Mike drags himself from his bed as another workday looms. Spending hours in traffic was taking its toll on his health, coupled with the endless worries that financial insecurity had brought upon him. He had lived in Lagos for 10 years, yet it seemed like he was caught in an endless rat race like he was working for everyone but himself. Rent was paid to the landlord yearly, his mechanic was paid weekly to fix or service a fault in his car, food was ever-increasing, school fees was not helping alongside two sons who could eat an elephant and still ask for more. Yet there was no form of security that if he slumped the next day, there would be some form of legacy for his family to remember him by.
While Lagos is a beautiful and vibrant city with tons of opportunities, it’s so much stress living in Lagos due to traffic congestion and the high cost of living. The traffic in Lagos can get so bad that a 50-kilometer journey can take up to 8 hours. 2 hours longer than a flight from Lagos to Istanbul. According to a study carried out by a UK-based company – Zipjet, Lagos state is the third most stressful city to live in the world because despite being the smallest state in the country, it is also the most populated state in the country with 22 million residents, more than double New York or London’s population.
However, Lagos houses the fastest growing economy, the largest growing real estate industry in Sub-Saharan Nigeria, and one of the fastest growing free zone in the world. Furthermore, Lagos is the city with the third-largest number of dollar millionaires in Africa. Lagos also handles 80% of the country’s imports and houses the second longest bridge in Africa; the third mainland bridge.
In the heart of Ibeju Lekki, to the east of Lagos state is the largest industrial project to take place in Nigeria in years. The Dangote oil refinery. The $12 billion project will be the biggest refinery of its kind in the world with a capacity of 650,000 barrels a day. The refinery will produce enough petrol, kerosene, and gas for over 180 million Nigerians and also extra export. In addition to the refinery, a fertilizer plant with a capacity of 3 million tonnes of urea a year is being developed. Additionally, a petrochemical factory will make a combined 1.3m t/y of polyethylene and polypropylene.
The scale of this project alone will inadvertently boost Lagos’ economy which is already bigger than the whole of Kenya’s economy. Luckily, this project is situated in an undeveloped area which is the fastest growing neighborhood in Africa.
This has presented an opportunity for a lot of individuals seeking financial security as land is still selling at a relatively cheap rate. However, with interest in the area increasing alongside developments, the price of land is also increasing. Now more than ever is the best opportunity to own your property and at Danbel Properties and Investments, we provide the best land deals at affordable prices with flexible payment plans.
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