Business Day Newspaper 21 September, 2010 Eko Atlantic City Promises Accommodation for 250,000 residents

Eko Atlantic city, an ambitious joint venture project between the Lagos State Government and the developers, South Energyx Nigeria Limited, promises to meet the needs of 250,000 residents with 150,000 others commuting to the city on a daily basis.

The city which will be sitting on nine million square metres of reclaimed land from the Atlantic Ocean is conceived, among other things, as a solution to the overcrowding problem of Victoria Island. According to the developers, Eko Atlantic city also promises a first-class infrastructure that includes independent power generation, water distribution, and sewage treatment as well as fast and efficient citywide transportation.

The city, more than anything else, foreshadows tomorrow's Lagos. The largest economic hub in West Africa, Lagos is Nigeria's economic nerve centre and commercial capital.
It houses major oil companies and most of the multi-nationals, according for more than 70 per cent of the country's skilled workforce.

Expectation is that Lagos will rise in population from its present 15 million to 25 million people by 2015, thus making it the third largest city in the world. Because of this, an Eko Atlantic city is not just desirable, but also imperative.

Conducting journalists on a site tour of the city recently, the developers disclosed that already 1.5 kilometres of land have been reclaimed from the sea, adding that 11 per cent of this area has already been sold to individual and institutional buyers.

Against the backdrop of the ocean surge that had wreaked havoc in Victoria Island in the past, the developers assured that a new sea barrier fondly called the Great Wall of Lagos would protect the city.

"The sea wall was designed by Dutch specialists, Royal Haskoning, and tested in Denmark by the world-renowned Danish Hydraulic Institute (DHI); the design of the sea wall proved it can withstand the worst storm imaginable in 1,000 years", they assured.

The city whose concession agreement was signed in July 2006 for a lease period of 78 years has a global Certificate of Occupancy with planning and construction approval which must meet the general concept of the entire project.

It will cover seven districts including the Ocean Front, Harbour Lights, Business District, Eko Drive, Marina, Avenues and Downtown. The Business District will be spread across 1.3 million square metres of land dedicated to providing West Africa with a world-class commercial hub.

At the centre of the Business District is the Eko Atlantic Financial Centre which is conceived as the key to success and prosperity. The centre's imposing towers will house corporate headquarters of banks, insurance companies and leaders in the oil and gas sector as well as room for a stock exchange, convention centre, auditoriums and hotels.

South Energyx's partners and consultants in this project include some of the world's finest experts in marine engineering, land reclamation and city design, and they have strong financial backing from local and international banks including First bank, First City Monument Bank (FCMB), GT Bank and BNP Paribas Fortis.

A plot of land in the city currently goes for an average of $1,000 per square metre.