Ibeju Lekki, over the past few years, has gathered high popularity among Lagosians and investors both home and abroad, which saw people and businesses trooping into the area, thus giving a high boom to the area both commercially and industrially.
So what’s the noise about Ibeju Lekki all about?
All About Ibeju Lekki and its Potentials
Ibeju Lekki is a local government area in the Epe Division of Lagos State, Nigeria with its administrative centre, formerly at Akodo, but now at Igando Oloja. Ibeju Lekki starts from Abijo (after Sangotedo) and extends all the way to Epe.
The area is receiving high popularity because of great developments hitting the axis such as the development of the Lekki Free Trade Zone (FTZ), Lekki Deep Seaport, Dangote Refinery, among others.
Ibeju Lekki is also the location for the permanent site of the prestigious Lagos Business School, Eleganza Industrial City and Lagos Smart City; a deal between the Lagos State government and Dubai.
As a result of these developments, experts have it that there will be increased economic activities in this area, thus creating thousands of jobs and generally making Ibeju Lekki a major business hub in Nigeria.
Following this trend, it is only smart for real estate developers to use these prospective developments as a marketing campaign to invite the public to invest in landed properties in the area. This is actually a smart move as landed properties in this axis will be of great value in the future.
Commercialization and Industrialization of Ibeju Lekki
To better understand this, I will be dividing Ibeju Lekki into 2 categories namely; exterior and interior parts.
Exterior Part of Ibeju Lekki
As at the time of writing this piece, commercial activities are more profound in the exterior parts of Ibeju Lekki.
Ibeju Lekki, as many presume, can’t be seen as a suburb of Lagos anymore as its exterior parts like Abijo, Awoyaya, Lakowe and Bogije are already fully developed and integrated into the Ajah and Lekki axis of Lagos. Several developments such as gated estates, residential and commercial activities follow even as the Lekki-Epe Expressway is being expanded into a 6-lane road.
This part is a very good place to buy landed properties for a high return on investment within a few years as properties in this part steadily increase annually.
Interior Part of Ibeju Lekki
And the interior parts such as Eleko, Akodo, Oke Ogun, Orimedu, Otoolu, Folu etc are going to be more of industrial activities (with equal commercial activities as well).
This part of Ibeju Lekki is sub-divided into two;
- The Free Trade Zone Axis and
- Lekki-Epe Expressway Axis
The Free Trade Zone (FTZ) axis is the part that curves through Eleko Junction down to the FTZ upwards. It is roughly about 50 minutes drive from the Ajah (Jubilee flyover) bridge. This axis would be best known for huge industrial presence as it currently houses industrial projects such as;
- Dangote Refinery
- Power Oil
- Lekki Free Trade Zone
- Globe Motors Assembly Plant
- Dangote Fertilizer and Petrochemical Plant
- Lekki Deep Seaport
- And so much more.
The Lekki-Epe Expressway Axis of the interior part of Ibeju Lekki spins from Eleko Junction straight down towards Epe and it is as well coming up gradually but with lesser commercial and industrial activities.
Although, this axis is said to develop as it is the location for the proposed Lekki International Airport. This axis also houses Pan Atlantic University and the huge Eleganza Industrial City.
With the actualization of the blueprint, Ibeju Lekki is expected to become a central hub for business, manufacturing, warehousing and logistics.
Developmental Projects in Ibeju Lekki
Lekki Deep Sea Port
Lekki Deep Sea Port, a multi-purpose deep sea port at the heart of the Lagos Free Trade Zone, is going to be one of the most modern ports in West Africa, offering enormous support to the burgeoning commercial operation across Nigeria and the entire West African region.
Lekki Deep Sea Port, which is said to be the largest and deepest seaport in Nigeria, was flagged off by the Vice-President, Professor Yemi Osinbajo on March 29, 2018, to commence construction.
The Nigerian economy is expected to benefit a whopping $561 billion from the development of the Lekki Deep Seaport project.
Lekki International Airport
The Lekki Airport is proposed to be sited on a vast land on the left, about 8KM to the Epe Bridge.
The commencement of its construction is experiencing a lag because the project is tied to the success of the Free Trade Zone, Deep Sea Port and the availability of investors.
Though the proposed site is currently vacant as at the time of writing this piece, when it is eventually built, it would instigate the appreciation of properties within the vicinity; similar to the way the Ikeja Airport and other airports across the country have commercial activities around them.
Estate developments in this area include LekkiVale Estate. This estate boost of a valid C of O and it’s less than 5 minutes drive from the proposed Lekki Airport.
Dangote Group is investing $14 billion in the development of a refinery, a petrochemical and a fertiliser plant within the Lekki Free Trade Zone.
The oil refinery is designed to process 650,000 barrels a day of crude and should start producing fuel in the first quarter of 2020, according to the President of Dangote Industries Limited and the richest man in Africa; Aliko Dangote.
The refinery, which would be the largest private refinery in the world, is expected to employ over 250,000 direct and indirect workers.
Premium properties close to the Dangote Refinery is the Gracias Commercial. The land is very close (less than 1 minute) to Dangote Refinery and it’s strictly for commercial purposes. It is a good place to invest in. Click here to see details of the commercial plots.
Lekki Free Trade Zone
Lekki Free Trade Zone is the major economic booster of Ibeju Lekki axis of Lagos state.
I’ve got asked by many people that what is a free trade zone?
A Free Trade Zone is an area within which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of customs authorities. Simply put, it’s a no tax zone.
It is a region where a group of countries have agreed to reduce or eliminate trade barriers, the basic objective is to enhance foreign exchange earnings, develop export-oriented industries and generate employment opportunities for the host country.
The Lekki Free Trade Zone is already active with 116 companies already in operation as at the time of writing this article.
Beachfront Courts is a private and gated estate sharing boundary with the Lekki Free Trade Zone. Click here to discover the investment opportunities presented by this estate.
Pan Atlantic University
Pan Atlantic University is the parent body of the Lagos Business School and is situated in Elerangbe, just after Eleko Junction.
The University starts construction in 2010 and now has its undergraduate programs running.
Eleganza Industrial City
Eleganza Industrial City, the brain behind high-quality chairs, luggage boxes, diapers, coolers, sanitary towels etc, is also located in Ibeju Lekki, after Eleko Junction.
Other notable developments are;
- Power Oil
- Dano Milk
- Globe Motors
- The Candell Company
- Raffles Oil LFTZ Enterprises,
- Yulong Steel Pipe Investment FZE
- Loving Home Furniture FZE
- Crown Natures Nigeria Plc
- And so much more.
The Commitment of Government to Ibeju Lekki Projects Success
The fact is, there has been a master plan for both Lekki and Ibeju Lekki since the days of former Lagos state governor, Bola Ahmed Tinubu.
The Free Trade Zone was initiated by him and his successors have reiterated their plans to ensure the projects in the Ibeju Lekki corridor are completed and successful.
This is evident in the present Lagos state governor Akinwunmi Ambode as he visited the Lekki Free Trade Zone shortly after being sworn into office to inspect ongoing developments.
Governor Ambode also commissioned the Ajah flyover bridge and there is an ongoing expansion of the Lekki-Epe expressway.
According to a Vanguard report, Governor Ambode during the commissioning of the Ajah flyover bridge on 17 May 2017 said; “we had to give this project priority because of its strategic importance to the economic growth of the Lekki Free Trade Zone and the Ibeju-Lekki-Epe axis. This axis will play a key role in the future prosperity of Lagos State as the home to many multi-billion naira private investments in the Lekki Free Trade Zone as well as the upcoming seaport and airport.”
The Lekki Free Trade Zone Master Plan
The Lekki FTZ Master Plan is aimed at developing the zone as a modern satellite city in Lagos, with new economic functions, urban service industries, and real estate property development as the pillar; so as to promote the overall industrial development of the Zone.
By 2025, the development of the Ibeju Lekki area would likely be in 2 discrete categories.
Firstly, development along the Lekki- Epe Expressway will go further into Ibeju Lekki, causing industrialization to extend further into the area.
Secondly, the industries along the Free Trade Zone road will instigate commercial activities in this satellite city, resulting in a central business district in the Free Trade Zone area.
Most people who procure properties in estate developments in Awoyaya, Abijo, Lakowe, Bogije and other exterior parts of Ibeju-Lekki LGA are people who work in the Lekki/Victoria Island business districts and do so because lands in these areas are cheaper than in the locations closer to Victoria Island.
Properties along the Free Trade Zone road (FTZ road) will be in the immediate proximity of the Free Trade Zone and at the heart of the new satellite town, thus these properties offer the best potential return on investment and the benefactors would be those that buy and keep till the not-too-far future where they can either resell or put up a rental property on their land.
The developments and commercial activities in the FTZ can possibly employ as much as 300,000 people. With this, properties close to the FTZ will steadily rise in value based on their proximity to the business district, and by 2035, FTZ road would likely have a development pattern that would beat Lekki Phase 1 and Victoria Island combine.
The Lekki Free Trade Zone Road
The LFTZ Road is the road starting from the far end of the Eleko Junction passing across the Free Zone and straight down to Folu.
One unique feature of the FTZ road is that there is the absence of a rural community in the vicinity, and the majority of the land in the area is being procured in large quantities by estate developers. This means the area can easily become a highbrow area as it will mainly comprise of planned residential estates, the Atlantic Ocean beach, the Free Trade Zone and offices of several businesses providing support services to the Refinery, Sea Port and hundreds of companies.
Also, the land here is mostly dry, unlike in Ibeju Town and Eleranigbe where parts of the lands are wet and waterlogged.
Again, the central road in the area is wide and the road allowance available gives ample room for further expansion, which is in the plan of the Federal and Lagos state government, who is keen to avoid the Apapa mistake when commercial activities peak.
Best Areas to Invest in Landed Properties in Ibeju Lekki
There are several estate developments all around Ibeju Lekki, right from the exterior parts (Abijo, Awoyaya, etc), all the way to Oriyanrin and Folu Ise.
However, in terms of projected future value, those along the Free Trade Zone road, Eleko road, and those close to the Lekki Airport are expected to appreciate the most; firstly because of their proximity to the would-be commercial hub, and secondly because these areas will likely develop into highbrow areas since majority of the land has been sold to estate developers who will build well-planned estates.
It has been observed that planned residential neighbourhoods (like Mayfair Gardens at Awoyaya, Amen Estate at Eleko, Ikota Villa Estate, ChevyView Estate, etc) experience more development and become far more expensive than areas that develop as a result of the public buying lands directly from the community, without recourse to any proper layout or plan covering the area (e.g Agungi).
Areas with notable estate developments in Ibeju Lekki are;
Located in the exterior part of Ibeju Lekki, Abijo, over the years has experienced a huge influx of people and businesses thus shooting up property prices in this axis.
This area is developing as an extension of the present Lagos.
Awoyaya is becoming more of a commercial center and it currently houses a good estate; Mayfair Gardens, world-class educational institutes and several commercial establishments.
Eleko is also a great place to invest in as it already houses the prestigious Amen Estate and the Eleko Beach Road terminates in the FTZ road thus making it an ideal location for real estate investment.
Orimedu is a small town close to the FTZ. Buying properties here is also a good choice.
Akodo is one of the best places to buy land in Ibeju Lekki as it has a very close proximity to the Lekki Free Trade Zone.
It is house to the Akodo Police Station as well.
A good property to buy in Akodo is Beachfront Courts; an estate facing the road, beside the Akodo Police Station and sharing a boundary with the Lekki Free Zone.
Otoolu is a town about 9 minutes drive after the FTZ but before La Campagne Tropicana Beach Resort.
This location is good for those looking to buy land on a budget – for as low as N3 million. The town houses a government community school as well.
Elerangbe is the area shortly after Eleko Junction while driving straight as if you are going to Epe.
It’s house to Pan Atlantic University and Eleganza Industrial City. Though this area is good, it has not started attracting many commercial activities. I believe the commencement of the Lekki Airport would open up this area.
You should also note that most lands in this area are not totally dry as well.
Bolorunpelu is a town before Epe and it’s going to house the proposed Lekki International Airport.
Obviously, investing in properties in this area is a smart move.
Buy dry land in LekkiVale Estate – it is less than 5 minutes drive from the proposed Lekki Airport site.
Ibeju Town is a large rural community roughly 13 minutes drive from Eleko Junction and about 30 minutes from the Lekki Free Trade Zone.
It is a fully developed rural town with narrow central roads and rural buildings constructed in a congested manner.
In conclusion, from my point of view, Ibeju Lekki is going to be hotcake in about 3 to 5 years from this time considering the huge developments that are going on here.
Several private and foreign companies are already coming and positioning themselves. As an informed investor, you wouldn’t want to wait till things started happening in Ibeju Lekki before you invest. Now is the best time to invest in properties in Ibeju Lekki so you can benefit from the high appreciation rate that will soon hit the axis.
While looking to invest in Ibeju Lekki properties, be careful not to fall into the hands of land fraudsters or grabbers. If you are looking to buy Ibeju Lekki land, buy from a trusted and informed realtor like Landicon Realtors.
Sorry, I took a lot of your time but I hope this piece about Ibeju Lekki has opened your eyes to what Ibeju Lekki is all about, what this axis holds and its potentials in real estate investment.
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