• Friday, March 29, 2024
businessday logo

BusinessDay

Investment opportunity beckons in new economic hub of Lagos

Lekki Free Trade Zone

Unarguably, Lagos and Victoria Islands are the business hubs of Lagos which is why they are frequently referred to as the central business districts (CBDs) of the sprawling commercial city.

But the ambitious projects coming up in and around the Lekki Free Trade Zone (LFTZ) make that corridor the economic hub of Lagos. This is where developments such as the Lekki Deep Sea Port, the new International Airport and the Dangote Refinery and Fertilizer Plant are happening with gusto.

For patient investors with long term view of the market, this is the new investment destination. On offer are industrial, residential  and commercial plots of land. These plots are in the new Northwest Quadrant of the LFTZ in the immediate vicinity of the upcoming developments.

The LFTZ, created in 2006, is a modern free zone managed in accordance with international best practices. The zone’s 16,500 hectares are divided into four quadrants and managed by various operators, benefiting from Lagos State’s position as the premier distribution hub in West Africa.

The zone is located in the southeastern corner of Lagos, facing the Atlantic Ocean to the south and the Lekki Lagoon to the north. It is bordered by five kilometers of coastline and is 50 kilometers from Victoria Island, Lagos.

MCO Real Estate (MCORE), a real estate marketing, advisory and consultancy firm, says “an investment in this master-planned mixed use city represents one of the most exciting value-enhancing opportunities in the entire country”.

It is expected that Dangote Refinery alone will be employing over 1,000 workers. All these workers will need houses to live in; they will need schools for their children; they will also need hospitals, shops or markets, meaning that any investment for any of these purposes will make a good buy in the long run.

Munachi Okoye, CEO, MCORE, said in a statement obtained by BusinessDay at the weekend that these plots of land come with secure land title such as certificate of occupancy (Cp-of-O), adding that buying these plots come with the benefits of their being close to the Lekki Seaport, Airport, Refinery  and Fertilizer Plant.

“Buyers will also enjoy full FTZ benefits including foreign exchange repatriation, foreign ownership  and zero tax; there is an experienced international sponsor with enviable track record while facilities such as 2.5 mega watts of independent power plant (MWA IPP), water supply, sewage treatment, fibre network, etc exist”, he assured.

Okoye explained that mixed-use plots for industrial and manufacturing, residential, hospitality, retail, educational and commercial uses were all available for sale ranging in size from 500 square metres for residential plots to a minimum of 0.5 hectare for industrial and commercial plots. He disclosed that  prices ranged from US$100 per square metre.

Another major development in the Northwest Quadrant of the LFTZ is the Alaro City which is being developed by Rendeavour, Africa’s largest new city builder with over 12,000 hectares (30,000 acres) of city-scale developments in the growth trajectories of large cities in Kenya, Ghana, Nigeria, Zambia and Democratic Republic of Congo.

Alaro City, a joint venture project by Rendeavour and Lagos State Government, is a mixed-income, city-scale development with master-planned areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces.

 

CHUKA UROKO