The ongoing construction of the 700-to-750-kilometre Lagos-Calabar Coastal Highway, a $13 billion infrastructure project, is set to fundamentally reshape southern Nigeria’s economic footprint. What started as virgin land along the Gulf of Guinea is fast turning into one of West Africa’s most sought-after investment zones.

As the project is progressing, real estate investors and practitioners are already betting on various investments opportunities provided by the expanded infrastructure.

The importance of the project to Nigerians and the economy formed the core discussion at a Webnar hosted by the real estate firm of Ubosi Eleh and Co., in Lagos.

Speaking during the forum, the former President of African Chapter of the International Real Estate Federation (FIABCI), Mr Chudi Ubosi, called on investors to take advantage of the opportunities provided by the infrastructure to double their wealth. He talked about how the coastal highway could influence property values, investment decisions and new growth corridors.

Apart from reshaping economic footprint, he said the infrastructure would drastically cut transit times, reduce massive agricultural post-harvest losses, and trigger a high-yield real estate boom across nine coastal states.

Conceived over four decades ago, he pointed out that the long-awaited project is moving beyond political debate as active civil works progress at multiple points along the corridor, including completed stretches along the Lekki axis in Lagos State and early sections starting from Calabar, Cross River State, and Ondo State.

The theme of the conversation was: “The Coastal Road Effect: Is the Lagos-Calabar Corridor the Next Real Estate Goldmine?” Ubosi, who doubles as the Principal Partner, Ubosi Eleh & Co., emphasised that the infrastructure would act as the ultimate catalyst for land value growth, positioning the highway as a primary destination for immediate capital deployment. Describing the corridor as a new frontier for real estate and private capital, he said it would serve as strategic land banking for would-be investors. According to him, investor can secure undeveloped land parcels in the emerging hinterland coastal districts, such as Ondo, Edo, and Delta, where prices remain low and sell at higher prices in the future.

Besides, he said the corridor would provide opportunities for mass and satellite housing. According to him, developing affordable housing communities outside major city would reduce housing shortage, high rental payment and uncontrolled urbanisation in the city centres and central business districts.

Aside from housing opportunity, Ubosi pointed out that the corridor would provide opportunities for investors interested in commercial and industrial logistics.

“It will serve as a new frontier for establishing industrial parks, warehousing hubs, and cold-storage facilities near major interchanges to service coastal ports and regional freight distribution,” he said.

He emphasised that coastal corridor offered direct market access, prompting manufacturers to lease large plots for central distribution hubs.

“For those interested in industrial estates, the expert explained that developers have started acquiring vast land parcels to build privately managed industrial parks, offering ready-made power, security, and access for manufacturers seeking to bypass municipal bottlenecks.

“Land within 10 kilometres of the coast is commanding premium valuations as developers acquire beachfront acreage for resorts, lounges, and hospitality services,” he said.

While real estate values along the Lagos-Epe axis have already priced in the development, he stated that speculative capital is flowing further east into Ondo, Akwa Ibom, and Cross River.

For early-stage investors, he advised that financial equation favoured low-entry land acquisitions in emerging sections over saturated urban markets.

Land values in these secondary nodes, he said, have been projected to experience exponential growth as paving equipment advances.

Contributing to the discussion when contacted, the Managing Director/ CEO, Fame Oyster & Co., Olufemi Oyedele, described Lagos-Calabar Coastal Road corridor as “really the next real estate goldmine” in Nigeria. In the last two years, he pointed out that the corridor has experienced about 133 per cent increase in value.

“The increase in the value of Lakowe properties between 2024 to 2026 ranges between 66 per cent and 133 percent for building and plots, while the rental market has experienced an average 25 percent uptick within the same 24-month period.

“Though the increase is also due to the influence of presence of industries like Dangote Petroleum Refinery, the Lekki Free Trade Zone and Lekki Deep Sea Port and Dangote Fertiliser also contributed to the increase in the value of properties,” Oyedele said.

He explained that the coastal highway is already influencing property values, investment decisions and new growth corridors like gated estates because property procurement decisions are influenced by “location”.

According to him, the presence of industries coupled with infrastructure like the Lagos-Calabar Coastal Highway would continue to influence the interest of property investors and, of course, increase the value of the properties in that corridor.

Olusanjo Fawole, partner, Ubosi Eleh and Co, advised early-stage investors looking to build land-banking portfolios to secure legal titles immediately, maintain clear site boundaries, and acquire properties situated directly near planned inter-state junctions and expressway interchanges.

Lagos – Calabar Coastal Road is designed parallel to the Atlantic coastline, expected to traverse Lagos, Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River states.

The primary economic impacts include drastic travel reductions with transit times between Lagos and Calabar projected to drop from an unpredictable 12 to 14 hours to approximately six to seven hours.

Fawole raised concerns about government expansions, buffer zones, and route changes taking land from early buyers.

A notable example includes shifting alignment further inland in Ondo State to avoid costly swamp piling.

One of the panelists warned against repeating the unplanned development of the Lekki corridor, suggesting that a cohesive government master plan designating specific commercial, industrial, residential, and hospitality zones is necessary to prevent chaotic land grabs and protect investor capital.

Former President, Association of Town Planners Consultants of Nigeria, Dr. Moses Ogunleye, said that as a national infrastructure, the Lagos-Calabar Highway will certainly affect investment decisions, particularly around the completed sections.

“Already, many decisions by investors are tied to it. Similarly, businesses are making plans that will synchronise with the sections of the Highway between Ogun and Ondo States.

” Its critical advantage is that it opens up many parts of the otherwise locked corridor. With its difficult terrain it development requires bold decision by government, as it is capital intensive,”, he said.

He noted that tourism industry will be driven to improved growth by the Highway.

“I also foresee considerable investment in the associated sectors of hospitality and entertainment. Majorly, the beaches and other destinations will have more patronage. Generally, residential and commercial real estate investment that will complement others will also blossom in the corridor,” he said.

Although, the development of the Highway has altered some development plans, its real estate value lies in stirring the making of other plans,” Ogunleye said (Nigerian Tribune)