Investment in the development of new cities and hubs in Nigeria has now reached over $24b. Without accounting for smaller or previously completed projects, the Eko Atlantic (Lagos) and Centenary City (Abuja) add up to a significant private & public sector investment of $24b, $6b and $18b respectively.
The government/public sector matched the $6b private sector investment in Eko Atlantic 3 times over with the new Centenary City Project. The Centenary City is considerably more expensive than Eko Atlantic because it includes the cost of developing structures, buildings and more. Eko Atlantic is generally just a land reclamation project, where reclaimed land is being sold to private developers for development. If the development cost of all the private developers were included, it could be well over $18b.
Nonetheless, there needs to be a shift towards billion dollar regeneration & urban renewal projects in derelict regions across Nigeria from the public and private sector. Although the Lagos State government has some involvement with the Eko Atlantic and the Orange Island (Lekki region) developments, more attention needs to be paid to regenerating and refurbishing, as opposed to abandoning regions for development elsewhere.
Governor Fashola has spoken of urban renewal plans within Lagos Island that involve a bolstered power supply, advanced mass transit and increased business activity. This is impressive, however multiple regions on the mainland of Lagos would also be ideal for similar schemes.
About the Author:Dolapo Omidire is a recent graduate and a Real Estate Research Analyst living and working in Nigeria. He has a strong interest in his built environment, property and writing/blogging. For more information and posts, follow him on Twitter – @DolapoOmidire and visit. http://estateintel.com
