If you have been to Nigeria, you have probably heard of the Eko Atlantic. Located in Lagos State, Nigeria, it is a focal point for investors capitalising on rich development growth in one of Africa’s biggest commercial cities.
Now you may ask, what is Eko Atlantic? Is it a hotel? A resort? Or just a tourist destination? Find out when you read this article.
What is Eko Atlantic?
Eko Atlantic is a multibillion-dollar planned residential and business city which was launched in 2009 in Lagos State. According to the official website, the project is privately funded by South Energyx Nigeria Limited in collaboration with the Lagos State Government and supported by the Federal Government of Nigeria.
South Energyx is a subsidiary of the Chagoury group. Also, the contractors are China Communications Construction Group LTD(CCCC), a company that works in the field of marine dredging and landfill operation. The consultants are Royal Haskoning (traffic and transport expertise) and ar+h Architects.
ALSO READ: Allen Avenue: Commercial zone which duplicates as red-light district of Lagos
As Nigeria continues its trajectory to become the financial capital of Africa, Eko Atlantic is one of the projects proposed to achieve the aim. It consists of 10 square kilometres (3.86 square miles) of land reclaimed from the Atlantic Ocean. On completion, the new city is expected to accommodate at least 250,000 residents and a daily flow of 150,000 commuters. It will also have 3,000 buildings and 400,000 homes for residential, business, financial and tourist lodging purposes. The city will have 10 districts, which include the following:
- Business Districts
- Fall lights
- Marina Districts
- Eko Island
- Four bridges
- Eko Drive
- East Side Marina, and
- Ocean Front
In addition, the project is designed to address the issues of erosion, which includes future sea level rise and storm surges. Erosion has been a big issue around Lagos Bar Beach, happening at a rate of 30 meters per year. Causes include wave tides, littoral movements and sediment characteristics.
However, controversy has trailed the project since its inception, with residents in nearby locations alleging that construction of the project has caused coastal erosion and ocean surges. These surges have flooded living areas like houses, roads and electricity poles, forcing residents to flee.
In August 2012, people were dragged into the Atlantic Ocean after it surged and overflowed its banks. Several people were killed, and the flooding affected Kuramo Beach, Victoria Island and other areas. Environmental experts reportedly blamed the contractors handling the sand-filling activities of the proposed Atlantic Ocean City for not putting measures in place to curb the ocean surges.
Eko Atlantic is also being constructed to become a separate municipality, a hub and model of good governance in Nigeria.
ALSO READ: Why Berger Bus stop is popular, synonymous with traffic gridlock in Lagos
Eko Atlantic will reportedly have the following benefits upon completion and activation of full operations:
- Efficient independent infrastructural facilities.
- Independent power supply.
- Independent water treatment and supply.
- Subterranean infrastructure.
- A dedicated business district.
- Two yachting marinas are connected by an internal canal system.
- Proximity to schools, hospitals, shopping and recreation.
- City-wide maintenance and management.
- Operating in a designated Free Zone.
- Well-planned road network.
- City-wide fibre optic network.
- 24-hour, green-conscious, world-class city.
- Apartments offer a wide variety of choices from entry-level apartments to ultra-high-end developments and more.
The project is expected to cost about $6 billion.
Where is Eko Atlantic?
Eko Atlantic is located adjacent to Victoria Island (the former Bar Beach) in Lagos, Nigeria.
Who can afford Eko Atlantic?
Eko Atlantic is open to investors, business owners, employees and residents. However, the cost of a plot of land, which is sold per m², is dependent on its size and location. For instance, plot sizes in Phases 1 and 2 with approximately 2,200 m have a price starting at $1,150. In Phase 3, land from approximately 1,200 m², which is mostly for low-rise residential houses, can cost about $1,050.
In other words, the Eko Atlantic project is for the elites or wealthy class.
ALSO READ: Lagos Floods: History, prone areas and survival tips