• Wednesday, October 09, 2024
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What Eko Atlantic’s new piped gas connection means for the city, businesses

What Eko Atlantic’s new piped gas connection means for the city, businesses

For the developers of the Eko Atlantic City, which sits beside Victoria Island in Lagos, the recent commissioning of a 5km natural gas pipeline network in Victoria Island, which is connecting the City to piped natural gas, is an icing on the cake, especially for the residents and businesses.

Eko Atlantic City is an ambitious urban community rising from the ashes of what used to be Lagos Bar Beach. The city, being developed by South Energyx Nigeria, is seen as Africa’s Dubai sitting on an expansive land reclaimed from the Atlantic Ocean.

The gas pipeline project undertaken by Axxela Limited, a sub-Saharan Africa’s leading gas and power portfolio company working in partnership with NNPC Gas Marketing Limited (NGML), has been described as a milestone, marking a significant achievement in Axxela and NGML’s ongoing 72.5km pipeline infrastructure project that will span from Victoria Island to the Lekki metropolis.

An excited David Frame, South Energyx’s managing director, pointed out the significance of being the first customer to be connected and benefit from the project, saying, “This development not only ensures a more efficient, stable, affordable and reliable supply of energy for our power generation needs but also sets a good benchmark for modern urban living.”

“Beyond the immense socio-economic benefits, the sustainable nature of natural gas aligns with our vision of creating a future-ready city that prioritises energy efficiency and environmental sustainability,” he added.

Kehinde Alabi, Axxela’s chief operating officer, noted that the commissioning of the first phase of the 72.5km pipeline network underscored their commitment to expanding natural gas infrastructure within the Greater Lagos area.

He reasoned that by connecting Eko Atlantic City to first gas, as a pioneer customer on that axis, Axxela was paving the way for more access to the natural gas advantage, providing reliable energy solutions that could aid economic development.

“For us at Axxela, we are not only fueling businesses but also enabling the development of self-sustaining clusters, whilst strengthening Nigeria’s socio-economic growth,” he noted further.

Justin Ezeala, NGML’s managing director, disclosed that, over the past two decades, NGML and Axxela had been well known for their pioneering efforts and immense contribution to natural gas advocacy. He was of the view that the current expansion project was a further affirmation of their partnership and dedication to natural gas infrastructure development across Nigeria and Africa.

Read also: Eko Atlantic City upbeat as residential devts account for 61% of construction

“We are optimistic that advancing the natural gas pipeline network to the highly commercial Victoria Island and the rapidly developing Lekki area is a step in the right direction,” he posited.

Development analysts are of the view that the collaboration between Axxela, NGML and Eko Atlantic City would help the urban coastal city meet its energy needs efficiently and reliably, adding that it would help to increase the fortunes of businesses that would be operating in the city.

As an urban community which headlines the New Urbanism in Lagos, Eko Atlantic City is currently developing a 60MW capacity gas-powered plant infrastructure which is expected to be commissioned in the next few years.

The ambitious infrastructure development in the new city is consistent with the expected 500,000 residents that are to live in the city with about 250,000 others commuting to the city on a daily basis.

The expectation is that As the city expands, its power requirements will be immense for both residential and commercial activities by the anticipated large-size residential population and others which will lead to not only business but also economic growth in both the city and the larger Lagos city.

Variously described as West Africa’s economic hub, Africa’s Dubai, and international commercial centre, Eko Atlantic City comes off easily as an innovative coastal city with its topnotch infrastructural design that houses world-class, large-scale financial, residential and commercial developments.

It is hoped that, upon completion, the city will deepen domestic gas utilisation as companies and businesses along the Victoria Island-Lekki corridor will have access to pipeline network infrastructure and natural gas will be readily available for use across various market segments.

SENIOR ANALYST - REAL ESTATE

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