As Nigerian economy continues to tighten with shrinking revenue to the federal government, many states are now looking beyond the monthly allocation which is no longer a windfall that it used to be.
One of such states is Akwa Ibom which has seen opportunities in Nigeria’s burgeoning real estate market, particularly in Lagos, Nigeria’s commercial nerve centre, where real estate assets are not only pricey, but also offer good returns on investment.
The state has, therefore, commenced construction work on a mixed-use facility it calls Ibom Towers in Victoria Island, the commercial hub of Lagos. Ibom Towers, for which the state Governor, Umo Eno, and Babajide Sanwo-Olu, the Lagos governor, jointly performed the groundbreaking, will rise 18 floors.
The Towers sits on 2,191.22 square metres of land purchased by the state in the 90s and had remained unutilised and dilapidated until the present government in the state decided to embark on its redemption, remediation and repositioning for better economic use and spread of prosperity.
The residential component of the Towers is designed to offer 32 apartment units comprising 10 one-bedroom and boys’ quarter; 10 two-bedroom apartments with boys’ quarter; nine 3-bedroom and boys’ quarter and three sky apartments and two-bedroom boys’ quarter.
The Towers boasts top-notch facilities including suspended swimming pools, restaurant, bar and three meeting rooms; private sit-outs, multi-level parking for over 100 cars, gym, six dedicated and access-controlled lifts, water treatment system, heightened security features and fences, among others.
The Towers which will offers both residential and commercial opportunities to home buyers and investors alike, is purely an investment for future internally generated revenue (IGR), a store of value, and preservation of the commonwealth of the citizens of Akwa Ibom funded by the state.
“Time has come for governments at all levels not to depend on taxation but look inwards to generate revenue, especially from the real estate sector,” Eno advised, disclosing that, when completed, the apartments will be sold using pre-sale payment flexible plan, while the money realised will be re-channeled into other development projects.
The governor explained that the state decided to invest in real estate, particularly in Lagos, to grow its economy and increase its revenue base. “In our determined efforts to grow more means of income and deepen our investment portfolio, we are here to perform a groundbreaking ceremony of this 18-storey Ibom Towers,” he said.
Former governor of the state, Victor Attah, recalled how he wanted to embark on the project but couldn’t execute it because he did not get the support of the relevant stakeholders and, therefore, urged Governor Eno not to give attention to those who may accuse him of not developing his state, but another person’s state, noting that the value of land and building in Lagos is not the same as Akwa Ibom. “The value of land here in Lagos is far above that of Akwa Ibom State. You have a vision and the future belongs to those who have the audacity to see the future before it becomes a reality,” he said.
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Sanwo-Olu commended Governor Eno for the bold step and for identifying Lagos as a good place to invest, stressing that Akwa Ibom State’s investment in Lagos will strengthen the relationship between the two states and grow their revenues.
According to him, the landmark project represents not only physical growth, but also a symbol of inter-state collaboration and shared prosperity, assuring Akwa Ibom of safety and positive return on their investment.
“The decision by Akwa Ibom to embark on this ambitious venture here is a testament to the dynamism of our great city as a commercial hub and to the visionary leadership of Governor Eno. This groundbreaking affirms our commitment to welcoming and fostering projects that strengthen economic ties and create new opportunities across our regions.
“As Ibom Towers rises, it will serve as a beacon of the fruitful alliance between Lagos and Akwa Ibom, creating a unique space that encourages business, investment, and vibrant community life. Projects like this one are the embodiment of our collective vision for Nigeria’s growth, driven by creativity, collaboration, and a commitment to excellence,” Governor Sanwo-Olu said.
It is expected that Ibom Towers will create both economic and social impact within its immediate environment on Bishop Aboyade Cole, Victoria Island.
According to Imoabasi Jacob, managing director of Akwa Ibom State Investment Corporation, the Towers promises strong financial fundamentals, including positive return on investment, adding that it will create direct and indirect jobs, just as it will fly the Ibom brand in the exquisite skyline of Lagos.
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