Commercial operations at the Lekki Deep Seaport in Lagos Free Zone (LFZ) will begin in the first quarter of 2023, Governor Babajide Sanwo-Olu, on Friday, got the assurance from Tolaram Group – the frontline investor handling the project.
The Governor and members of the State’s cabinet are currently on a two-day working tour of the three free trade zones established in Ibeju Lekki area of Lagos.
The port, which is being constructed by China Habour Engineering firm, is occupying 90 hectares in the entire 830 hectares of land carved out for the Lagos Free Zone, created in 2012 to enhance economic position of Lagos as manufacturing and logistics hub in West Africa.
The first phase of the seaport project, which is being financed by $629 million facility from China Development Bank (CDB), is at 48 per cent completion.
After going through the project master plan, Sanwo-Olu said his administration remained committed to delivering project, stressing that the deep seaport and other investments happening in the corridor had the potential to increase the State’s GDP in multiple folds.
He said: “Given the report I got and what I have seen here, I can say that Lagos Free Zone has made tremendous improvement. We have seen the level of partnership Tolaram Group is bringing in terms of international investment and local brands on this corridor.
“I commend all stakeholders that are with us on this journey we have found ourselves. With the level of work we have seen, I’m truly excited. It is more gratifying that, we are taking up this assignment with all energies required and we all can see what we can achieve when we work together.
“Since we signed a loan agreement less than 18 months ago, we have demonstrated strong capability in bringing the project to reality. This is the first quarter of 2021 and we have seen the project in about 48 per cent completion. The investors have given us the commitment on first quarter of 2023 completion date. We will fulfill all our parts to make sure this date becomes reality.”
Sanwo-Olu, who noted that he had been part of the conversation for the development of the free zones as a Commissioner for Commerce and Industry in 2006, said his administration had recorded significant progress in bringing the projects to reality.
The Governor said the priority accorded to the construction of complementary infrastructure projects along the corridor was a demonstration of his Government’s fulfillment of its pledge to Lagos residents. He promised the State would work with the timeline to ensure all projects mapped out in the zones are deliver.
Sanwo-Olu said the size of the deep seaport will allow 18,000 TEU capacity vessels, which are four times bigger than the ones berthing at Apapa seaports, thereby scaling down the cost of container transportation from any part of the world.
He said: “The interesting part is that, our youths and young women will be the beneficiaries of this project. The project managers have engaged large number of our citizens in the construction parts of the work; all personnel are not expatriates. All the technical work and technology deployed have local component to it.
“For us a Government, this is the strongest point we have made with the project. I am fully convinced that the delivery of this project will transform commercial architecture of West Africa and bring about quick turnaround time in maritime sector.”
When it is completed, the deep seaport is expected to generate more than 170,000 direct and indirect job opportunities for Lagos residents, and serve as alternative in an effort to decongest the Federal Government-owned seaports in Apapa.
Chief Executive Officer of Lagos Free Zone, Mr. Dinesh Rathi, said Tolaram Group, a Singaporean coy, initiated a $2 billion investment in the Lagos Free Zone, out of which the investor committed $950 million to developing manufacturing hub in the zone.
When the deep seaport is completed, Rathi said the maritime project was expected to generate more than 170,000 direct and indirect job opportunities for Lagos residents, and would serve as alternative in an effort to decongest the Federal Government-owned seaports in Apapa.
Chairman of Lagos Free Zone Development Company, Mr. Biodun Dabiri, hailed the State Government for its commitment towards changing face of commerce in Africa, stressing that all statutory permits, licences and endorsement for the Lekki port project were already secured.
“There is strong guarantee that the port will be delivered before time, going by the inflow of capital investment and technical services,” Dabiri said.
The Governor and his entourage also visited Africa’s second largest manufacturing plant of Kellogg Tolaram, manufacturer of cornflakes, which is built in Lagos Free Zone. The Governor toured the processing unit of the firm and inspected the production chain.
Also joining the Government’s team in the tour are the Chief Executive Officer of Lekki Freeport LFZ, Mr Du Ruogang, and Head of Marketing for LFZ, Ms. Chinju Udora, among others.
Tourist resorts in Lagos you should visit during holidays and their investment opportunities
One of the biggest sectors all over the world is tourism. This sector generates a lot of money yearly. The good thing about tourist resorts is that the fortune spreads among people living nearby. Asides from this, businesses thrive best here.
In Nigeria, Lagos which is known as the center of excellence is believed to have so many tourist resorts which are largely in the highland.
In this article, I would highlight the tourist resorts in Lagos and why you should consider buying a property around these places.
1. LA CAMPAGNE TROPICANA BEACH RESORT
La Campagne Tropicana Beach Resort is popular because it is the most visited beach.
Tropicana is located at Ibeju-Lekki along the Free trade zone road. The resort has features like a Mangrove forest, freshwater, sandy beach, etc. Tropicana provides comfort and a new experience within Nigeria, that’s why people visit the place often.
2. LA MANGA LUXURY BEACH VILLA
La Manga beach resort is located in Ilashe, an Island in Lagos State, Nigeria. La Manga is a resort with a landscape that provides great scenery and calmness. It’s a beach resort couples can visit. The view of the sea provides an ambiance that is attractive enough for anyone to want to be there.
3. THE OMU RESORT
The Omu Resort is more of a recreational facility or an amusement park coupled with wildlife. You can do these at Omu Resort: swimming, fishing, hunting, horse riding, canoeing, etc.
The Omu resort is always a place people go to for relaxation.
4. INAGBE GRAND RESORT
The Image Grand resort, developed by a real estate company is located about 15 minutes from Victoria Island, Lagos by boat ride. Image Grand resort is a holiday resort many people like to be in. There’s even a rumor that the resort has a charm to re-spark your passion for love. can do this on this beach.
5. EKO TOURIST BEACH RESORT
The Eko tourist beach resort is located in Ibeju-Lekki, and is widely known as Akodo Beach. It is no doubt one of the finest beach resorts in Nigeria, Lagos State. The Eko resort beach is just a 5 minute drive from the Lekki free trade zone.
I added Eko tourist beach as one of the best resorts in Lagos because of its amusement parks, swimming beach, coconut groves, and many other activities.
6. KAMP IKARE BEACH RESORT
Kamp Ikare resort in Lagos is a private beach resort close to the Ikare Village in Badagry, Lagos. Kamp Ikare beach is a beautiful place recommended for couples and is said to provide different services.
WHY YOU NEED TO BUY A PROPERTY CLOSE TO THESE RESORTS
1. It’s a good business venture
These places bustle with activities and like I said at the beginning, the fortune spreads across those that also live closer. Doing business here is a great decision as making money in multiples is not a problem here.
You could consider buying a property here for business these ember months and see how lucrative it is. Buying properties near tourist destinations can be used for business ventures. Tourists love to stay for a day or two in rental houses where they can relax, feel at home, and can easily go from one destination to another. You could consider a short let apartment in this case.
2. There are greater prospects in these areas
Already, the resort centers have created much value in these areas. Asides from this, the value of the property increases faster because it is located in a region on the rise.
3. Good rental opportunity
One of the benefits of owning a property close to resort centers is the opportunity to rent it out during holidays and peak seasons. You would agree with me that it’s an excellent way of paying off your dream house.
4. It’s an investment in the quality of life
Living close to resort centers improves your quality of life, which is an investment in itself.
Your quality of life, the caliber of people you meet, etc. largely depend on the location you are. I can’t stress this enough. Location is the utmost determinant of what you become and your property potential in the property market sooner or later.
6. Networking opportunities
Being surrounded by affluent people offers ongoing networking opportunities. Who you know is more important than what you know.
7. Close to local amenities
Owning a property close to resort centers allows you to have quick and easy access to hospitals, restaurants, shopping malls, sporting facilities, etc.
8. Perfect for a family home
It’s a great investment for your children, especially for annual family get-togethers. People are choosing to buy homes that offer beyond shelter. A home close to the resort center is a perfect location.
9. Higher market value
If you are buying the property to invest, it’s a good return on your investment. In the long term, you can either choose to retire from it or sell it. Both ways, there’s no regret.
Top Secrets surrounding rental property investment in Lagos
Buying a rental property is a good step in the real estate business. However, I would advise that you shouldn’t barge into it without having some knowledge of what you are getting into. Despite having many people successfully running a rental property, still, it’s not easy money. There are obstacles, losses, risks, etc. but if you can figure it all out, then, you find it a successful investment.
Now, what do you need to know?
1. The property has to fit into what the people around want
This is very crucial. If you are buying a property close to the campus, be rest assured that 95% of potential tenants will be students. If you intend to make it a family home, then, you may find it difficult to get renters who are not students.
If people around are working class with good jobs, this will increase your property value because renters will be ready to buy at a premium price.
You need to put people whose population is higher into consideration before buying a property for rent. If it works, you can go ahead.
2. Location is as important as the air we breathe
If you want to get a good return on your investment, you need to be keen on location. Location can strengthen your investment, and at the same time kill it. It determines what value to be placed on it. If you buy a rental property, renovate and furnish it in underdeveloped areas, you may be disappointed in hearing the value people place on it. Also, if your rental property is in a place that is not all that motorable due to bad roads, or the roads always get flooded during heavy rainfall, this may be a huge obstacle to getting renters that would be willing to pay something worthwhile. And what is a business if you are not getting anything from it?
3. Check out the taste of structures within the locality
This should be highly considered because it’s a great determinant of having people interested in your property. Can you afford to have the property renovated up to taste? The property you are buying is not a new model, it is best to check out for structures around so you can make an adaptation or do something better. This helps you get renters easily and also willing to pay its value.
4. Renting property is dicey
The truth is you can’t be good enough, smart enough, and do everything right. Just a little mistake might make you lose the property. The fault may be or may not even be from the tenants or anyone.
Major damage such as fire outbreaks can ruin your investment. An economic downturn caused by anything, for example, a pandemic may make you lose money because if your tenants are unable to pay or move out without anyone showing interest in occupying, it’s a big loss on your part.
5. You are responsible for maintenance
As much as landlords try to avoid this part but at the end of the day, it falls back to you as the owner of the property. This is where you are reminded that it is your house and the responsibility to keep it together lies with you. This is a major reason some landlords take maintenance fees from tenants in case there is damage. However, this fee can just cover a little of the damage.
The major repairs still lie with the landlord whether he is willing to or not.
Apart from having damages, maintaining a house is the only means to keep a property whole.
Things have to be checked, adjustments have to be made and repairs have to be done.
All of these rest on the shoulders of the property owner.
6. Get everything documented
Everything about your property has to be documented. One of such is “agreement.” In Nigeria, many people take things for granted which may turn out to be a bigger issue sooner or later. Some houses have no landlord-tenant agreement for whatever reason. This shouldn’t happen in normal circumstances. When push comes to shove, that agreement which seems like a piece of paper to many might be the only evidence to bail you out.
And all documents concerning tenant evaluation and rent must be considered too.
Dennis Isong is a Real Estate Professional. He advises that before you buy any property in Nigeria, ensure you read this Real Estate Guide.CLICK THE LINK BELOW TO DOWNLOAD FOR FREE https://landproperty.ng/free
Why you should buy a property for rental income in Lagos
Lagos is a state in Nigeria that is highly populated, modern, full of prospects, and everything good. Just like they say that you can achieve anything in New York, Lagos is a city where you can achieve a lot because the city provides lots of opportunities and accessibility to getting closer to your dreams.
This has motivated people all over Nigeria to migrate to Lagos because they see the city as their greener pasture.
In a place where the population keeps rising, it is expected that there would be a demand for houses for rent.
Rental property is the new oil money in Lagos. And no matter how high your rent is, you already have a population that is ready to go for it.
So, why should you buy a property for rental income in Lagos?
1. Rapid economic growth
Lagos is leading in terms of business which helps the economy. The city is also considered Africa’s eighth-fastest-growing town in terms of population and is expected to be the world’s third-largest by the year 2050. The numbers speak for themselves with Lagos being responsible for more than 53% of production jobs, generating 25% of the national GDP, and consuming over 60% of the electricity of the country. Lagos is host to more than 2000 manufacturing businesses, and 200 financial institutions, and is also host to Africa’s biggest concentrations of small and medium-sized businesses.
2. The important need for rental properties
The rates of leasing in this city keep rising rapidly and this stands to promote the fact that a lot of people in Lagos are opting to rent over buying out properties. This is largely due to the usually massive cost of homeownership, high costs of land, and staggering costs of building construction. Developers are aware of this direction the industry is headed as approximately 75% of landowners already have plans to develop rental properties due to their ability to quickly provide a return on their investments as well as a large supply of the populace available to rent the very second construction is complete.
3. Stable political environment
Lagos has the most stable political environment when compared to other states in Nigeria. Since the return of democracy in 1999, Lagos has been under the control of the same political party and this ensures a continuum in governance, this is good for the real estate market because projects and developments are implemented according to the master plan. It also means that important projects that drive growth are not altered because of politics.
4. Infrastructural value
At this point, the biggest reason why Lagos is a great location for investments is an almost ridiculous rate of return of investments on real estate properties. The Lagos State Market Analysis presents Lagos as having some of Nigeria’s largest estate prices. The Lagos estate industry remained buoyant and, in some cases, flourished even when the value of the real estate in other states across the nation plummeted from the latest economic recession. A plot of land bought for 5 million in Lekki in the year 2006 could go for an average of 75 million now. It’s no surprise because real estate transactions occur dozens of times every day as more and more people seek to stake their piece of the blossoming city.
5. Bustling population
A population is undoubtedly a significant engine of development for the real estate industry, Lagos is easily Nigeria’s most populated state. The megacity has risen to about 22 million today from 1.4 million residents in 1970. Projections have estimated that at least 89 people move every hour to Lagos, which is more than 2000 people every day and nearly a million people every year. That’s a constant flow of bright-eyed citizens looking for accommodation, purpose, and fulfillment.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about Real estate. Follow him on Youtube https://www.youtube.com/landpropertyng , Email Dennis@Landproperty.ng or Whatsapp/Call +2348164741041
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