Lagos State Committed To The Success Of Ibeju Lekki Projects

Every administration that is brought into power in Lagos has promised that they will do everything within their power to make sure that the projects in the Ibeju-Lekki axis turns out to be very successful. Governor Akinwunmi Ambode not so long after he was sworn into office paid a visit to the Lekki Free Trade Zone to see how the developmental plans were coming along. In addition the Lekki-Epe express is currently undergoing expansion.

The Governor of Lagos State Akinwunmi Ambode during the commissioning of the Ajah flyover bridge (Jubilee Bridge) on the 17 May 2017 made it clear that the project was of great importance to the government. This is as a result of the vital role it will play in the economic growth of the Lekki Free Trade Zone and the Ibeju-Lekki-Epe area.

See – LAND FOR SALE IN IBEJU LEKKI

PROJECTED PATTERN OF DEVELOPMENT IN IBEJU LEKKI BY 2025

The Lekki Free Trade Zone Master Plan has the purpose of making the area a modern satellite city in Lagos, armed with new economic activities, urban service industries, and Ibeju Lekki real estate property development so as to enhance the general industrial development of the Zone.

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By 2025, the development of the Ibeju Lekki area would presumably be in two major categories. The first is the development along the Lekki- Epe Expressway which will extend into Ibeju Lekki, thereby taking industrialization to further into the area.

Secondly, the industries along the Free Trade Zone road will give birth to commercial activities in this satellite city, giving birth to a central business district in the Free Trade Zone area.

A lot of people who acquire properties in estate developments in Awoyaya, Abijo, Lakowe and other exterior parts of Ibeju-Lekki LGA are people who work in the Lekki / Victoria Island business districts and they get lands in these areas because they are cheaper than in the locations closer to Victoria Island.

Properties along the Free Trade Zone road enjoys a lot of benefits as they will be close to the Free Trade Zone and will be right in the centre of the new satellite town. Therefore these properties are very attractive as they offer the best potential profit on investment.

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The developments and commercial activities in the Free Trade Zone is estimated to provide 50,000 job opportunities and have a population of grossly 200,000 people. Hence, properties close to the Free Trade Zone will appreciate at a very fast rate. It is expected that by 2035, the Free Trade Zone road would likely have a development pattern that is almost the same with that of Lekki Phase 1.

Residential developments at the outskirts of Ibeju-Lekki (Awoyaya, Abijo, Lakowe etc.) will be situated in between the two business districts of Victoria Island and Free Trade Zone but their value will not increase as speedily as other areas in Ibeju Lekki as a result of their substantially far distance from the two business districts. It is about 1 hour 45 mins to Victoria Island and about 45 mins to the Free Trade Zone.

Look — Property In Ibeju Lekki

EXPECTED FEATURES OF FREE TRADE ZONE BY 2025

A major thing to note about the Free Trade Zone is that there is no rural community in the area and most of the land in the area is being acquired in large quantities by estate developers. The implication of this is that the area will soon turn into a highbrow area as it will mostly be made up of planned residential estates, the Atlantic Ocean beach, the Free trade zone and offices of several businesses that will act as support systems to the Refinery and Sea Port.

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In addition the land here is mostly dry, and not like the one obtainable in Ibeju Town and Eleranigbe which is wet and waterlogged.
Moreso, the central road in the area is quite large and the road allowance available provides enough room for further expansion when needed. The Lagos state government is intent to see that the Apapa mistake as regards road expansion is not repeated and that there will always be room for the expansion if need be.

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