Eko Atlantic City has been described as the most ambitious project in Africa and Africa’s answer to Dubai. This article proves why the on-going Eko Atlantic City project will displace Victoria Island as the new financial capital of West Africa.
Every part of Lagos has its unique character, manner of people, peculiarities, distinctive architecture and most importantly the real estate value of the houses in the locality. There was a time when Lagos Island stood tall among other parts of Lagos state until the emergence of Victoria Island. And gradually Victoria Island too may just begin to lose its shine.
It has been predicted that Eko Atlantic will be one of the most dynamic and modern cities in Africa and probably the world.
Victoria Island May Soon Go Underground Too
Originally designated an upscale residential area, failing infrastructure and overcrowding in the old business district on Lagos Island and lax zoning enforcement in Victoria Island led to a mass migration of businesses over the last twenty-five years. Today, Victoria Island is one of Nigeria’s busiest centres of banking and commerce, with most major Nigerian and international corporations headquartered on the Island.
The Island has continued to rapidly develop and along with Ikoyi is a favourite spot for Nigerians and foreigners to live and play.
However, the influx of banks and other commercial ventures has changed the formerly serene atmosphere of the Island. Long-time residents complain about the increase in traffic and influx of street traders who cater to local bank employees and businessmen.
Consequent of this, it is now common knowledge that Victoria Island has become chronically overcrowded, making the need for new urban breathing space urgent. Victoria Island was originally intended to be a suburban housing area, but in recent years, it has become the nation’s financial capital as commercial giants and multinationals have moved in. The area has become the financial centre of West Africa, creating opportunity and wealth but also generating intense competition for land and building space. But all of that will change soon.
ENTER EKO ATLANTIC CITY
Eko Atlantic City is a multi-billion dollar residential and business development that is located as an appendage to Victoria Island, and along the renowned Bar Beach shoreline in Lagos. The plan is that it will:
Consist of ten square kilometres (3.86 square miles) of land reclaimed from the Atlantic Ocean
Be home to quarter of a million people and employ a further 150,000 people who will commute on daily basis
Be billed as a 24-hour, green-conscious, world-class city; and Attract and retain top multinational corporations
Eko Atlantic is fast becoming a reality as clients have already begun constructing their high-rise developments within the city.
Eko Atlantic may just be the height of luxury real estate expansion in Nigeria; An arena of work, leisure and recreation and a hub for foreign investors and tourists. It is therefore set to belittle places like Victoria Island, Lekki, Ikoyi, Banana Island e.t.c.
Already a haven for investment, Eko Atlantic will soon become a global landmark and a symbol of Nigeria’s pride and prosperity. And it’s just situated next to Victoria Island.
Nonetheless, Victoria Island still retains the position of the most desired Central Business District in Nigeria. It houses up to 18 bank headquarters, the best hotels are situated there and is home for up to 90% of the Grade A office complexes in Nigeria.
But the Victoria Islanders know that the status they’ve enjoyed over the years will end soon because just across the Ahmadu Bello Way, a city is coming up. Eko Atlantic City is designed to have many advantages that Victoria Island lacks. The infrastructure of the city is to be at par with any modern city in the world.
The developer’s website explains:” An efficient electricity generation plant will provide an uninterrupted power supply. Central service systems will completely eliminate the need for generators, water tanks and septic tanks. This will mean that Eko Atlantic will not be dependent on diesel and will not be troubled by the waste from badly serviced tanks, or from the noise pollution. A dedicated sewage treatment plant will keep the city healthy and safe. Clean water will be pumped from the city’s own treatment plants and distribution mains. State-of-the-art communications will fuel business and personal networking on a local and global level”
Can Victoria Island with its crowded streets, traffic gridlocks, and failing infrastructure stem the tide of an emerging city? Can it be at par with Eko Atlantic’s allure and charm? Will the grandeur buildings in Victoria Island with their expensive services compete with the buildings in Eko Atlantic City which will get such services from the mains? Will an Eko Atlantic City address not be more prestigious than a Victoria Island one?
The new city of Eko Atlantic famous for its unique position on reclaimed land currently under the ocean off Victoria Island is set to take its rightful place among the elite cities not only in Lagos but in Africa and the world at large.
Suffice it to say that Eko Atlantic City is indeed Africa’s answer to Dubai. The clock is ticking fast! The Eko Atlantic Project is now in a race against time.