Talks about Africa’s richest man building a refinery hit the airwaves a couple of years back. Nigerians were ecstatic about the news, not only because of the positive impact it will have on the country’s gas and petroleum sectors, but also because of the plethora of investment opportunities it will open up for other sectors such as real estate and logistics.
Fast forward to May 22, 2023, the 650,000 barrels per day Dangote refinery was commissioned by President Muhammadu Buhari. The refinery that is allocated at the Lekki Trade zone is said to possess the largest pipeline infrastructure in the world with 1,100 kilometers and will handle 3 billion standard cubic feet of gas per day.
Without a doubt, the presence of such a magnificent asset will increase the number of businesses and individuals drawn to the area. This influx is expected to increase demand for housing, commercial properties, and essential infrastructure. Savvy landowners can profit from the increase in demand by selling or renting out their properties at higher prices.
Furthermore, the long-term value of nearby land is expected to rise significantly, making it an appealing investment opportunity. Those who do not already have property investments in these areas risk missing out on the massive profits.
Key benefits of the Dangote Refinery to Real Estate Investors
Investors can expect handsome returns on their investments in the area. A refinery of this magnitude will attract businesses, workers, and infrastructure development, and demand for housing in the surrounding areas will increase.
As the demand for properties in the area escalates, investors can capitalize on renting out their properties to individuals and businesses searching for residential or commercial spaces. This increased demand will result in property value appreciation over time, potentially providing property owners with a favorable return on investment.
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Other Economic Benefits
- Improved Infrastructure: Large-scale projects like the Dangote Refinery often come with significant investments in infrastructure development. The construction of new roads, highways, utilities, and public amenities can enhance the overall livability and convenience of the area. Residents in the vicinity of the refinery can benefit from these infrastructure improvements, which can positively impact their daily lives.
2. Access to Services and Amenities: The Dangote Refinery’s establishment may encourage the development of ancillary businesses, services, and amenities in the surrounding areas. This includes shopping malls, restaurants, healthcare facilities, educational institutions, and recreational facilities, among other things. Living near such amenities can provide residents with convenience and a higher quality of life.
3. Potential for Business Opportunities: The presence of a major refinery can open doors for local entrepreneurs and investors. Suppliers, contractors, and service providers serving the refinery’s needs may set up or expand their operations in the area. This can help to foster entrepreneurial ventures, job creation, and economic growth.
In conclusion, the opportunities associated with the opening of the Dangote Refinery are numerous, and anyone can participate whether directly or indirectly as highlighted above. Explore some of our best selling properties near the soon-to-be-operational refinery. We’re only a phone call away from assisting you in making an informed property investment decision. Please call us at 0913444483, 07025000038.