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Eko Atlantic is an entire new coastal city being built on Victoria Island adjacent to Lagos, Nigeria. It is a focal point for investors capitalising on rich development growth based on massive demand – and a gateway to emerging markets of the continent.
Standing on 10 million square metres of land reclaimed from the ocean and protected by an 8.5 kilometre long sea wall, Eko Atlantic will be the size of Manhattan’s skyscraper district. Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power generation, clean water, advanced telecommunications, spacious roads, and tree-lined streets.
The project is privately funded by South Energyx Nigeria Limited – the developers and city planners, a subsidiary of the Nigeria-based Chagoury Group of companies – working in strategic partnership with the Lagos State Government and supported by the Federal Government of Nigeria.
Notable national and international banks have been quick to capitalise on the opportunities with some of Nigeria’s biggest – FCMB, First Bank, Access Bank and Guaranty Trust Bank – partnering with Eko Atlantic, with support from BNP Paribas Fortis and KBC.
For savvy investors, Eko Atlantic City represents far more than just surging Lagos land value. As Nigeria continues its unstoppable trajectory to become the financial capital of Africa, investing in Eko Atlantic opens unprecedented opportunities for tapping into the wider potential of the continent as a whole – widely recognised as the world’s most promising growth horizon.
Eko Atlantic, officially Nigeria International Commerce city, also known as Eko Atlantic City, or the initials E.A.C. and E.A., is a planned city of Lagos State, Nigeria, being constructed on land reclaimed from the Atlantic Ocean.Upon completion, the new peninsula is anticipating at least 250,000 residents and a daily flow of 150,000 commuters. The development is also designed to help in stopping the erosion of Lagos city’s coastline.
The city adjoins Victoria Island district of Lagos city, and the Phase 1 area of Lekki to the north, while the entire Western, eastern and southern borders is a coastline. Eko Atlantic is expected to rise as the next generation of property on the African continent; having a total of 10 districts, spread across a land area of approximately 10 square kilometres (3.9 sq mi), the city will satisfy needs for financial, commercial, residential and tourist accommodations.
Eko Atlantic development is being carried out as a Public–private partnership (PPP)with private companies and investors providing the funding, whilst Lagos State Government(LASG) is a strategic partner, with the support of the Federal Government.(Nigeria Government)[6] The Contractors are China Communications Construction Group LTD(CCCC), a company that works in the field of marine dredging and landfill operation. Consultants are Royal Haskoning (traffic and transport expertise) and ar+h Architects. South Energyx Nigeria Ltd., a subsidiary of the Chagoury group, was specifically created to undertake the development. Testing of the sea defence system took place at the DHI Institute in Copenhagen, Denmark, where models were successfully tested for one-in-a-hundred-year ocean surges, and one-in-120-year, one-in-150-year and one-in-1,000-year storms.
As of May 2009, while the project was still in its dredging phase, about 3,000,000 cubic metres (3,900,000 cu yd) have been sand-filled and placed in the reclamation area, while about 35,000 tonnes of rock have been delivered to the site. In certain parts of Bar Beach, the land being reclaimed can already be seen. Dredgers are working around the clock to fill the site with sand.
On 21 February 2013, a dedication ceremony was held at the reclaimed land of Eko Atlantic, with Goodluck Jonathan, Bill Clinton, Babatunde Fashola, Bola Tinubu, Aminu Tambuwal, and Ibikunle Amosun attending.
In March 2014, David Frame, managing director of South Energyx Nigeria Ltd., the firm responsible for the development, confirmed that “The first residential tower will open in 2016”.
By November 2020, a few buildings most notably Eko Pearl Towers have been completed with several more under construction and at planning stages. The city has become an active venue for popular afro-concerts and sports events like the Lagos City Marathon and Copa Lagos.Eko Atlantic City has also secured an EDGE certification from the International Finance Corporation (IFC), a member of the World Bank Group.
This new city has evolved rapidly from a visionary design concept into a technological reality. Infrastructural road works and underground surface drainage pipes are already laid along major routes across the new city. All bridges in Phase 1 & 2 of the project have been completed. And the Great Wall of Lagos sea revetment, which is being built more than two kilometres offshore at eight-and-a-half metres above sea level, has surpassed 6 kilometres in length and is now protecting over 6 million square metres of Eko Atlantic and Victoria Island.
Across Eko Atlantic, independent reliable electricity, advanced fibre optic telecoms, and clean water utility services are already installed below street level. With the foundations in place, this magnificent engineering and technological city is now rising.
Eko Atlantic will satisfy needs for financial, commercial, residential and tourist accommodations, with infrastructure in line with modern and environmental standards[this document does not show which environmental standards are used neither if Eko Atlantic is in line with any environmental standard]. These standards will offer the city’s residents water, waste management, security and transportation systems. The city will also have an independent source of energy generated specifically for the city.
Eko Atlantic is situated on land reclaimed from erosion and is protected by a coastal revetment designed by Royal Haskoning colloquially known as the Great Wall of Lagos,a planned 8.5 km long barrier constructed primarily of rock and faced with concrete accropode armour.
The Eko Atlantic City project received global attention in 2009, as the Lagos State Government and its private sector partners on the Project, South Energyx, received the Clinton Global Initiative Commitment Certificate.
Districts
Eko Atlantic is master-planned to contain seven districts which are as follows:
Harbour Lights
Business District
Marina
Downtown
Avenues
Eko Drive
Ocean Front
What’s special about Eko Atlantic?
Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power generation, clean water, advanced telecommunications, spacious roads, and tree-lined streets.
The Eko Atlantic project has been criticized by local residents living nearby, saying that ongoing construction works have caused coastal erosion and ocean surges; as ocean water surges through living areas, flooding access roads and taking down electricity poles and forcing residents to relocate. The Lagos State Government is also being criticized for failing to involve the people in the project.
In August 2012, the Atlantic Ocean surged and overflowed its banks, sweeping 16 people into the Atlantic Ocean, killing several people and flooding Kuramo Beach, Victoria Island and other areas. According to an environmental expert, “the ocean surge occurred as a result of the failure of the contractors handling the sandfilling activities of the proposed Atlantic Ocean City, to put in place measure that would reduce the effect of the surge on the environment”.The Lagos State chapter of the People’s Democratic Party issued an official statement, blaming the ACN (now APC) -led state government’s sand filling for the ocean surge. The party called for a stop to the Eko Atlantic project and immediate compensation to the bereaved families.
The coastline averages only around two metres above sea level and has always suffered long term coastal erosion. Historical maps show that the shoreline once extended almost three km into the Atlantic, and continuing erosion has caused parts of the coastline to collapse into the sea, increasing the risk of flooding. The Lagos State Government (LASG) decided to find a sustainable and permanent solution which would also resolve the chronic land shortage in the city and enable further expansion.The LASG and South Energyx Nigeria Limited (SENL) began feasibility studies in 2004, with Royal HaskoningDHV providing consultancy for the marine works. A visionary solution was proposed to resolve both issues – a new city, with effective flood defences, to be built on land reclaimed from the sea. With an area of approximately 10km2, Eko Atlantic would have a waterfront, an efficient transport system, high quality infrastructure with commercial and residential accommodation, and leisure facilities.
Who is the owner of Eko Atlantic in Lagos?
The project is privately funded by South Energyx Nigeria Limited – the developers/city planners and a subsidiary of the Nigeria-based Chagoury Group of companies – working in strategic partnership with the Lagos State Government and supported by the Federal Government of Nigeria.
Why Lagos is called Eko?
Lagos was once a big head Yoruba settlement of Awori people called Eko, whose name stemmed from either Eko (Cassava farm) a result of the conquest of that region by the Benin Empire or Edo Empire (1470-1897).
source : ekoatlantic _ wikipedia _ royalhaskoningdhv
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