Undoubtedly, the Lagos real estate market is fast becoming tech-driven.
Undoubtedly, the Lagos real estate market is fast becoming tech-driven. Recent weeks have seen the launch of 2 new data centres in Lagos. This speaks volumes about the positioning of the Lagos market for digital infrastructure opportunities, with the State’s teeming population and technology drive being the likely allures for the growing investment opportunities we see in the digital space today. The first branch of the Google Equiano private subsea cable system recently landed in Lagos and is expected to boost Nigeria’s GDP by $10.1Bn by 2025.
In November 2021, operating giant – Africa Data Centres (ADC) completed its 10MW data centre facility in Eko Atlantic City, Lagos. With plans to build 10 new data centres in Africa over the next 2 years, ADC looks to launch a second facility in Lagos in the near future. After over a decade of growth and domination as Nigeria’s leading data centre, MainOne got acquired by Equinix – a global digital infrastructure provider, for $320M and opened a new MDXi Data Centre in Lekki with a potential reach of 10MW. Airtel Nigeria has also launched its data centre facility in Lekki for commercial use. Open Access Data Centres (OADC), a subsidiary of West Indian Ocean Cable Company (WIOCC), has announced its interest in constructing a 20MW data centre facility, also in Lekki. The project is slated for completion in Q4 2022.
With over 7,000 sqm of white space expected to come on stream by the end of 2022, faster Internet connectivity, an uninterrupted power supply, and an enabling business environment will further drive the demand for data centres in Lagos State.