In spite of the ongoing recession in Nigeria that has bruised its economy badly with fast-paced inflation and diminished local investment appetite, emerging urban communities in Lagos, the country’s commercial capital, are still attracting foreign interests who see hope in those developments.
Lagos has, in the past five years, seen the development of some urban communities including the Eko Atlantic City, which is a full-fledged city by any stretch of definition; the Gracefield Island, Imperial International Business City (IIBC), and Orange Island.
The development of these communities, which has been described as ‘new urbanism’ in real estate parlance, is part of efforts by the Lagos State government in collaboration with private sector operators, at addressing its housing shortfall, which is its major social problem as a mega city.
Lagos is a mega city by reason of its population estimated at 21 million. Alone, it has three out of Nigeria’s 17 million housing units deficit, which is made worse by high cost of land and unaffordable house prices. Majority of the residents therefore live in rented accommodation.
Expectation is therefore, high that the development of these new communities will address these challenges and also offer investment opportunities for both local and foreign interests.
The British government is not only fascinated by these initiatives which it has described as ambitious, but also sees hope of growth and opportunities for British companies some of which are already involved in one of the developments.
The government, through its High Commission, is being very deliberate in identifying significant projects such as the Gracefield Island and the new British Deputy High Commissioner to Nigeria, Laure Beaufils and her team to the Island, highlighted this recently during a visit.
Beaufils said during the visit that she looked forward to a new order in world economy that will see increased trade and improved cooperation between Britain and Nigeria. Her predecessor, Bashir Ahmed, had during a similar visit to the project, expressed hope of seeing many British companies coming the island not just to set up businesses but also to make a difference.
Gracefield Island is a forward-looking new city development initiated and being implemented by Gravitas Investments Limited. It is a luxury island development, so far, the first of its kind in Nigeria that could only be likened to Dubai’s Palmtree Island.
Olufemi Babalola, Gravitas chief executive, says the project presents a unique opportunity with multiplier effects on the economy, citing examples of several technical partnership and development relationships that were driving progress on the new Island city even at its early stage of construction.
Imperial City is another emerging urban community in which the British government has shown interest and, according to Bashir who is now the Director, Department of International Trade, British High Commission in Nigeria, the commission could collaborate with the developers of the new city in areas of infrastructural development such as energy, efficient transport and ICT.
“The Department will lend a helping hand and allow the developers to leverage on its experience and contact in making the IIBC dream a reality”, said Bashir who spoke during a visit to the palace of the Elegushi of Ikate Land and Environ, Oba Saheed Ademola Elegushi.
Like Gracefield, IIBC is also a new community sitting on 200-hectares of land being reclaimed from the Lagos Lagoon in the Lekki area of Lagos. It is being developed and promoted by Channel Drill Resources Limited, a real estate and infrastructure investment company.
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