RAPID DEVELOPMENT IN LAGOS ISLAND: An Opportunity For Investors

Lagos state in Nigeria is generally acknowledged as the most populous city in Nigeria, the second fastest growing city in Africa, and the seventh fastest growing city in the world. Two major development located in the Island of Lagos will further lead to a huge investment opportunity in the state. These developments include the construction of Eko Atlantic City, and Lekki Free Trade Zone.
Eko Atlantic City’s story started in 2003 when the Lagos state government was in search of a parmanent solution to protect the Barbeach in Victoria Island from the threat of flooding. Between 2003-2005, South Energyx Nigeria Limited, the developers and city planners of Eko Atlantic, engaged in a feasibility study with international experts to solve the problem once and for all. This chronology began in 2005. 

 

This new Nigerian city will rise from what has been in existence over a hundred years ago. Lagos and Eko Atlantic are expected to become the new financial epicentre of West Africa by 2020. This state will provide space for the 25 million people expected to live and work in the region. Consequently, there will be a huge growth and opportunity in the real estate sector around the region.
Moving further towards the Lekki Peninsula in Lagos Island, is the rapid construction of the Lekki Free Zone, which is creating a global business haven, and is the largest Free Zone in West Africa. The Lekki Free Zone is packed with opportunities. It is situated in the centre of one of Africa’s fastest growing economy (Nigeria) , where over 140 million consumers are waiting to buy from world-class  producers, making wealth creation possible for investors worldwide. 
To complement the Lekki Free Zone, The Lagos State government in collaboration with the Federal government and a private investor, have commenced the development of the Lekki Deep Seaport in Akodo, Ibeju-Lekki local council of the state. In addition, work has commenced on the development of the Lekki-Epe International airport to complement     activity in the zone and provide alternative air transport in the zone.                                                
With these constructions of Eko Atlantic and Lekki Free Zone, it can be categorically emphasized that Lagos State, Nigeria will be a global business haven creating opportunities for both local and foreign investors. 


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By Augustine Apuamaga
Skype: Austine774
www.padronconsulting.com