Nigeria’s Eko Atlantic City takes shape

he new multi-billion dollar Eko Atlantic City with residential and commercial tower blocks off the coast of Lagos in Victoria Island, is taking shape as developers forge ahead with infrastructure development.

Eko Atlantic is being built from scratch on reclaimed land offshore from the Atlantic Ocean, and is set to provide 250,000 homes and offices for 150,000 commuters.

In a media brief early January, David Frame MD of South Energyx Nigeria Limited, the developers of the city, said that infrastructure development such as roads, drainage and power supply is well under-way.

He stated that the city when completed would be self-sufficient in terms of power and energy supply, adding that it would be powered by Independent Power Project (IPP).

 

 Describing the lighting project, Frame assured that the first row of lights along Eko Boulevard, a paved 8-lane thoroughfare which is the spine of the Business District, would also be extended this year.

  

"Building blocks under construction in the city can now clearly be seen from Ahmadu Bello Way on Victoria Island and the Marina on Lagos Island," he said

According to Frame, paved roads, sidewalks and kerbs are being built in the first and second phases of the emerging city. The first 15-storey tower in the city would be ready for occupation in first quarter of 2016.

When the former US President, Bill Clinton visited the site last year accompanied by President Goodluck Jonathan, he said the city would attract people worldwide in the next five years and would improve the domestic economy of Nigeria and bring enormous opportunities to the world.

The city hopes to attract financial institutions with luxury developments, with the goal being to establish Lagos as a commercial hub for the West African region.

Africa has the world’s fastest-growing cities, according to the United Nations. Its current urban population of 450 million is expected to triple in the next four decades.

Lagos Housing Market

Average rent on a three-bedroom apartment in downtown Lagos is $1200 a month, according to Dubai-based research firm Reidin.

Landlords usually expect two years of rent in advance, preferably paid in U.S. dollars. It is a challenge for Nigeria’s middle class, whose income averages about $600 a month, according to Renaissance Capital.

Home loans come with double-digit interest rates.

To keep pace, construction activity expands by 13% a year, according to government statistics. Architect Ade Laoye estimates that Lagos needs at least needs 10,000 additional houses a year.