Popular with the extreme upper class residents of Nigerian society, Ikoyi is arguably one of the wealthiest communities within Nigeria.

The area that makes up Ikoyi was originally a continuous land mass with Lagos Island, until it was separated from it by the MacGregor canal, a narrow waterway that was dug by the British colonial government.

Ikoyi II is often characterized by more contemporary developments, high-rise luxury apartments, and new commercial properties.

[4] Upmarket residential properties continued to be built after the colonial period, and the Island and its Dodan Barracks became the residence of some of Nigeria's military rulers.

One of the main attractions in Ikoyi is Awolowo Road, which is a high street lined with upscale shops and boutiques.

[5][6] Owing to recent unrest in the Niger Delta, several oil companies have moved their expatriate staff to Ikoyi.

[citation needed] Ikoyi is one of the regions with the highest amount of rainfall in Lagos, with rain often exceeding 3000 mm every year.