Noticeable impacts of the Dangote refinery in Ibeju Lekki Lagos

Refineries are not a joke. Being the infrastructure that helps process one of the most significant sources of income in every economy — petroleum, refineries should continue to be taken seriously. This is why Ibeju Lekki has become a place to be studied and reckoned with in Nigeria.

Ibeju Lekki Nigeria, once a remote area in Lagos State, began to come to the limelight after it was chosen to be the site for the planned Lekki Free Trade zones by the Lagos government. Now it is housing the Dangote refinery, which is worth billions of naira. The Dangote refinery, which is still being built, already stands out massively in Ibeju Lekki Nigeria. Because of this refinery, many investments, such as real estate, have begun to happen in Ibeju Lekki.

History of Ibeju Lekki environs

Ibeju Lekki indigenes used to be majorly fishermen who traveled between the Lagos Lagoon and the Atlantic Ocean catching different species of fishes, crayfish, prawn, lobsters, and crabs. Indigenes of Ibeju Lekki Nigeria were also producers of brooms, coconut oil, and palm oil from the massive coconut and palm trees that grow along the coastline.

Today, Ibeju Lekki can be described as the fastest growing Local Government in Lagos state because the refinery and the export-free trade zones are now cited here. Due to its fast development that brings attraction to many business owners and investors. In fact, cheap land for sale in Ibeju Lekki is a hot cake.

Ibeju Lekki is bounded by Eti-Osa East LCDA on the west, Epe on the East, and the Atlantic Ocean on the North. Making it an area surrounded by water. Ibeju Lekki Local Government’s mission to promote social and economic transformation of the environment through infrastructural development is almost being fulfilled with the ongoing construction of the Dangote refinery.

How the Dangote refinery began

The idea of the Dangote oil refinery was started by one of the wealthiest men in Africa, Aliko Dangote, in 2013. Currently, under construction in Ibeju Lekki Nigeria, it is built to have the capacity to process thousands (650,000) barrels per day of crude oil. The Dangote Refinery receives the world’s largest crude distillation equipment, and it’s on its way to becoming the largest refinery in the world with the largest crude distillation equipment.

According to Dangote, this refinery is worth over 25 billion US dollars. As of 2013, Dangote had secured about $3.3 billion in financing for the project. The refinery construction officially began in 2016 with excavation and infrastructure preparation. With an estimated capacity to begin refining oil this 2022, another associated project at the refinery’s site, a urea fertilizer factory, is scheduled to begin operation soon. This urea factory will produce about three million tons of urea annually.

As of July 2022, Dangote had to borrow more money. Over 100 billion Naira to complete the refinery. Although the refinery’s start date has been postponed many times, operations will most likely begin in 2023, and the Dangote oil refinery remains a beautiful addition to the Nigerian infrastructure.

There are four other NNPC-owned refineries in Nigeria. These refineries have been abandoned for years. ut because of the current Dangote refinery under construction in the Ibeju Lekki environment, operations in the NNPC refineries are about to be restarted. The Dangote refinery seems to be an eye-opener and pioneer to many abandoned refineries in Nigeria. The move helps the Oil and Gas industry and significantly impacts Ibeju Lekki and its environs.

Impacts of the refinery on the Ibeju Lekki environs

The Dangote oil refinery has opened up Ibeju Lekki Nigeria to the world. Many investors now see Ibeju Lekki as an excellent location for businesses and projects.

Although the Dangote refinery in Ibeju Lekki is still under construction, it has made Ibeju Lekki more advanced and lucrative. The Ibeju Lekki environs have become more desired to live in or work in. The residents of these areas now feel lucky due to the massive development and opportunities ongoing within the environment.

Busier environment – The increased need for Real estate land for sale in Ibeju Lekki

The real estate market in Ibeju Lekki has been propelled to the next level following the building of the enormous Dangote refinery in the environment. This is an advantage to real estate business owners and home seekers. Now, investing in land for sale in Ibeju Lekki, commercial land for sale in Ibeju Lekki, affordable housing and real estate is an investment worth more than fixed deposits in banks. Ibeju Lekki Nigeria has become busier and is now more suitable for those looking to start a real estate business with cheap and commercial land for sale in Ibeju Lekki.

According to environmental reports and reports from physical planning and urban development, the Lekki community currently does not have prepared and enough infrastructure to accommodate the number of businesses, residents, and properties on the axis. As a result of the ongoing Dangote refinery construction. Buying estate land for sale in Ibeju Lekki is one of the bold steps toward improving your standard of living and income.

Also, if you have always wanted to secure a home in the Ibeju Lekki environs, now is the time to look forward to it. Real Estate PPT and Services Company Ltd sells affordable land and luxurious homes in Ibeju Lekki that you can buy and invest in. As more real estate businesses will focus on the area, constructing more beautiful buildings at an affordable cost. A typical 1-3 bedroom flat ranges from N700,000 to N4 million. Look for land for sale near the Dangote refinery, buy, build or sell later to benefit from the high returns it gives within a few months

More jobs opportunities

Statistics show that Nigeria’s unemployment rate significantly increased to above 30% in 2020 as many planned solutions to unemployment do not significantly reduce the percentage. Following the trend in which unemployment in Nigeria rises year after year, there is the probability that the unemployment rate would increase above 35% in 2025. Dangote is on the mission to reduce employment as soon as the refinery begins operations.

According to research, the Dangote refinery will employ about 38,000 people, Both expatriates, and Nigerians. This means that the impact of the industrialization the refinery will bring cannot be underrated.

Suppose the Dangote Refinery employs over 30,000 people on beginning operations, this is a sign that there will be migration of people to this environment, and there will be a need for more accommodations. As the demand for housing in Ibeju-Lekki will keep Increasing in the few months to come, you should acquire a piece of land or property now.

To support the mission to reduce unemployment in Nigeria, Real Estate PPT and Services Company Ltd makes it a mandate to provide solutions to unemployment and ensure people are financially stable. It’s the reason we set up the Real Estate Marketing Career group where we train people on how to make a fortune in the real estate industry independently.

Massive ROI on every building or landed property

This is not all; more businesses will move to the Ibeju Lekki environs because of this massive project. Businesses such as pharmacies, schools, hospitals, banks, hotels, etc. Hence for any building you acquire in this axis, expect a massive ROI. Acquiring land or building in the Ibeju Lekki environs at present and in the near future is sure to give you profitable returns on investment.

You can buy and invest in many landed properties at Ibeju Lekki. But you need to be knowledgeable and very careful to avoid falling victim to scam real estate businesses that can run away with your hard-earned money.

Read the Top 7 ways to identify a trustworthy real estate company and learn how to fish out the scam companies and stick with trustworthy ones like Real Estate PPT and Services Company Ltd, with a proven record of providing and satisfying clients with quality land and houses in Nigeria.

You can consider boosting your knowledge and getting familiar with the important documents you should know to get yourself more rooted in property knowledge. This plays a crucial role in calculating your returns on investment (ROI) in landed property.

Conclusion

In all, the Dangote refinery situated at Ibeju Lekki Nigeria is the greatest infrastructure in the history of Nigeria, one that will develop the nation and generate more revenue that will help the Nigerian economy.

One of the best decisions you can make is to ensure you buy land for sale in Ibeju Lekki, and own properties in Ibeju Lekki now that it’s very affordable. This will allow you to build, rent out or sell higher and generate high returns.

Take a step towards buying land or a house at Ibeju Lekki now.

Real Estate PPT and Services Company Ltd has affordable estate lands and luxurious homes with flexible payment plans at Ibeju Lekki.

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