First residential building in Eko Atlantic City (EAC), a mixed-use modern city rising out of the reclaimed Atlantic Ocean shoreline in Victoria Island, Lagos, will be ready this August, the promoters said at the weekend.
The EAC is a multi-billion dollar project planned to sit on over 10 million square metres being reclaimed from the Atlantic Ocean and expected to accommodate over 150,000 residents and another 250,000 people who would work and commute within the city on a daily basis.
Lagos State governor has pledged the support of government towards the delivery of the project, which is expected to also serve as a defence against the recurring ocean surge, which had threatened to wash ashore Victoria Island and its environs.
Of the target 10 million square metres, 6 million square metres have so far been reclaimed. The city is to have 15 bridges and two tunnels while the Great Wall of Lagos, standing as a barrier against the ocean, is designed to last at least 1,000 years.
Ronald Chagoury, chairman and promoter of the EAC, who conducted Governor Akinwunmi Ambode round the project on Sunday, said the first multiple-floor office block undergoing construction would be ready between September and October, while the second residential building would be completed before the end of 2016
Chagoury described the project as an impressive financial district, which upon completion, would compare with the financial district in Paris, France and the 5th Avenue in New York, United States.
Governor Ambode believed the project would not only boost the economy of the state, but also increase its Internally Generated Revenue (IGR).
“I would like to express the total support of this government to this project because at the end of the day we need to grow the economy of Lagos, and this obviously is going to have multiplier effect on our IGR.
“We promise that we are going to grow our IGR to N30 billion by 2017 and N50 billion by 2018, and this project is a sure outlet in achieving that goal,” he said.
Ambode also expressed satisfaction on the infrastructure already put in place, saying that it now behove on investors to take advantage of the massive opportunities.
He commended the promoters for their confidence in committing huge resources to the Nigerian economy, saying their investment was a positive sign that Nigeria remained the investment hub in Africa.
“Notwithstanding the economic recession that has befallen the country right now, we have come to also show that outside the recession, there is a whole lot of progress going on in the investment climate in Lagos State.
“We are very happy that the signs are looking very good for investment in Lagos. We are also very happy that we are doing everything possible to encourage investors to come into the State and I will like to assure that we are committed to make this project a big success,” he said.
Herbert Wigwe, managing director of Access Bank, whose bank is the major partner with the promoters of the EAC project and the Lagos State government, said aside the fact that adequate arrangement had been made to protect the city, the project was all about saving the state and creating a new tomorrow for people to live in Lagos.
He said with the project, the land that was lost over time to the bar beach had been reclaimed, adding that investors and interested people need not entertain any fear as to the safety of the city.
