For convenience, yes. For atmosphere or beach access, no. It's a functional base — cheap food, transport, groceries — but it lacks the walkable interest of Phase 1 or Ikate. Pick Jakande if you value the mall being 5 minutes away over having somewhere to walk in the evening.
About 10-15 minutes by car outside rush hour, $3-$5 Bolt fare. During Friday evening traffic budget 30-40 minutes. Danfo buses do the same run for around $0.60 but expect standing and slow going.
Live prices for every hotel and inn in the area — free cancellation, updated daily.