• Govt to replicate project in
Abuja, Kano
Abuja, Kano
• Plans national mortgage finance firm
TRIBUTES to the human will and intelligence to conquer nature
reverberated in Lagos Thursday as leaders stood in awe of the Eko Atlantic
City, located inside the Atlantic Ocean-end of the state.
reverberated in Lagos Thursday as leaders stood in awe of the Eko Atlantic
City, located inside the Atlantic Ocean-end of the state.
The Eko Atlantic City was described as a project equal to any
other of its type from any part of the world.
other of its type from any part of the world.
President Goodluck Jonathan, who was at the laying of the
dedication stone for the five million square metre-Eko Atlantic City project,
explained that the corporation would be driven by a Public Private Partnership
that would also involve international financiers.
dedication stone for the five million square metre-Eko Atlantic City project,
explained that the corporation would be driven by a Public Private Partnership
that would also involve international financiers.
On the occasion, Jonathan announced the launch of a national
mortgage finance corporation to address the country’s over 16 million housing
shortfall.
mortgage finance corporation to address the country’s over 16 million housing
shortfall.
He disclosed that the World Bank had already provided $300
million to kick-start the company even as major stakeholders involved in the
project would include Mortgage Banking Association of Nigeria (MBAN), local and
foreign bodies such as Federal Ministry of Finance, Federal Ministry of Lands,
Housing and Urban Development, Central Bank of Nigeria (CBN) and the World
Bank.
million to kick-start the company even as major stakeholders involved in the
project would include Mortgage Banking Association of Nigeria (MBAN), local and
foreign bodies such as Federal Ministry of Finance, Federal Ministry of Lands,
Housing and Urban Development, Central Bank of Nigeria (CBN) and the World
Bank.
“We believe this will provide the much-needed liquidity that has
been lacking in the mortgage sector as well as solve the problem of high
interest rates. The housing sector has its peculiar challenges and that is why
the Federal Government, a few weeks ago, organised a private sector retreat
where it was agreed that the revival of the mortgage sector was paramount to
solving the national housing problem.”
been lacking in the mortgage sector as well as solve the problem of high
interest rates. The housing sector has its peculiar challenges and that is why
the Federal Government, a few weeks ago, organised a private sector retreat
where it was agreed that the revival of the mortgage sector was paramount to
solving the national housing problem.”
The Federal Government, according to him, has been meeting with
all the states in the country so as to fast-track the process of land titling
which has also been a drawback to housing.
all the states in the country so as to fast-track the process of land titling
which has also been a drawback to housing.
The event, which drew a large audience, comprising captains of the
industry, policy makers and traditional rulers, was hosted by the Lagos State
Governor, Babatunde Raji Fashola, who was elated to see the project becoming a
reality. According to the governor, nature has lost again to the supremacy of
human spirit and intelligence.
industry, policy makers and traditional rulers, was hosted by the Lagos State
Governor, Babatunde Raji Fashola, who was elated to see the project becoming a
reality. According to the governor, nature has lost again to the supremacy of
human spirit and intelligence.
Also at the event were former governors of the state, Admiral
Ndubuisi Kanu, Alhaji Lateef Kayode Jakande and Bola Ahmed Tinubu, who
initiated the project in 2003. The business community was led by Alhaji Aliko
Dangote, Oba Otudeko and others.
Ndubuisi Kanu, Alhaji Lateef Kayode Jakande and Bola Ahmed Tinubu, who
initiated the project in 2003. The business community was led by Alhaji Aliko
Dangote, Oba Otudeko and others.
Fashola recalled that the project had been raising a lot of
questions, for the right reasons, all over the world. “It is beyond the civil
and engineering master-piece on display, but I see more the determined effort
and spirit to conquer nature. This project is one of the major accomplishments
of man in the moulds of airplane, Euro-tunnel, the Egyptian pyramid and so on.”
questions, for the right reasons, all over the world. “It is beyond the civil
and engineering master-piece on display, but I see more the determined effort
and spirit to conquer nature. This project is one of the major accomplishments
of man in the moulds of airplane, Euro-tunnel, the Egyptian pyramid and so on.”
He, however, lamented where, due to man’s negligence, nature had
been allowed to fight back, referring specifically to a case of the century-old
Apapa Ports. He insisted that man must not submit to nature.
been allowed to fight back, referring specifically to a case of the century-old
Apapa Ports. He insisted that man must not submit to nature.
“This project is not finished, but it is already a success story”,
said Fashola, who stressed the restoration of businesses along the Victoria
Island corridor, even after what looked hopeless in 2003 massive flooding of
the area.
said Fashola, who stressed the restoration of businesses along the Victoria
Island corridor, even after what looked hopeless in 2003 massive flooding of
the area.
Disclosing that the Federal Government planned similar projects in
Abuja and Kano, Jonathan stressed that government at the centre would not be
beaten by the success of the Eko Atlantic City. “This project is a continuation
of good news narrative that has been sweeping the country such as the recent
victory at the African Nations Cup and revival of the Lagos to Kano rail.”
Abuja and Kano, Jonathan stressed that government at the centre would not be
beaten by the success of the Eko Atlantic City. “This project is a continuation
of good news narrative that has been sweeping the country such as the recent
victory at the African Nations Cup and revival of the Lagos to Kano rail.”
The special guest at the event, former President of the United
States, Bill Clinton, who spoke to the gathering, commended the project and
stressed that it would be an international tourist attraction.
States, Bill Clinton, who spoke to the gathering, commended the project and
stressed that it would be an international tourist attraction.
“No one is strong or wealthy enough to solve all the world’s
problems; but it is through the collective efforts of people that make a
difference. And I urge you to continue. I am convinced a lot of people will
want to come and see this place
problems; but it is through the collective efforts of people that make a
difference. And I urge you to continue. I am convinced a lot of people will
want to come and see this place
“The walls built to arrest any over-flowing of the sea, tagged
‘The Great Wall of Lagos’ will not only protect the new city from the Atlantic
Ocean, but also the adjoining Victoria Island.
‘The Great Wall of Lagos’ will not only protect the new city from the Atlantic
Ocean, but also the adjoining Victoria Island.
“The wall now stands at three and a half kilometres in length and
has brought back the coastline of Victoria Island to where it was a century ago
before coastal erosion began to wash it away. The Eko Atlantic land reclamation
started in February 2008 with a seven-year dredging operation planned to create
8,000 square metres of new land every day,” Fashola stated.
has brought back the coastline of Victoria Island to where it was a century ago
before coastal erosion began to wash it away. The Eko Atlantic land reclamation
started in February 2008 with a seven-year dredging operation planned to create
8,000 square metres of new land every day,” Fashola stated.
Earlier in his address, Executive Chairman of Eko Atlantic, Mr.
Ronald Chagoury, said: “Nigeria is a great nation. Building a city of this
calibre can only be achieved by putting our hands together. Today, we are at a
turning point, where the real construction of the city has started.”
Ronald Chagoury, said: “Nigeria is a great nation. Building a city of this
calibre can only be achieved by putting our hands together. Today, we are at a
turning point, where the real construction of the city has started.”
He stressed: “Today, Lagos is the economic capital of Nigeria. We
pray, by your blessing, Mr. President, to become the economic and financial
centre of Africa in the near future.”
pray, by your blessing, Mr. President, to become the economic and financial
centre of Africa in the near future.”
The milestone achievement of the planners and city developers of
Eko Atlantic was recognised by the unveiling of a marble plaque by President
Jonathan.
Eko Atlantic was recognised by the unveiling of a marble plaque by President
Jonathan.
Speaking on behalf of Eko Atlantic, the Managing Director of Eko
Atlantic, Mr. David Frame, stated: “Completing 50 per cent of the land
reclamation for Eko Atlantic is a major milestone and we are incredibly proud
to be able to celebrate the occasion today with His Excellency, the President
of the Federal Republic of Nigeria and President Clinton, as well as His
Excellency Governor Fashola. Their participation is a major endorsement of our
objectives; and we thank them profusely.”
Atlantic, Mr. David Frame, stated: “Completing 50 per cent of the land
reclamation for Eko Atlantic is a major milestone and we are incredibly proud
to be able to celebrate the occasion today with His Excellency, the President
of the Federal Republic of Nigeria and President Clinton, as well as His
Excellency Governor Fashola. Their participation is a major endorsement of our
objectives; and we thank them profusely.”
Head of Communications for the new city, Mr. Brent Sadler, stated:
“Eko Atlantic is a ground breaking vision for the future of Lagos, offering
world-class infrastructure to facilitate the development of a new African city.
It will help meet the needs of Lagos’ growing population and business
community. Eko Atlantic will be a clean, energy efficient city for the 21st
Century.”
“Eko Atlantic is a ground breaking vision for the future of Lagos, offering
world-class infrastructure to facilitate the development of a new African city.
It will help meet the needs of Lagos’ growing population and business
community. Eko Atlantic will be a clean, energy efficient city for the 21st
Century.”
The construction of infrastructure for Eko Atlantic, such as
roads, drainage and sewage systems has also started, including the foundation
work for Eko Atlantic’s first commercial tower block.
roads, drainage and sewage systems has also started, including the foundation
work for Eko Atlantic’s first commercial tower block.
Upon completion, the developers and planners of the new city will
have produced 10,000,000 (ten million) square metres of land, ripe for
development: equivalent in size to the skyscraper district of Manhattan in New
York City.
have produced 10,000,000 (ten million) square metres of land, ripe for
development: equivalent in size to the skyscraper district of Manhattan in New
York City.
The essential new city for Lagos is being designed as a solution
to coastal erosion and also to help relieve pressure on the congested city of
Lagos.
to coastal erosion and also to help relieve pressure on the congested city of
Lagos.
Source: Guardian
