Nigeria is slowly getting back to a new normal as the country warily resumes its day to day grind, and as the global pandemic slows down, builders and investors are chomping at the bit to get things done. The real estate and construction sectors are getting back to full swing and there are several mega projects that are underway across the nation that are worthy of a good story.
Let’s look at 8 mega endeavors that will certainly transform the Nigerian real estate scene for decades to come.
Project: Lagos Light Rail
Budget: 30 Billion USD
This is an ambitious and necessary project that will reshape the mass transit landscape in Lagos. We don’t need to explain to anyone the struggles and headaches that traveling within and around Lagos brings, so this huge undertaking can not come soon enough.
It will consist of several transit lines (the blue line is the first) and will shuttle residents to and from work and shopping districts. Running from the marina to Okokomaiko with 13 stations, it will traverse approximately 27.5 km with an estimated ridership of 500,000 people daily.
Project: World Trade Center Abuja
Budget: 1 Billion USD
The renderings of this project are amazing, and when completed this group of buildings will rival any western projects of its kind. It will comprise of 8 buildings – 7 of which will be skyscrapers. Two properties have already been finished and one of them (WTC2) is currently the 3rd tallest building in Nigeria at 25 floors and 120 m (390 Ft).
Project: Lekki Free Trade Zone
Budget: 1.2 Billion USD
Slated to be the first privately owned and funded free trade zone in Nigeria, this project stands to realign and upgrade the business and trade scene in Lagos and ultimately the entire country.
This is gigantic development will stand on 30 square hectares and about 65 kilometers east of Lagos. It will be a mixed-use area with a deep seaport, manufacturing, and warehousing as well as residential units and retail enterprises. This will be a real game-changer in the region igniting more investment, and development for years to come.
Project: Mambilla Hydroelectric Plant
Budget: 5.8 Billion USD
On track to be the largest power plant in Nigeria, the Mambilla plant will be a 3.05-gigawatt hydroelectric facility that will produce 4.7 billion kWh hours of electricity annually bringing a constant source of electricity to millions of Nigerians.
It will also provide thousands of local jobs during the construction phase which will in turn boost the local economies in the region. The plant will be positioned on the Dongo river in Taraba State.
Project: Eko Atlantic
Budget: 6 Billion
Reclaimed from the aggressive Atlantic ocean, this is probably Nigeria’s most famous mega project. It gained worldwide attention when it was launched in 2003, and has seen a flurry of activity and a few structures and towers have been completed.
The harsh reality is that it remains very desolate and empty. The main infrastructure and road networks have been developed, but the visions of skyscrapers and residential buildings dominating the skyline remain to be seen.
Keep Hope Alive!
There is a lot going on in the Nigerian real estate landscape and the hunger for gigantic and impressive projects is non-relenting, we only hope that all of these important endeavors come to fruition and not just end up being dilapidating ghost towns ( `a la Tinapa ).
We remain optimistic – are you?