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Lekki Free Trade Zone mentioned at 2014 Tokyo Annual Conference in Japan

The Lekki property market is upbeat with rising demand and soaring prices due to the situation of Dangote Group Refinery-cum-petrochemical plant in the area and other petrochemical companies scrambling to buy land in the area.

Reports revealed that the Dangote Refinery and its future development effect on the Lekki Free Trade Zone and environs are one of the issues that came up at the 2014 Tokyo Annual Conference of International Bar Association held in Tokyo, Japan from October 19 – 24, 2014.

It was discussed that the refinery-cum-petrochemical plant which would be one of the biggest in Africa after completion would be a very big investor attraction to Nigeria and Africa. As a result of this development, property prices in that area have risen by over 100 percent from what it was late last year.

Since Dangote Group awarded the projects management consultancy, engineering and construction management of its 400,000 bpd (20 million tonnes) oil refinery and 600,000 tonnes polypropylene plant, Lekki and its environs have never been the same again. The area, which used to have a narrow single-lane road and notorious traffic congestion, is fast becoming a global business haven with a new dual carriageway with three lanes on both sides.

Industry observers in the real estate sector said that due to the influx of people to Lekki, the value of property is currently sky-bound, with rents hitting the roof.

Apart from residential apartments, office spaces for banks, major automobile dealers, eateries, as well as shopping plazas now dot the Lekki landscape. Shopping plazas and commercial properties are also springing up in the vicinity.

Babatunde Fashola, Lagos State Governor, early in February this year, at the Lekki Free Trade Zone (LFTZ), Lagos introduced the Dangote Group of Companies President and the arrowhead of the proposed $9 billion Dangote Refinery and Petrochemical Company in the zone,  Aliko Dangote, to the host communities, signaling the take-off of the multi-billion naira investment there.

Dangote in his remarks noted that his company’s decision to bring the refinery to the area is timely, adding that such development would open more investment windows for other medium or small-scale investors.

To affect the lives of residents and the community at large, the richest African has greater plans.

“We will train over 8,000 engineers and also provide uninterrupted power supply that will enhance investment drive and attract other viable investments towards this axis of the state,” he assured.

– RASHEED ABUBAKAR

Encomium

Written by Encomium

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