The Chief Executive Officer of UACN Property Development Company Plc, Odunayo Ojo, expressed the opinion that the Dangote refinery is expected to stimulate the expansion of the real estate market in the Lekki-Epe area of Lagos State, according to expert projections.

According to Ojo, the Dangote refinery will bring about significant positive effects. As a massive infrastructure project, it is expected to generate a substantial demand ecosystem. The direct employment of thousands of workers and indirect employment of hundreds of thousands of workers will create a ripple effect.

Various services such as food provision, uniforms, transportation, security, and cleaning will be required, and housing will be necessary for the refinery workforce. This multiplier effect is anticipated to act as a major driving force, making the refinery a significant catalyst for growth.

Hence, it is no surprise that economies worldwide actively seek to attract companies to establish their presence within their borders. It is astonishing that many states within the country did not actively pursue Dangote to set up in their respective regions, offering him free land and incentives. The eventual realization of the refinery's impact is inevitable in one way or another. Even if the refinery operates within a Free Zone and is exempt from taxes, the individuals employed there will still pay taxes, and those selling water or providing other services will also contribute. This highlights the significance of economies of scale as the primary factor.

Similarly, Philips Ayotunde, the Treasurer of the Nigerian Institute of Building, affirmed that the Dangote refinery's impact would be substantial. He emphasized that the construction of the refinery has effectively opened up the entire Epe-Ajah axis, presenting new opportunities for development and growth.

According to him, there is a pressing need for more developments of this nature that can act as catalysts for real estate growth in Nigeria. The impending economic activities driven by the Dangote refinery will bring about a significant level of prosperity for everyone in the area. As a result, the value of land in that vicinity is expected to appreciate.

He further mentioned that from a structural perspective, the economic nodes within Lagos will undergo expansion, extending beyond Victoria Island and Ikeja to encompass the Epe-Ibeju area.

This development will introduce a third prominent economic node, contributing to the decentralization of the city. The Epe-Ibeju node is expected to experience significant growth and vibrancy as a result. Ojo expressed his belief that the overall effect of the Dangote refinery project will be overwhelmingly positive.

While acknowledging that there may be unintended consequences such as traffic management and environmental impacts, he suggested that these issues could be addressed on a case-by-case basis. Nevertheless, Ojo emphasized the overall positive impact that facilities like the Dangote refinery can have, highlighting the need for more similar ventures in the country.

In contrast, Toye Eniola, the Executive Secretary of the Association of Housing Corporations of Nigeria, stated that the impact of the Dangote refinery would be significant if it successfully curtailed or eliminated the need for importing refined oil. This outcome would not only conserve foreign exchange that is typically used for importation but also contribute to the stabilization of Nigeria's foreign exchange market.

Eniola explained that by reducing the reliance on imported refined oil, the pressure on the scarcity of dollars would be alleviated, providing a positive effect on the overall economic landscape.

Additionally, he noted that if this objective is accomplished, it would lead to a reduction in inflation and interest rates, ultimately exerting a positive influence on the real estate sector. Such outcomes are the anticipated and desired results. Nevertheless, he acknowledged that in Nigeria, unforeseen circumstances could arise, leading to potential challenges or deviations from the expected path. If the "Nigeria factor" comes into play, the real estate sector may continue to face the prevailing issues it currently encounters.