Lagos Economy on Upward Swing as Ikeja City Mall Opens

Yet another major shopping mall was added to landscape of Nigeria’s commercial hub. Governor Babatunde Fashola of Lagos State, yesterday, commissioned the N16 billion Ikeja City Mall located at Alausa, Ikeja.

Addressing a gathering of selected guests, investors, bankers and notables at the new 27,000 square meter shopping mall, Fashola said the new mall, which is stocked with 75percent locally sourced materials, represents an empowering of small businesses through a retail revolution.

According to the Vanguard, the mall has already recruited over 300 employees on its first day of operation.

Governor Fashola stressed that the Ikeja mall which represents a total investment of $97Million exposes the fallacy in the argument that the Lagos economy is losing business.

“The investment shows the inability of critics to critically analyse the increasing diversification of Lagos economy,” Fashola said

Lagos Economy on Upward Swing as Ikeja City Mall Opens December 15, 201182

Yet another major shopping mall was added to landscape of Nigeria’s commercial hub. Governor Babatunde Fashola of Lagos State, yesterday, commissioned the N16 billion Ikeja City Mall located at Alausa, Ikeja.

Addressing a gathering of selected guests, investors, bankers and notables at the new 27,000 square meter shopping mall, Fashola said the new mall, which is stocked with 75percent locally sourced materials, represents an empowering of small businesses through a retail revolution.

According to the Vanguard, the mall has already recruited over 300 employees on its first day of operation.

Governor Fashola stressed that the Ikeja mall which represents a total investment of $97Million exposes the fallacy in the argument that the Lagos economy is losing business.

“The investment shows the inability of critics to critically analyse the increasing diversification of Lagos economy,” Fashola said.

“It speaks of an increasing demand for outlet spaces for small businesses like eateries, salons, grocery shops, cell phone and IT outlet stores, jewellers, ice cream, popcorn and entertainment outlets like cinemas which are the things we will see in this mall of 94 outlets”.

“The possibilities are seemingly endless. Investment and opportunities have converged; prosperity is imminent and a brighter and rewarding future is assured”, the Governor stated

He explained that as a Government, the commitment of the administration and support for the mall was informed by business and other life style considerations, stressing that: “First, it was our desire to use it to redistribute traffic away from the Lekki Mall and in that way re-energise the Ikeja Central Business District and its environs as a stand-alone and self- sufficient business districts for almost four million residents, that will ultimately reduce the uni-directional traffic we see on a daily basis between the Mainland and the Island”.

On choice of Alausa as its location, Fashola said it was to re-distribute traffic away from the Lekki Mall and re-energise the Ikeja Central Business District, CBD and its environs.

The governor added that “it will reduce unidirectional traffic flow Lagosians experience on daily basis.

He expressed delight with the investment, saying “during the construction of this mall, over 1000 people were employed directly. And very soon, new set of employees will also be absorbed in the mall as it commences its operation today.”

Speaking earlier, the Director Real Estate Actis, Michael Chu’di Ejekam, said the company decided to locate the mall in Ikeja because it was demographically and strategically good for the mall.

He added that the mall had 94 retail outlets and a parking lot that that could accommodate about 250 cars