By Prince Osuagwu

Nigeria’s smart city initiative gets a major boost, as Metrospeed Property Development Limited and ExxonMobil Staff Cooperative Society Limited signed an investment agreement to extend the major milestones for the emerging Metro Smart City in Lagos.

The partnership, formalized at Metrospeed’s Lekki headquarters, reinforces growing investor confidence in the 97-hectare urban innovation project, which aims to redefine modern city living through technology-driven planning and sustainable infrastructure.

The move comes just weeks after a similar alliance with the Chevron Employees Multipurpose Cooperative Society, CEMCS, further validating Metrospeed’s bold smart city vision.

CEO of Metrospeed Group, Dele Oyefuga, described the deal as more than a land transaction.

He said: “This partnership is strategic. It speaks to confidence not just in our product, but in our governance, delivery capacity, and long-term value creation.

“Metro Smart City is not just a development, it’s a model for how African cities can and should evolve: smart, sustainable, secure, and future-ready.”

He explained that the project, a joint venture with global infrastructure giant China Civil Engineering Construction Corporation Ltd, CCECC, integrates high-capacity infrastructure, digital technologies, eco-efficient housing, and lifestyle-enhancing amenities to create an urban ecosystem fit for 21st-century living.

President of the ExxonMobil Staff Cooperative, Isibor Iyasele, said. “This will provide members of our cooperative an opportunity to key into something we believe offers great value. Our engagement with Metrospeed has been encouraging and aligns with our long-term member interests.”

Also speaking, Emike Ntiokiet, Metrospeed’s Head of Sales & Marketing, noted: “ExxonMobil didn’t just buy land, they bought into the future. They saw the infrastructure, the scalability, the lifestyle proposition, and most importantly, the returns. This is a reaffirmation of investor trust in our smart urban model.”

She added that interest from institutional investors continues to grow, driven by the project’s unique blend of digital integration, environmental design, and investment-grade infrastructure.

As Nigeria explores pathways to sustainable urbanization, Metro Smart City stands as a beacon for public-private collaboration, technological foresight, and inclusive real estate development.