In furtherance of its mega city development strategy the Lagos State government is set to undertake a Public Private Participation (PPP) development scheme, to create a new town in Iba Local Council Development Area, under the Iba New Town Development Scheme, at an estimated cost of N121.5 billion.
The ambitious project, which is expected to be the biggest project in the West African sub-region, will see the private sector financing the project alongside the state government, and would be for residential, commercial, tourism and leisure centres, to be developed in four phases. The new town will span 567.56 hectares with an estimated power supply requirement of 75 megawatts.
â€œThe scheme is a new city under development. Iba is one of the developing new urban areas in Lagos State with an estimated annual growth rate of 16.8 percent. The scheme comprises residential, commercial, site and service plots as well as tourism and leisure entertainment centres.
â€œThe feasibility study for the 567.56 hectares has been done as well as the layout plan for 85 hectares for phase one.Â Financial plan for sand filling and dredging 85 hectares have been done while contract for sand filling has been awarded for phase one,â€ he stated.
The commissioner said that the Certificate of Occupancy of the scheme is to be issued in the name of the Ministry of Housing and that a Memorandum of Understanding (MOU) would soon be signed by the state government and a yet-to-be identified developer for the project.
He added that there would be an open tender for qualified contractors to bid for the project, adding that selection would be based on strict adherence to the project requirements provided in the tender documents.
Onabokun remarked that the scheme is designed to fully harness and utilise the reclaimed area and redirect movement towards the Lagos South West and to reduce drastically the number of inadequate houses for the people across the state.
He further disclosed that the scheme will help tackle problems associated with clustering and promote even and sustainable development across the state, and also create a new economic hub in Lagos South West and generate employment opportunities and wealth for the citizens.
The commissioner said the project will also expand the stateâ€™s revenue base, facilitate new inflow of investments and lessen the rural-urban drift through the development of the hinterland.