.Lagos Economy On An Upward Swing As Ikeja City Mall Opens
…Shoprite Ikeja employs 300 on first day of operation
Government has played her role as catalyser of development - Fashola

Dec 14, 2011 - The economy of Lagos State on Wednesday recorded a major upward swing as the massive five hectares Ikeja City Mall was flagged opened for business by the State Governor, Mr Babatunde Fashola (SAN).

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

"The number of new small businesses that are opening or expanding their outlets are the measures of real growth in any economy. Everywhere you see a mall opening; it is a positive sign for that economy".

"It speaks of an increasing demand for outlet spaces for small businesses like eateries, salons, grocery shops, cell phone and IT outlet stores, jewelers, 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

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.

"It shows the inability to appreciate and critically analyze increasing diversification of the Lagos economy to empower service providers and small and medium enterprises", he asserted.

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 Mal 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".

The Governor affirmed that the State Government has played her role as a catalyser of development, stating that the approvals and resettlement of the existing users led to the commencement of construction on the site in January 2010 which has culminated in the commissioning during which 1000 people were employed.

He said while the construction jobs and construction related employment may no longer be available on the site, "a new set of employees and the employers would move in to the Shopping Mall in an endless exchange of goods and services that will create jobs for our young population".

"I expect also that small businesses who carry out cleaning and maintenance, and those who provide security services will find employment here. Indeed every new mall is a new destination that provides expanding demand for new route services to transport providers like buses and taxis", the Governor explained.

He also expressed the hope that Actis has not finished in Lagos as Alimosho, Ikorodu, Badagry are axis of Lagos with the sufficiency of markets driven by sheer population to justify another mall.

He offered his sincere congratulations to Messrs Paragon Holdings, RIMBA, and Actis Group for their entrepreneurship, commitment and growing confidence in the Lagos and Nigerian economy.

The Governor added that the Ikeja Shopping Mall will also be boosted with a market of 15000 civil servants who will patronize it.

He recalled that sometimes in 2008, he led a business delegation to London and one of the institutions he met was the Actis Group, stating that he discussed possibilities of investment collaboration in three areas namely increased power generation in Ijora Power Station to power at least 250,000 homes (b) Intra-City Rail Development and (c) a new city mall with the group then.

He said while Ijora has not happened because of the absence of deregulation of the regulatory environment, the construction of the intra-city rail is now a reality with the development of the Blue Line along the Lagos-Badagry corridor and everyone is gathered to witness the formal opening of the mall.

Speaking earlier, the head of West Africa of Actis, Mrs Ngozi Edozien, said the Ikeja Mall seals Actis's reputation as the West African investor of choice, adding that its local team in Lagos has unrivalled access to investment opportunities in real estate, financial services, industrials and consumer businesses and a network that reaches across the region.

She added that Actis as a private leading equity investor is not just keen about the returns but is always looking forward to building great institutions by looking forward to continuing its world acclaimed shopping experience in Nigeria.

Also speaking, the Actis Real Estate Director, Mr Michael Chu'di Ejekam said the new mall is a retail revolution which demonstrates Actis' proven track record of delivering quality real estate for Nigeria.

He added that the Ikeja Shopping Mall represents a world class development that would transform Alausa and Ikeja, adding that it opens the space for Nigerians to work and relax and follow in the footsteps of Actis successful development of The Palms.

In her address, the Managing Director of Stanbic IBTC Bank, Mrs Sola David-Borha commended the Lagos State Governor for providing the enabling environment for businesses and investors to thrive in Lagos State.

She said the financing of the project which is for a seven years tenor represents a demonstration of the confidence of Stanbic IBTC in the Nigerian economy and would definitely not be the last of such projects to be financed by Stanbic IBTC for Actis.

In an interview with newsmen after the commissioning, the General Manager of Shoprite Retail Supermarkets Nigeria Limited, Mr Anton Wagenaar said Shoprite in Ikeja has employed about 300 Nigerians while in total it has provided jobs to over 1000 people in Nigeria with its outlets in Enugu, the Palms and Adeniran Ogunsanya.

He said Shoprite gave a commitment to the Federal Government and Lagos State that it will promote local industry, explaining that only 24percent of what Shoprite sells is imported.

Also speaking, the Chief Executive Officer of Broll Nigeria who are managers of the Mall, Mrs Erejuwa Gbadebo reechoed the views of Governor Fashola that there used to exist retail stores like Kingsway, Leventis and UTC and later day retail stores like Falomo Shopping Complex, Surulere Shopping Complex and Tejuosho, but because the enabling environment for them to thrive went and later came back, it gave rise to new outfits like The Palms, Silverbird Galleria, E- Centre and the new Ikeja City Mall.

Noting that the development is good for the economy of Lagos, especially the small businesses, she said some of the local brands that started business at the Palms like Ruff and Tumble is already transforming to an international brand as it has opened outlets in Lagos, Abuja and now Ikeja, adding that the same goes for the people the local firms employ and the supply chain they have.

She added that the Ikeja Mall is a place where people can safely park their cars, shop for different items including groceries, dresses and accessories, stating that even for those without a car there is easy access to public transportation and cabs.

The Property Manager noted that before the opening of the Ikeja Mall, it was all about a uni-directional traffic with everyone moving to The Palms in Lagos for shopping and back, stating that with the new Mall, there are enough people in Opebi, Allen Avenue, Magodo, Ogudu and its environs who can conveniently patronize the Ikeja outlet as well as enough people on the Island to service the Mall at The Palms.

Speaking on the employment opportunities being provided by her organization, she explained that Broll Nigeria is like a hub with activities which also facilitate the creation of jobs in several other sectors like leasing, cleaning and security organisations

She explained that the Mall would also provide a formalized setting for government to collect its different forms of taxes such as Value Added Tax, Pay As You Earn Tax and the Withholding Taxes.

The Ikeja Mall, she said, also provides a unique opportunity for companies focusing on Nigerian made goods like Coca Cola, Indomie Noodles and Omo to sell their products.

The event was attended by the Deputy Governor, Hon Adejoke Orelope-Adefulire, some members of the State Executive Council, bank executives and top players in the corporate world as well shoppers who were already shopping around the new Mall.

ayusman16:

Opening of Shoprite na achievement again?

ACN is clueless now, bad roads, indiscriminate increase of LASU school fees, extortions by LASMA etc

Eko Ile:


Creating thousands of jobs = Improvement

Expanding the state's tax base = Improvement

Taxes from these businesses, payroll tax from the workers and at these businesses and from vendors and suppliers = Improvement

Shopping in a clean and safe environment including eating clean and safe food = Improvement

Money for the same roads and other services you are crying about comes from developments like Ikeja city mall

It's is not by force to spew ignorance, cluelessness and backwardness, curb your ignorance for your own good.

ayusman16:

If your eyes are blind to ills and underdevelopment in Lagos then i pity you. Don't sell your conscience because of the "little little" crumbs they throw at you to eat,  with all the taxes i pay - i expect better development and services.

Eko Ile:


STFU you m.oron.

You are here crying about underdevelopment and at the same time criticizing development. Do you people have any freeking brain at all or stupidity and ignorance is all you have left in your basket brains?

Why not take your silly a//s//s to some other state where they'll cater to your idiocy with your tax money?

It's a free country and it's not by force to chain yourself down to Lagos state. You do have that constitutional rights to go back to your village.

ayusman16:

I'll rather not trade insultive words with you cos i know in Nigeria, people don't insult where they eat from((even if it is crumbs). If you have benefited from Lagos State government; plenty have not,  So deal with that. Your type does not want criticism but praises even when it is glaring that things aint working well,  Is it the imposition of toll fares on already suffering masses? Is it the bad roads you see all around the states or unreasonable and insensitivity of government who increased LASU school fees from 25k to 250k?

Anyway am not suprised going by your other posts in the shallow defence of anything Lagos State government does. Dude your type needs help.

Eko Ile:


STFU you mo.ron.

You have the freeking audacity to talk about insult after showing us that you lack the capacity to argue your point by saying Don't sell your conscience because of the "little little" crumbs they throw at you to eat,

Was that a praise statement or commendation? I just hate when these id.iots spew their insults and turn around to play victim. Fcukkk you.

The only reason you get tolls and extra fees is because their is not enough money to take care of everything and one of the most vital revenue sources for state funds is expanding tax base from places like this new mall. This is more tax money for the state, jobs for the unemployed and over all good situation for everybody.


I see no sense and wisdom in criticizing what you really should be applauding.

ayusman16:

Ok if it makes you happy. Lagos is working! Mumus

blacksta:

ol boy  - I feel like i am in tesco.  You cant imagine a big man like me shopping in oshodi or balogun market . Will i be able to push a shopping trolley in Oshodi Market without being mugged .    Welldone i say

Omo See London In Lagos

Rad1cal:

Did Eyo masquerade come out, this is one big events that calls for correct celebration . .Shop rite is the latest thing in town . . The OP is a thick headed buffoon if he feels commissioning shop rite in Ikeja should herald Hallelujah screams

Waynita:

Funny dude, am in support of your view that this is not a big deal worth screaming about, "it's shop rite for God's sake, some thing already in existence in other locations" . .

That aside, it would at least serve the people in that axis well to a great extent. but it's still no biggie

ayusman16:

Opening of Shoprite na achievement again?

ACN is clueless now, bad roads, indiscriminate increase of LASU school fees, extortions by LASMA etc

nedu666:

Are u suprised that it is an acheivement, was it not in this country that achike udenwa listed mr biggs as an acheivement, udaguagan commissioned uncompleted airport, obsanjo commissioned borehole that was removed the next day, aliero adamu commissioned 300 desk and tables, timpreye built govt house for 20billion and calls it historical landmark, nothing these guys do surprise me anymore.

daywatcher:

so now we can stop buying fresh from our markets and start buying food polluted with preservatives, yeaaaaaa

Ejiné:

I guess it's pretty cool. Tax revenue is sure to expand with this one.

As an aside though, I think Naija really needs to start developing her own shopping chains! South Africa has 'Shoprite', has 'Game', has 'Wimpy', has 'Woolworths'. Nigeria? Natt'n!
Even to patronize Innoson dey hard governors, except Enugu Chime administration. Anyway, make we dey hope sha.

gidson12:

lol, so pathetic, sooner our governors would be praised and worshiped for every beer parlour and joints that are opened for business ,
shoprite is expanding and some morons are jumping with their heads and shouting fashola

alj_harem:

+10

I am surprise as well.

I am sure in other countires, they don't praise sing every single shopping complex built. I mean IT IS PART OF THEIR JOB ANYWAY

Pathetic leaders