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How does the development at Lekki deep port affect land in Ibeju Lekki

Posted by DanbelProInv on August 10, 2022

Just last month, the Lekki Deep Seaport in Ibeju-Lekki, Lagos, received the first vessel to dock at the port carrying operations equipment, thus heralding the dream commencement of the commercial operations in a matter of weeks.

At exactly 1: 30 pm on the mild sunny Friday, July 1st, when the vessel, ZHEN HUA 28, a heavy lift carrier, berthed at the quay of the Lekki Deep Seaport, the shout of joy and clapping by the ecstatic waiting crowds followed with the firework that lasted over 12 minutes, the gyrations tells of the historic importance the day was toward Nigeria’s fulfillment of the dream to birth a modern port that will compete with the best in the maritime world.

So how will it affect the cost of land?

Everywhere in the world, the price of real estate has increased anytime big local developments take place. Ibeju Lekki would not be an exception as the demand for real estate will shoot up astronomically.

According to reports, the seaport alone will create 169,972 jobs and bring revenues totalling $201 billion to the state and FG through taxes, royalties, and duties. The direct and induced business revenue impact is estimated at $158 billion, in addition to a qualitative impact on manufacturing, trade and commercial services sector.

To put it differently, the more than 160,000 new jobs would require housing for the, and the majority of them would bring families who would require access to both stores and schools. The cost of land in the area will eventually rise due to this increased demand.

With the ports and Dangote refinery both nearly finished, it won’t be long before the days when land in Ibeju Lekki sold for 1 million naira are relegated to folklore.


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