Dangote refinery, free trade zone boosts Lagos real estate

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On-going public and private sector synergy leading to the development of Dangote Refinery Project and Lagos Free Trade Zone (FTZ) have been received by the real estate community last week with mixed feelings, with the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) decrying the non-involvement of members in the investment opportunities along the Ibeju-Lekki axis.

The projects were the focus of NIESV Lagos branch’s 2017 Business Luncheon under the theme: The Dangote Refinery Project and FTZ – Capturing the Real Estate Opportunities organized by the MCPD sub -committee.

The guest speaker, Mr. Paul Osaji, an estate surveyor, disclosed that some private sector developers as well as the Lagos State Government have provided housing within the neighbourhood of the Lekki Free Trade Zone and Dangote Refinery Site for the workers at these locations.

He stated that the developers of Sapphire Garden – (POC Nigeria Limited) and Eko Akete (Lagos State Government) have provided accommodation for about 1,000 staff of Dangote refineries.  Other developers and estate outside the zone are providing accommodation for the skilled and unskilled workers working in the zone.

Chairman of the Lagos branch of the Institution, Mr Offing Samuel Ukpong, who set the tune of the event, lamented that despite the huge investments in the Ibeju-Lekki corridor, the land economists have not tapped into the opportunities created by the projects.

He said that members should be interested in the land values of these investments, relocation of existing dwellers outside the three kilometers radius of the plant, compensation and land uses surrounding the area.

The Regional Director, Lagos, First City Monument Bank, Bukola Smith, noted that the  real estate sector as other sectors of the economy has been severely beaten as there are reduction in occupancy rates, adding that despite all these opportunities  exist for the sector.

NIESV Deputy President, Emmanuel Wike, said the Institution is built on continuous learning and new trends are emerging in technology, if the members refuse to follow, they will lose steam in the global community.

He said that Lagos branch is setting another pace by going to valuation and other business opportunities surrounding a proposed business venture that is bringing huge financial benefit to the country. Wike urged the branch members to work towards becoming a major player in the proposed project.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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