August 18, 2022

Reporters’ Diary

Factual Reportage

Infrastructure development in Eko Atlantic City is 50% complete

The Managing Director of Eko Atlantic City, Mr David Frame, said that approximately 50 per cent of the infrastructure for the entire city has been completed.

Speaking during a city tour with journalists, he also said that several kilometres of road have been completed along with sidewalks and utilities in place.

“Additionally, we are opened for embassies around the world to establishing their developments here. We have an area in phase three of the project which already has been purchased to build an international Consul Office,” he said. He also added that a substantial amount of land has been sold.

“All the time we have people walking through the door that they want to build on 2,000 sqm of land, they want to be close to the sea, the canal, and so on. Our sales team will tell you that we are constantly getting inquiries from various parts of the world.

On power generation, Mr Frame said, “The plan at the end of the project is to have a plant in phase six that will generate all the power the city needs to run 24/7. We have a license from NERC to generate power and a license to power Eko Atlantic City. Currently, we are working with smaller generators, but when that comes into place, we will have about 75MW.

About pricing, he said, “What you have to remember is that as well as being a city, we are also a Free Trade Zone (FTZ). So for the purposes of marketing the land, we operate in dollars because it’s a more stable currency. The naira fluctuates. So if you are quoting in local currency and the client takes his time, you have to review prices constantly. However, we are very flexible when the client wants to pay in naira. We accept naira at the parallel market rate during the period of the transaction.”

He noted that one of the ethics of Eko Atlantic City is to maximize local content. “So where we can construct something to the highest standards locally, we do it, rather than to import. The items that we import are items we cannot get here in Nigeria.”

Frame said that the building regulations for the city are put together based on international standards. According to him, some indigenous contractors can achieve that. He cited the examples of Victoria Island and Ikoyi, which have similar structures built to international standards.

“Parts of the regulations are that the developer must engage international consultants who will monitor the operation and the progress to ensure and provide regular reports that the construction is up to those standards.”

On retail fuel outlets, Frame said that there would not be refineries and petroleum depots in Eko Atlantic City. He, however, stated that “there will be petroleum stations as we are already getting inquiries from major downstream marketers to set up petroleum outlets in the city. At the moment, we don’t have enough residents in Eko Atlantic City to justify putting filling stations. But that time will come.”

About the Great Wall of Lagos, which protects Eko Atlantic City, Victoria Island, and parts of Lekki, he said, “This wall is eight and a half meters above sea level. That is four and a half meters higher than Victoria Island. The wall is two kilometres away from Ahmadu Bello Way. So when it comes to protection, as you can see, we have put the best structures in place here. This is a very protective wall. “These concrete elements you see here are accropodes, and they weigh five tonnes each. We will have produced 102,000 of them once the wall is complete. They are manufactured here on site. This wall is very well designed and constructed. At its base, it is 56 meters wide. Where we are standing now is 7.5 meters above sea level and 17.5 meters above the seabed.

He added, “The vast majority of the people who have invested in land in Eko Atlantic City are Nigerians. We have some international investors coming definitely. We are always open to discuss with investors from all around the world. And certainly, there will be more and more interest in the development of Lagos and Nigeria when it comes to that from international investors. But a great number of people who have bought lands in Eko Atlantic City are Nigerians.”