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Construction commences on Lekki Mall, the largest shopping centre in Lagos

03 Dec 2014

The foundation stone-laying ceremony of the $83 million Lekki Mall, held on Friday 21 November 2014, marked the commencement of construction of the largest shopping mall in Lagos, Nigeria. In attendance at the ceremony to mark the significant event were several dignitaries from across the African continent.
Upon completion in April 2016, the Lekki Mall will have a total building size (GBA) of 28 000 m² and an overall shopping floor area (GLA) of 22 000 m², making it the biggest shopping mall in Lagos State.

Lagos State is regarded as the commercial heartland of Nigeria, contributing approximately 20% to the country’s GDP. Lagos is also one of the most populous cities on the continent and the Lekki Peninsula, in the South Eastern district of Lagos, is one of its fastest developing areas, playing host to amongst others its free trade zone.

Lekki Mall is testimony to what can be achieved through constructive cooperation between South Africa and Nigeria.

The tenants who will occupy the line shops of the new mall will be a mix of international and Nigerian businesses - a sign that the formal Nigerian retail sector continues to develop in Lagos as well as the rest of Nigeria. Shoprite and Game/Walmart will be the two anchor tenants, whilst Genesis Deluxe Cinemas will operate the cinemas.
At an estimated total development cost of $83 million (Naira 14 billion), Lekki Mall is being developed by the Novare Africa Property Fund in conjunction with Zenith Bank as debt funders.

The Novare Africa Property Fund, a private equity fund based in Mauritius and funded by South African pension funds has made significant investments in the Nigerian retail sector, including the Grand Towers Abuja Mall in the Federal Capital territory.

During construction, the Lekki Mall project will employ approximately 350 people, both skilled and unskilled and, after opening, it is estimated that the number of employees will increase to above 1 400. Significant skills development will occur as well, with the involvement of professional teams during all stages of the development.

Mrs Olusola Oworu, Commissioner for Commerce and Industry of Lagos State, welcomed this developmental injection into the region.

Studies show that modern retail facilities offer food and non-food items at discounts of between 10% and 20% compared with traditional markets in West African countries. As a result, residents of the Lekki area will benefit given that food items contribute almost 50% to the Nigerian inflation basket.

Speaking at the ceremony, Derrick Roper, CEO of Novare Group, said the Novare Africa Property Fund was extremely proud of the investment and would continue its commitment to the Nigerian economy with additional developments across the country. Mr Roper thanked Lagos State for its support in making the project a reality, adding that he was looking forward to April 2016 when Lekki Mall opens its doors to the public.