Metro Smart City Lagos: A New Contender in the City’s Real‑Estate Future Explained
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| Lagos metro map |
One of the most ambitious of these emerging projects is Metro Smart City, a privately led smart-city development promoted by Metrospeed Property Development Limited. Backed by major institutional cooperative societies, most recently the NLNG Cooperative Society, the project has drawn attention for both its scale and its symbolism: a sign of how private capital is stepping in to shape Lagos’s urban future.
This article explains what Metro Smart City is, how it started, who is behind it, why oil and gas cooperatives are investing heavily, and what it realistically means for Lagos’s real estate landscape.
What Exactly Is Metro Smart City?
Metro Smart City is a large-scale, master-planned mixed-use development proposed along the Lekki axis of Lagos. Covering approximately 97 hectares of reclaimed land, the project is designed to function as a self-contained urban ecosystem rather than a conventional gated estate.
According to project information released by Metrospeed, the development is organized into five major districts:
a Residential District for middle- and upper-income housing
a Business District for offices and commercial activity
a Technology District intended to support innovation and digital enterprises
a Leisure and Entertainment District focused on lifestyle and recreation
a Waterfront District along the lagoon corridor
Speaking on the vision behind the project, Col. Dele Oyefuga (rtd.), the Chief Executive Officer of Metrospeed Property Development Limited, described Metro Smart City as an attempt to move beyond conventional housing.
“Metro Smart City is envisioned to redefine premium living in Lagos by combining modern infrastructure, smart technology, and sustainable urban planning. It is designed as a city that works — not just an estate with walls,” Oyefuga said.
Who Is Developing Metro Smart City?
Metrospeed Property Development Limited was incorporated in 2011 and operates as a real estate development and property services firm. While the company has delivered smaller projects over the years, Metro Smart City represents its flagship and most capital-intensive undertaking to date.
From the outset, the company adopted a phased development strategy that combined land reclamation, infrastructure rollout, and gradual residential delivery. For major engineering works, Metrospeed engaged China Civil Engineering Construction Corporation (CCECC), a partnership that signaled intent to deliver the project at an international engineering standard.
Oyefuga has consistently framed the development as one that aligns with Lagos’s long-term urban ambitions.
“Our focus is not short-term sales. It is about building a city that can stand the test of time and integrate with the future direction of Lagos,” he noted during one of the project’s partnership announcements.
How the Project Took Shape
Metro Smart City emerged from a recognition of two realities in Lagos real estate:
First, that demand for planned, infrastructure-led environments is rising; and second, that government alone cannot fund or deliver all the urban growth Lagos requires.
The decision to build on reclaimed lagoon land mirrors earlier large-scale projects like Eko Atlantic, but Metrospeed’s approach differs in its financing structure and intended user base. Rather than relying primarily on speculative individual buyers, the company actively courted institutional investors, particularly cooperative societies.
This approach gradually transformed Metro Smart City from a conceptual master plan into a project with measurable financial backing.
Why Oil and Gas Cooperatives Are Investing
Perhaps the most defining feature of Metro Smart City is who is funding it.
Over the last year, Metrospeed has signed partnership agreements with several powerful cooperative societies linked to Nigeria’s oil and gas sector, including the Chevron Employees Multipurpose Cooperative Society, the ExxonMobil Staff Cooperative Society, and, most recently, the NLNG Cooperative Society.
Announcing NLNG Cooperative’s entry into the project, Oyefuga described the partnership as a turning point.
“This partnership represents a strong vote of confidence in Metro Smart City. It reflects institutional belief in the project’s long-term value and its ability to deliver sustainable returns while contributing to Lagos’s urban development,” he said.
From the cooperative side, the logic is largely financial. Cooperative societies manage pooled employee funds and typically seek assets that can hedge against inflation while offering steady appreciation.
At the signing ceremony, a representative of the NLNG Cooperative Society explained the rationale:
“Real estate remains one of the most reliable asset classes for preserving and growing members’ funds. Metro Smart City offers scale, structure, and future infrastructure that align with our long-term investment philosophy.”
This model reflects a broader shift in Nigerian real estate, one where institutional and cooperative capital increasingly drive large developments, reducing dependence on fragmented individual buyers.
What Does ‘Smart City’ Really Mean Here?
The phrase “smart city” is often used loosely in real estate marketing, and Lagos is no exception. Globally, smart cities typically involve integrated digital infrastructure, efficient utilities, data-driven services, and resilient urban design.
According to Metrospeed, Metro Smart City will incorporate:
fibre-optic connectivity
digital access and security systems
planned traffic circulation and pedestrian networks
integrated power, water, and drainage infrastructure
Addressing skepticism around the label, Oyefuga emphasized that the concept goes beyond gadgets.
“Smart living is not about buzzwords or technology for show. It is about systems: drainage that works, security that is integrated, connectivity that supports modern life, and infrastructure that reduces daily stress,” he said.
Still, analysts caution that no private development in Lagos operates independently of the city’s broader infrastructure constraints.
A Lagos-based urban development analyst observed:
“Private smart cities can raise living standards within their boundaries, but their success ultimately depends on how well they connect to public transport, power systems, and regional planning.”
Is Metro Smart City Part of Lagos’s New Town Vision?
Lagos State has long promoted the idea of new towns and decentralized urban growth as a way to manage congestion and population pressure. Developments such as Lekki Free Zone, Alaro City, and the Epe corridor reflect this policy direction.
Metro Smart City, however, is not a government-led new town. It is a market-driven, privately controlled development, largely targeting middle- and upper-income residents and institutional investors.
This distinction matters.
While projects like Metro Smart City may complement Lagos’s growth by delivering infrastructure and housing supply, they also raise important questions about inclusivity, affordability, and urban integration, especially in a city facing a severe housing deficit.
As one planning expert put it:
“The challenge is ensuring that private smart developments do not become isolated luxury enclaves, but contribute meaningfully to the city’s wider urban ecosystem.”
Timelines and Current Status
Based on public disclosures and partnership announcements:
Land reclamation is ongoing
Infrastructure development is being executed in phases
Initial residential delivery is projected around 2027, subject to execution and regulatory timelines
As with most large Lagos developments, timelines remain indicative rather than guaranteed, influenced by financing flows, approvals, and macroeconomic conditions.
What Metro Smart City Ultimately Represents
Beyond its buildings and master plan, Metro Smart City represents a shift in how Lagos is being built.
It reflects:
The growing power of institutional capital in real estate
The expanding role of private developers in urban planning
rising demand for order, infrastructure, and predictability
and the ongoing tension between luxury development and mass housing needs
Whether Metro Smart City becomes a landmark success or a cautionary tale will depend on execution, transparency, and how well it integrates with Lagos’s wider urban systems.
What is clear is this: projects like Metro Smart City are shaping the next chapter of Lagos real estate, quietly, privately, and at scale.
Up Next
In follow-up pieces, we will examine
whether Metro Smart City aligns with Lagos’s new-town strategy
Why cooperative societies are reshaping Nigerian real estate finance
a reality check on smart-city promises in Lagos
and what developments like this mean for housing affordability
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