Tag: Eko Atlantic

  • 21 floor Caspian Heights in Eko Atlantic unveiled 

    21 floor Caspian Heights in Eko Atlantic unveiled 

    Arkland Group, in partnership with Equity Cooperative, has commenced construction of Caspian Heights, a residential development in Eko Atlantic City, Lagos.

    The project was formally flagged off at a groundbreaking ceremony held on January 24, 2026, attended by investors, stakeholders, and industry partners, marking a key milestone in the delivery of the 21 floor residential tower.

    Managing Director of Arkland Group, Mr. Jide Olumodimu, led the ceremony alongside members of Equity Cooperative’s leadership, including its President, Jude Efuribe; General Secretary, Austin Okosun; and Treasurer, Adewale Adediran.

    The developers said the project underscores sustained investor confidence in Eko Atlantic City as a prime destination for high-value real estate.

    Speaking during the event, General Manager, Arkland Properties, Evelyn Edumoh, and General Manager, ASL Contractors, Elie Baz, presented an overview of the development, highlighting its architectural concept, construction plan, and investment potential.

    Read Also: Eko Atlantic tops Lagos luxury estate market by 59.5%

    They also took investors through project brochures and fielded questions during an interactive session.

    The developers said the three-year project will deliver a mix of one, two, three, and four-bedroom apartments, designed to optimise natural lighting and offer expansive coastal views.

    Planned amenities include a swimming pool, fitness centre, landscaped surroundings, advanced security systems, high-speed elevators, and dedicated parking spaces for each residence.

    Arkland Group described the development as part of its commitment to delivering lifestyle-driven residential projects that combine design quality with long term value.

    Equity Cooperative, the project’s investment partner, said the collaboration aligns with its focus on sustainable property investment and strategic partnerships within Nigeria’s real estate sector.

  • Eko Atlantic tops Lagos luxury estate market by 59.5%

    Eko Atlantic tops Lagos luxury estate market by 59.5%

    A report by Estate Intel showed that Eko Atlantic has maintained its position at the top of Lagos’ luxury property market, recording a 59.5 per cent increase in sales over the past five years,

    The report highlighted that prime Lagos luxury residential assets delivered strong sales price growth in naira by an average of 38–60 per cent annually over the past five-year period.

    It stated: “While Eko Atlantic topped the list, other prime areas also posted impressive gains. Ikoyi followed closely at 58.14 per cent, reflecting its enduring appeal among affluent buyers, while Banana Island recorded 55.30 per cent growth, driven by its scarce waterfront properties and high-end residences.

    “Victoria Island grew 45.04 per cent, demonstrating strong demand in a mixed-use commercial and residential hub, whereas Oniru rose 38.32 per cent, showing steady but comparatively moderate appreciation in a district with a broader mix of housing options.

    The data illustrate a widening gap between ultra-prime, master-planned districts and more mixed neighbourhoods, as investors continue to pay premiums for security, competitive amenities and scarcity.

    The sustained demand, scarcity premiums, and superior urban planning remain the key drivers of ultra-prime areas’ strong performance.”

    Earlier report revealed that a plot of land in Eko Atlantic,  was valued at about N180million in the early 2000s, has now skyrocketed to over N2 billon, highlighting the rapid appreciation of prime coastal real estate in Lagos, according to a report by the State of Lagos Housing Market, Volume 3.

    The report said: “The past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its luxury segment. What was once a market with relatively affordable land plots has rapidly matured into a highly competitive and premium investment destination, driven by a dynamic interplay of economic, demographic, and infrastructural forces”.

    Read Also: Tinubu assures Nigerians on security, urges peaceful Eyo celebration

    Over the last 10 years, the Lagos property market has undergone a dramatic shift, transitioning from a landscape and premium investment space to a highly competitive one with more accessible entry points. This evolution is most vividly illustrated by the consistent and often exponential appreciation of land prices. This is more profound with the Lagos/ Calabar Coastal Highway, one of the current administration’s  legacy projects that has opened up the Ajah/ Epe axis for competitive high brow estates.

    It stated that historical data undeniably demonstrates that land values have moved in a singular direction: upward, with no significant reversals, noting that the longer an investor delays, the more expensive real estate becomes

    “A compelling illustration of this trend is observed in Ibeju-Lekki. A plot of land in this area, which was available for as low as N500,000-N1.5million in 2013 (prior to major development hubs like the Lekki Free Trade Zone), saw its value surge to N5m-N10 million by 2018 as significant infrastructure projects commenced.

    “By the first quarter of 2025, the same land commanded prices between N25 and N40 million, representing a potential 40 percent increase in value over a decade.

    Similarly, plots in Lekki Phase 1 that were priced at between N10–N15million in 2005 are now valued at between N400 million and N500million.

    Land prices in Eko Atlantic, which stood at N180 million per plot in the early 2000s, is valued at over N2 billion currently.

    “This extraordinary appreciation underscores that real estate in Lagos has become a primary vehicle for wealth accumulation. The market’s dynamism is driven less by a pure housing need for the general populace and more by its function as a high-yield investment vehicle for the affluent, including a significant proportion of diaspora investors. This establishes luxury real estate as a critical mechanism for wealth generation and preservation in Lagos, particularly for those with patient capital and a long-term investment horizon.”

  • Eko Atlantic expansion lures investors to new estate

    Eko Atlantic expansion lures investors to new estate

    The Carnelian in Victoria Island is drawing growing interest from investors and Nigerians in diaspora who see it as a strategic move in the path of Nigeria’s most ambitious urban development.

    Developed by Digital Landlords with contractor ECM and inspired by Keji Giwa, Founder of Giwa Gardens Water Park, the project is now linked to the rising economic activity around Eko Atlantic City.

    Its position offers access at an entry point that remains within reach while aligning with long-term shifts in Lagos’ real estate market.

    The location of The Carnelian places it in the Okunde zone near Bluewater, overlooking the Eko Atlantic Resort Beach and the Coastal Road.

    This gives the development direct access to spaces that draw steady movement from residents, workers, and short-term visitors. The site is also four minutes from Eko Atlantic City.

    This keeps it outside the new district yet close enough to serve people whose work or travel connects to it.

    The link to Victoria Island and Ikoyi widens its reach across business and diplomatic circles.

    Many of the early enquiries have come from people who want to stay near Eko Atlantic without taking on the cost of living inside it.

    This is why the project is often described as a suburb of the new city.

    The economic pull of Eko Atlantic City is shaping the valuation outlook.

    The district is expected to serve as a financial and diplomatic hub, with land scarcity and its modern infrastructure pushing projected prices upward.

    The expectation that apartments in Eko Atlantic will sell for $1.8m by 2029 has become a reference point for investors.

    The Carnelian, with a projected value of $1.2m, stands at a 33 percent discount to that benchmark.

    This creates room for buyers who want access to the district’s lifestyle and convenience but prefer a lower entry point.

    The $450,000 starting price for early buyers opens a valuation gap that forms the core of the investment story.

    The projected rise from $450,000 to $1.2m reflects a 167 percent increase by completion in 2029, which is one of the strongest arguments for long-term investors.

    The rental market adds another layer to the opportunity.

    The location supports nightly rates of $350 to $450. At a 50 percent occupancy rate and an average of $400 per night, monthly gross revenue sits around $6,000.

    The demand comes from expatriates, diplomats, diaspora Nigerians, HNI guests, and corporate teams who want access to serviced accommodation near the beach, business districts, and the airport.

    The ease of movement from these locations to The Carnelian reduces friction and supports consistent rental interest. Investors also point to ongoing work in Eko Atlantic City as a signal that the surrounding market is moving.

    Visible development reduces uncertainty and shows that the main driver of future value is real. With units priced in USD, foreign investors also see a currency hedge. Land in this corridor remains finite, and this continues to tighten supply.

    The Carnelian brings together capital growth potential, rental income, and positioning next to a rising district. Buyers who enter at $450,000 gain access to a future $1.8m market while operating a rental model that can support holding costs. It offers a path into an emerging zone at a lower cost while generating income as the wider market evolves.

  • Tiwa Savage, Olamide, others light up Eko Atlantic at BAFEST

    Livespot and Access Bank brought the whole of Africa to Lagos to celebrate the first edition of the Born In Africa Festival on Sunday 16th December 2018. Thousands of fun lovers trooped into the venue of the festival in grand style. Art lovers admired the artworks exhibited by Africa’s visual artists; Uche Edochie, Ibe Ananaba, Isaac Emokpae and Tolu Aliki.

    The mini Access Bank runway also afforded fashion lovers the opportunity to walk on the runway, take pictures, admire beautiful dresses and attires displayed by designers like Tobewei, Tiffany Amber. About 20 movies were screened to film lovers.

    The infusion of music to fashion made the Born In Africa Festival, music certainly meets runway,  Falz The Bahd Guy opened the show with classic performances from his hit songs. Other artistes lined up for the show also brought their A-game to the stage with so much energy. There was so much love for Olamide, Kizz Daniel, Yemi Alade,  Congo’s finest Awilo Longomba, Tiwa Savage, Dbanj brought us from the past to present with his catchy live performances, In true African spirit, the audience at BAFEST showed so much love for South Africa’s finest poet and rapper, Sho Madjozi, she brought the roof down with her hit singles, Huku and Wakanda Forever. Burna boy closed the show in a grand style.

    One of the best performances of the night was the suspended drummers in the air, the performance was soul lifting the crowd asked to see it again. MCs of the festival, Shody The Hypeman and d2Dotun did a fantastic job getting the crowd engaged from the very beginning of the show till the end.

    DJ Crowd Kontroller was on the wheels of steels.

  • Eko Atlantic: A city with two faces

    Eko Atlantic: A city with two faces

    From the Bar Beach has risen Eko Atlantic, which some 450,000 people are expected to make their home. The city’s ongoing development will boost Lagos State economy, MUYIWA LUCAS reports.  

    To stakeholders in the construction industry,  the Eko Atlantic City (EAC) project remains the most talked about. At its conception in 2003, it seemed to many like a dream. But today, it  has become one of the wonders of the world.

    This is because the land area on which the city is built was, many years ago, part and parcel of Victoria Island, Lagos washed away by the Atlantic Ocean. Following the coastal erosion that posed a serious threat to Victoria Island and its environs, the need to safeguard the city from being submerged by the boisterous Atlantic Ocean became a priority to the state government and other stakeholders.

    Various steps taken to protect the Bar Beach shoreline led to greater ideas that culminated in not only  reversing the erosion, but reclaiming almost 10 square kilometres of land for a new, clean and eco-friendly city that ‘ll ease the pressure on Lagos, the biggest city in Africa’s fastest growing economy, and offer employment and opportunity to its 22 million residents.

    Three years later, in 2006, dredging of the ocean with approximately 140 million tonnes of sand to be dredged. Industry sources say this volume is by far the largest land reclamation site in the world. Today, much progress has been made on the project which initially seemed like a white elephant.

    As a permanent solution to the ocean surge, the developers of the project, South Energy Nigeria Limited (SENL), a subsidiary of the Chagoury Group, designed an eight kilometre (km) long  barrier to keep the sea at bay. This has become known as the Great Wall of Lagos, built on the same place, known as the water’s edge  about 100 years ago. The wall is piled about 15 metres high and capped with concrete accropodes, huge geometrical objects designed to resist waves on coastal structures. The city has its own factory manufacturing some of the materials required, like concrete.

    The Eko Atlantic City is divided into 10 districts, known as Harbour Lights, Business District, Marina, Downtown, Eko Island, Avenues, Four Bridges, Eko Drive, East Side  and Ocean Front. It is the single most ambitious and comprehensive mixed use development to come on stream in the West African sub-region to date.

    It is expected that the new city will be home to about 450,000 residents, with commuter volume of about 300,000 people expected daily. Self-sufficient and sustainable, it includes state-of-the-art infrastructure, its own 24/7 power supply, portable water, advanced telecommunications, spacious roads and 110,000 trees.

    Already, the Lagos skylines are beginning to be dotted by  the ongoing construction, with some residential structures springing up in some districts.

    Eko Pearl Tower

    The Eko Pearl Towers is the first residential building. The development was inaugurated with the Eko Boulevard, Nigeria’s first eight-lane city road in 2015. Eko Pearl Towers is a set of high-rise buildings, privately owned and developed by the Eko Pearl Construction Company. The development consists of five  residential towers, each topped with deluxe penthouse types, two and three bedroom apartments with a view of the Lagos coastline. The Black Pearl and the Champagne Pearl scheduled to be completed later this year.

    According to a statement from the developers and promoters of the multi-billion dollar project, SENL, the Eko Pearl Towers ranges from 24 to 33 floors of four apartments per floor, two apartments on the royal penthouse floors, a technical floor, terrace floor, a ground floor and a basement.

    The Azuri Allure

    Located in the Marina District of the city is the Azuri Peninsula, promoted by Eko Development Nigeria Limited – a real estate development company. The project sits on a combined land area of 127×507 square metres; it is to be built and delivered in three phases.

    The first phase, with a 36-month completion plan, has 13,000 square metres gross buildable area (GBA) and 130 square metres built up area where 120 luxury apartments, 12 super-luxury simplexes, two superb villas and seven town-house apartments will be nestled.

    Chief Responsibility Officer, Eko Development, Ihiene Ogolo, said: “Azuri Peninsula offers a unique and luxury urban lifestyle by the delightful marina-front of the Marina District in the vibrant new Eko Atlantic City.”

    According to Ogolo, Azuri combines the African word ‘Zuri’ meaning, beautiful and Azure – a radiant sea. He said the location of the Peninsula in the Marina District, considered the most exclusive in Eko Atlantic City, explains the developer’s choice of a brand name that resonates uncommon luxury and lifestyle.

    The Peninsula will be delivered as two and four-bedroom luxury apartments, six-bedroom duplexes and seven-bedroom villas.

    “This development is taking into consideration lifestyle and ambience. The lifestyle is created by its location. The location is between the Atlantic Ocean and the Lagos channel; we are also creating a marina and so you have three water bodies that create a lifestyle and ambience,” Ogolo said.

    For the ultimate comfort of the prospective residents of this Peninsula, which has already recorded about 80 percent buyer-interest, there will be a five-star marina and yacht club with an attractive promenade, high-end shops, cafes and a wealth of amenities.

    Though Eko Peninsula is planned as a mixed-use development that will be 92 per cent residential and eight per cent retail, its closeness to the Business District complements its concept of a live, work and play destination.

    In line with the highest standards of contemporary living, all apartments in the Peninsula will be fully-fitted with state-of-the-art kitchens and luxury bathrooms, air conditioning and broadband terraces and balconies. The ‘Orun’ and ‘Oban’ Towers promise to offer the ultimate in luxury living and this includes a private gym and swimming pool as well as a stunning, panoramic views of the environment.

    The  Peninsula also promises residents access to 24-hour concierge service, a gym, two squash courts, and a café. These come in addition to a relaxing sauna, games, screening rooms and a children’s playroom. Outside, residents will have access to a private outdoor swimming pool, children’s playground, garden-piazzas and valet parking.

    In the Marina District, there will be high-end retail outlets, international standard restaurants and an abundant range of amenities, all of which will establish Azuri Peninsula as a premier residential destination.

    Eko Atlantic’s high-standard infrastructure, which includes managed and maintained utilities, will guarantee an exceptionally-comfortable lifestyle. A well-planned road system, up-to-date ferry service and helicopter service linking the city to Lagos, will ensure that Eko Atlantic is the best-connected city in West Africa.

    14 bridges ready

    The multibillion dollar Eko Atlantic City has made significant progress in its infrastructural development with the completion of 14 bridges. The bridges, built to international standard, in phases one and two, extend to over five million square metres, representing half of the planned city.

    Work on the bridge started in December 2014, with the first bridge deck cast and the last one completed last December.  With the new bridges, all the districts are now accessible by road. The bridges form a major element of the works and they enable all major avenues to overpass the canal system running through the spine of the project. The bridges are between two and eight lanes. For instance, Bridge Seven comprises a six-lane carriageway and is located on Avenue 1, thus, defining the western boundary of the Business District, the commercial heartland of the city.

    Spanning 52 metres overall in three sections, Bridge Seven is typical of the design utilised in all the bridges and comprises a reinforced concrete cast  with piers and abutments. Also, post-tensioning techniques were employed on the horizontal deck to achieve the span required. The last bridge was constructed to overpass the canal entrance to the Soutwest Marina, defining the marine access to the Atlantic Ocean.

    SENL’s Managing Director Mr David Frame said the firm was committed to ensuring that the project is completed on schedule.

    “With the successful completion of all the bridges, all the major avenues within Phase 1 and 2 of the City are now fully interconnected, with the comprehensive road network of the City defined and all zones accessible,” he said.

    Water System

    The construction of an ultra-modern, centralised 24/7 water system designed to simultaneously supply phases one and two of the city, is ongoing.  The water system  construction satisfies “stringent international standards for construction of water treatment centers”, supplied by Degrémont, Suez-environment, a company known for its worldwide supply of water treatment equipment.

    The water system will extract raw water from deep groundwater aquifers via a borehole providing an estimated initial daily supply of 10,000m3. The daily supply of water will continue to increase as the city grows. To add further protect the aquifers, the borehole will be lined with stainless steel and cement grouted along its entire length to prevent contamination.  The raw water will undergo filtration to remove the impurities and iron from it.  The Water System will also disinfect the extracted water before storing it in water reservoirs ready for consumption in conformity with WHO guidelines. The water will then be pumped to a 47m high water tower that will supply the water  network of Phases One and Two. This will insure a residual pressure in the network of 1.5 bar.

    In addition to this distribution network, there will be ground water storage for a minimum of two days. This storage capacity will be independent from the required firewater reserve. The systemic treatment technology offers the most ecological and cost effective way to produce public water supply since groundwater is often more convenient and less vulnerable to pollution than surface water.

    SENL Vice Chairman Mr. Ronald Chagoury Jr. noted that the water system is provided according to WHO standards           by ensuring reliable quality of sustainable water system.

    “The city will not only boast of adequate power supply and a good road network, but also a water purification and distribution network that produces potable water for its residential and office use,” Chagoury Jr added.

  • 14 bridges ready in Eko Atlantic City

    14 bridges ready in Eko Atlantic City

    The multibillion dollar Eko Atlantic City, being developed in Lagos State, has made significant progress in its infrastructural development with the completion of 14 bridges, its developer has said.

    The bridges, built to international standard, in phases one and two, extend to over five million square metres, representing half of the planned city.

    Work on the bridge started in December 2014, when the first bridge deck was cast and the last one completed last December.  Phases one and two of the city are divided into eight districts – Harbour Lights, Business Districts, Eko Drive, Marina, Ocean Front, Down town, Eko Energy Estate and Avenues.

    They are planned for mixed-use with commercial, residential, entertainment and leisure  to make the city a 24/7 environment. With the new bridges, all the districts are now accessible by road.

    The bridgeworks have formed a major element of the works and it has also enabled all major avenues to overpass the canal system running through the spine of the project.

    The bridges are between two and eight lanes. For instance, Bridge seven comprises a six-lane carriageway and is located on Avenue 1, thus defining the western boundary of the Business District, the commercial heartland of the city.  Spanning 52 metres overall in three sections, Bridge seven is typical of the design utilised throughout all bridges and comprises a reinforced concrete cast  with concrete piers and abutments.

    Also, post-tensioning techniques were employed on the horizontal deck to achieve the span required. The last bridge was constructed to overpass the canal entrance to the Soutwest Marina, defining the marine access to the Atlantic Ocean.

    South Energy Nigeria Limited (SENL), a subsidiary of the Chagoury Group, Managing Director, Mr David Frame, said the firm is committed to ensuring that the project is completed on schedule.

    “With the successful completion of all the bridges, all the major avenues within Phase 1 and 2 of the City are now fully interconnected, with the comprehensive road network of the City defined and all zones accessible,” he said.

    Last November, the first Eko Pearl Towers, a residential building in its Marina District, was unveiled.  Its inauguration by the Lagos State Governor Akinwunmi Ambode came months after the city’s Eko Boulevard opening, the country’s first eight-lane city road.

     

  • ACCESS BANK LAGOS CITY MARATHON: Over 10,000 forms collected within seven days

    Barely a week after registration commence for the 2017 edition of the Access
    Bank Lagos City Marathon, over 10,000 forms have been collected by
    enthusiastic elite runners and other class of runners keen to be part of the
    flagship race in Nigeria.
    The second edition of the first international marathon in Nigeria in 31 years is
    slated for February 11, 2017. The start point is the National Stadium; the race will
    finish at Eko Atlantic.
    Yussuf Alli General Manager for the Access Bank Lagos City Marathon is
    enthusiastic about response from the general public.
    “His Excellency Governor Akinwunmi Ambode gave us a target of 50,000 runners
    for the second edition; we are positive we will the target and probably surpass it.
    As at Wednesday December 7, we have already given out over 10,000 forms,
    this time last year we have not record half of this number “.
    Alli General Manager Access Bank Lagos City Marathon stated that the general
    public can for now pick the forms at the Marathon Office located inside the Teslim
    Balogun stadium as well at the National Stadium all in Surulere.
    He revealed that as from next week forms will be available at Access Bank
    branches and offices of partners like 7 Up Bottling Company, Bet 9ja and Eko
    Hotel.
    Over 30,000 athletes participated in the first edition of the marathon held February
    6, 2016.

  • Four held for cable theft at Eko Atlantic

    Four held for cable theft at Eko Atlantic

    The police have arraigned four men at an Igbosere Magistrates’ Court, Lagos for allegedly stealing diesel and cable wire belonging to Eko Atlantic Company, Lagos.

    Samuel Enoch, 32, Taye Ajayi, 28, Kayode Baba, 32 and Segun Adeojo, 35, were accused of committing the offence alongside their accomplices who are at large.

    They were docked before Mrs F. F. George on a charge marked D/60/2016 on two counts of conspiracy and stealing.

    According to prosecuting Corporal Chinedu Njoku, around 5am on Saturday, the defendants and their accomplices, all putting on black t-shirts, gained entry into the firm’s premises by scaling the fence.

    They drew out diesel with a hose from the tank of an excavator parked nearby into their 30-litre Jerry can and also severed several wire cables which they tried to cart away.

    The men, he said, were seen and chased by the firm’s security operatives who caught two of the defendants, Enoch and Ajayi with the stolen items in their possession, while the others escaped.

    Baba, a plumber and Adeojo, were subsequently arrested by operatives of the Victoria Island Police Station.

    Enoch pleaded guilty to both counts, but Baba and Adeojo denied the charge.

    Magistrate George remanded Enoch and Ajayi in prison until Thursday, for a review of the facts of their case and for sentencing, while Baba and Adeojo were granted N100,000 bail each with two sureties each in the like sum. Their case also comes up on Thursday.

  • Eko Atlantic to become West Africa’s financial hub

    Eko Atlantic to become West Africa’s financial hub

    The Eko Atlantic City will accommodate the headquarters of the sub-region’s leading banks, financial institutions and international corporations, its developers have said.

    According to the developers, South Energyx Nigeria Limited (SENL), a subsidiary of the Chagoury Group, a part of the smart city has been reserved for the development of a business district. The district will be 650,000 square metres and will feature the Eko Boulevard, a two-kilometre long, 60 metre wide central boulevard similar in size and look to New York’s Fifth Avenue and Paris’ Champs-Élysées.

    Last week, while conducting a business delegation from the United Kingdom round the city, the Development Director, South Energyx Nigeria Limited, Mr. Pierre Edde, said the district was designed to host many headquarters of companies in Nigeria.

    “The Eko Atlantic City Business District is a strategic and prestigious location for offices, with a state-of-the-art 24/7 infrastructure network, including 21st Century communications, smooth transport system and uninterrupted electricity, making it a compelling place to work,” Edde said, explaining further that upon completion, Eko Atlantic would be home to 500,000 residents with an expected commuter volume in excess 300,000 people daily.

    One of the delegates, Akin Thomas, Chief Executive Officer of AKD Solutions Limited, described Eko Atlantic City as an amazing project, commending the developers for their commitment to Nigeria’s economic development.

    Another delegate, Eisen Chok, Director, Synergict Connect Limited, expressed delight at the progress of  the project.

    Head of Sales and Marketing, Chris Joe Energy, Fatai Amoo, said he was impressed with the vision behind the Eko Atlantic project.

    “This project is indeed, revolutionary and the innovative approach used to construct such city is a true testimony to future human habitat development not only in Lagos, Nigeria, but across the globe,” he said.

    He also praised South Energyx Nigeria Limited’s unique waste disposal management strategy, saying that’s how waste management should be handled in futurist cities and developments.

    Eko Atlantic City is a new city being built from reclaimed land on the Lagos Atlantic Ocean, Bar Beach, on Victoria Island.

  • Ambode pledges speedy completion of Eko Atlantic City project

    Ambode pledges speedy completion of Eko Atlantic City project

    Lagos State Governor Akinwunmi Ambode yesterday carried out an extensive tour of the Eko Atlantic City Project, pledging his government’s support to see the project to speedy completion.

    The governor was confident that the initiative would boost the state economy and increase its Internally Generated Revenue (IGR), when the city takes off in the next 18 months.

    Ambode, who was accompanied on the tour by members of his cabinet, said: “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.

    He expressed satisfaction on the infrastructure already put in place, saying that investors can now take advantage of the investment opportunities.

    Hailing the promoters of the EAC Project for their confidence in committing huge resources to the Nigerian economy, Ambode said their investment was a positive sign that Nigeria remains the investment hub in Africa.

    He said: “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 like to assure that we are committed to make this project a big success.”

    Ambode, who also inspected the 8.5-kilometre long shoreline wall, otherwise known as the “Great Wall of Lagos”, built to protect the EAC, said it was gratifying that the project would not only protect the new city, but also protect the whole of Victoria Island against any ocean surge, which was one of the primary reasons for the project.

    Chairman of Eko Atlantic City Mr. Ronald Chagoury said one of the first two residential buildings in the new city would be completed by the end of August.

    The second residential building, he said, will be ready before the end of the year, adding that the first office block will be ready between September and October.