In a recent interview with a news correspondent, industry experts discussed the anticipated impact of the Dangote Refinery on real estate development in the Lekki-Epe area of Lagos State. They expressed optimism about the potential positive effects of this massive infrastructure project.
Odunayo Ojo, CEO of UACN Property Development Company Plc, highlighted the creation of a demand ecosystem as a significant outcome of the refinery's establishment. With thousands of direct and indirect workers expected to be employed, various supporting services such as food provision, transportation, security, and housing will naturally emerge. This multiplier effect is expected to drive economic growth and development in the area.
Philips Ayotunde, Treasurer of the Nigerian Institute of Building, echoed this sentiment, stating that the refinery's construction has already begun to transform the entire Epe-Ajah axis. He emphasized the need for more catalytic developments like this in Nigeria to spur real estate growth and increase prosperity for communities in the vicinity. Ayotunde also noted that the project would expand the economic nodes in Lagos, shifting the focus from traditional areas like Victoria Island and Ikeja to include the Epe-Ibeju corridor.
According to industry experts, the expected appreciation of land value in the region and the decentralization of economic activities will result in a net positive impact on the real estate sector. While acknowledging potential challenges such as traffic management and environmental concerns, they emphasized that the country needs more facilities like the Dangote Refinery.
Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria, emphasized the importance of the refinery's potential to reduce or eliminate the need for refined oil imports. This would conserve foreign exchange reserves, stabilize the country's forex market, lower inflation rates, and subsequently lead to a positive impact on the real estate sector. However, cautioning against unforeseen factors, Eniola acknowledged that Nigeria's unique circumstances may influence outcomes.
In conclusion, experts foresee the Dangote Refinery as a catalyst for economic growth and real estate development in the Lekki-Epe area. The establishment of an economic ecosystem and the decentralization of economic activities are expected to contribute to the overall prosperity of the region. While challenges may arise, the net impact of this landmark project is projected to be positive, benefiting both the local community and the broader Nigerian economy.
