As researchers, we follow, read and interpret the numbers and this is what the numbers are saying:
- Nigeria population growth rate is 2.8% that is means every year over five million people is added to Nigerian’s population, that means in the next five to seven years, Nigerian population will be clocking two hundred million and more.
- Rural-urban migration is increasing at the rate of 5.5% every year that means, in the coming years more people will move from their village to cities like Lagos, Abuja, Port-Harcourt etc. The need for housing and land will increase, as more people migrate to the cities and the population grows.
Studies have also shown that Lagos state as a mega city will continue to invest in its infrastructure, strengthen its institutions, and attract more investment into the state. Already world class projects such as the EKO ATLANTIC, the BADAGRY SEAPORT, and the IBEJU LEKKI FREE TRADE ZONE are already on going.
When Lagos state newly sand-filled and re-claimed the Lekki-Ajah axis land, the lands were selling as low as N70,000 per plot as of 1991. Today, a plot of land at Lekki phase 1 can go for as high as N150million.
Smart people always know how to follow the numbers and governmental shift of development. If we were to place a bet on any government in Nigeria, we will place our bet on Lagos state government. If they say they will do it, they do it; look at the Lekki road and their toll gates; look at the Lekki-Ikoyi link bridge (world class!); look at the ten lane road construction from Ojo to Orile; look at Oshodi and the government’s development plan on-going; look at their BRT Lane etc.
Investors all over world from strong and developed countries, place their bet on Lagos state, that’s why projects like EKO ATLANTIC (where they had to reclaim bar-beach) which has not even been completed or even before they started had been over-subscribed by countries all over the world.
Today, Lagos state government have stated that Ibeju-Lekki have been earmarked as a free trade zone, that means people all over the world will be able to come to Ibeju-Lekki without visa, they will come do trade, conduct businesses, buy goods and leave, hotels, shops, airport, seaports, shopping malls etc are some of the things that will be built in this zone.
Today a piece of Land at Ibeju lekki is selling for 800,000 to 1million, tomorrow, it will sell for much more than this; many of the land at Ibeju lekki have been bought by the government and are already committed land, but the government granted excision to some parts. If you were among those that bought land at Lekki when the government first started selling it, you probably would understand what we mean when we say Ibeju-lekki is the next Goldmine.
You can bet on Lagos state government….. talk to us today, if you’d like to buy land at Ibeju-Lekki, or if you just need info.
© Collins Emenike, MTRC Properties Ltd