Investors, bankers and surveyors over the weekend listed opportunities that the Lagos Free Trade Zone (LFTZ) will offer professionals.
They agreed that the trade zone would spur investment opportunities in the state in particular and the country in general.
Speaking during a business luncheon organised by the Nigerian Institution of Estate Surveyors &Valuers (NIESV) Lagos Chapter, titled: The Dangote Refinery Project and Lagos Free Trade Zone, the Chairman of the event, Mrs. Bukola Smith, said First City Monument Bank (FCMB) was glad to be part of the consortium of local and international banks that funded the $12 billion project.
Mrs Smith, who is the Regional Director, Lagos, (FCMB), said the project would have multiplier effect on other sectors of the economy, stating that it would promote issues around infrastructure and real estate development.
She said the bank looked forward to the various opportunities that the project would unlock, not only for real estate, but also for employment and others it would create for the economy.
She said: “As a bank, in 2013, we were part of this success story by far the largest we have done as a syndication of banks in the economy, and my institution was part of it. So, I’m highly interested in seeing how the project goes and to ensure it is completed in record time.
“FCMB will go further by supporting infrastructure development and we commend and encourage Estate Surveyors on their interest in the project and pledge our support as a bank as always, to developmental projects they may come up with.”
The guest speaker, Paul Osaji, said from studies, it was evident that countries with more free trade zones experience rapid development, increased foreign direct investments and technically speaking, a higher gross domestic product (GDP).
He advised his colleagues to rise up and take advantage of the multi-dollar investment. He said the project could be divided into medium and long term, covering housing, facility management, building of quays, anchorages and embarkments, development of shopping centres and restaurants, among others.
He said the investment opportunities available from the LFTZ as well as the Dangote Refinery cannot take place without professional consultancy services.
He said: “As professionals, our major areas of business is in real estate and would include pre-investment/development studies, valuation of assets for all purposes, property Brokerage and property/facilities management.”
He urged his colleagues to position themselves to meet the demand for their services.
NIESV Chairman, Mr. Offing Ukpong, commended the foresight behind the conception of the world’s largest single refinery train, describing it as a real change that would alter the economic landscape for good.
He said the economic benefits of the projects to Nigerians would be such that Nigeria would transit from a developing country to a developed one on account of the forex that would be generated and saved for the nation as opposed to the current trend of importation.
“ It is the consensus among our members that the Dangote Group has done exceptionally well in the conceptualization and the development of the largest petrochemical industrial complex in the world and located in Nigeria.
“Our conclusion is that Alhaji Dangote is a patriotic visioner, imagine a project that will give Nigerians 60, 000 jobs at a go? Some other persons would rather go outside the country to squander such money. We are solidly behind him and we pray he completes it speedily.
“It is in this vein that we consider it necessary to further project the refinery development and the real estate investment opportunities around it and as the foremost real estate professionals in the country, we need to have firsthand knowledge of the development,” he said.
He encouraged his colleagues as land economists to study the impact of the massive project on land values within and outside the refinery and to work to be part of the success story. He said no project has presented so much opportunity for estate surveyors than this that will give rise housing projects, infrastructure development, perfect title, studies/approvals, development of sample houses, acquire land, studies and approvals and feasibility studies.
He said no time present such robust opportunity for his professional colleagues than in this day and times of recession. He pledged the preparedness of the chapter to be fully engaged and also asked the Dangote conglomerate to partner with his institution.