indigenes, residents and investors alike in the Lekki-Epe axis because of the obvious multiplier effects on investments, the economy and general livelihood of the people. The Lekki-Epe axis is Nigeria’s emerging business and investment hub.
Some of the mega projects that have raised the investment adrenalin include the following:
- Ikoyi-Lekki Link Bridge.
- Expansion and tolling of the Lekki-Epe Expressway
- Lekki-Epe International Airport
- Lekki Deep Seaport
- Lekki Free Trade Zone
- Dangote Refinery and Petrochemical Company
- Methanol/Gas Plant
- Lakowe Lakes International Golf Course
Lekki-Epe International Airport
The Lekki-Epe International Airport is sited along the Lekki-Epe expressway close to Epe and planned to sit on 3,500 hectares of land. The Lekki-Epe International Airport is designed to handle about five million passengers annually with provision for a modular terminal for future expansion. Preliminary works on the airport project have commenced with the clearing of 150 hectares (runway), 4.5km of the access road and 9km of perimeter. With three runways under the first phase, the Airport will have an initial passenger capacity of 5 million per annum and with capacity for future expansion. It is code F-Compliant, meaning that it would cater for A380 Airbuses. The first phase is scheduled to be completed in within four years.
Lekki Deep Seaport
The Lekki Deep Seaport in Akodo, Ibeju-Lekki Local Council. Already, the development of the Lekki Deep Seaport has begun. The shareholders’ agreement has been executed while preliminary works have started at the site. When completed, the port would reduce the pressure on the Apapa and Tin-Can Island ports and also support business activities at the LFTZ.
The Lekki Port, spread across 90 hectares of land, is a Private Public Partnership, PPP, involving the Nigerian Port Authority (NPA), Lagos State Government and other non- government bodies. Lekki Port has been conceptualized on the basis of a significant gap in projected demand and capacity needed to be met in conveying goods to and from Nigeria.
Phase 1 of the project would cost a whopping $1.5 Billion. Construction is expected to last for four years and 169,000 jobs created when it becomes fully operational. The Seaport is poised to be Nigeria’s largest sea port to date and West Africa’s deepest Seaport.
Lekki Free Trade Zone
Lekki Free Trade Zone (LFTZ), in Ibeju Lekki, about 15 minutes from Epe. Within the LFTZ, infrastructure, such as hotels, golf courses, resorts and business areas for local and international brands are springing up. These are complemented by an aggressive development of the various tourism potential in the axis, as well as investments in real estate and road construction.
The LFTZ is West Africa’s premier business destination, providing opportunities for multi-sector business opportunities in Agriculture and Agri-processing, Clothing and Textiles, Construction and Materials, Electronics, Food and Beverages, Forestry and Paper, Manufacturing, Mining and Metals, Oil and Gas, Pharmaceuticals and Health Care, Property, Retail, Tourism and Leisure. The Lekki Free Trade Zone provides access to the largest consumer market in Africa with over 500 million potential customers in Nigeria and surrounding countries.
Dangote Refinery and Petrochemical Company
Aliko Dangote, billionaire businessman and president, Dangote Industries Limited (DIL) is committing $9 billion to this project, which no doubt represents a unique selling point and creation of investment opportunities in the Lekki/Epe Corridor. DIL has since signed a loan agreement valued at $3.3 billion with a consortium of 12 local and international banks to establish the biggest petroleum refinery and petrochemical/fertiliser plant. The plant has a completion date of 2016.
Five Year Property Appreciation Rate in Lekki/Epe Axis
| Location | Property Type | 2011 | 2014 |
|---|---|---|---|
| Northern Forshore | 650 sqm Land | 30,000,000 | 60,000,000 |
| Lekki 1 | 4 bed detached | 75,000,000 | 100,000,000 |
| Stillwaters Lekki | 5 bed detached | 65,000,000 | 80,000,000 |
| Nicon Town | 1200 sqm land | 90,000,000 | 200,000,000 |
| Friends Colony | 4 bed semi-detached | 55,000,000 | 75,000,000 |
| Lekki-Epe Suburbs | 650 sqm | 250,000 - 2,000,000 | 1,000,000 - 3,500,000 |
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