The emergence of Nigeria in 2014 as the largest economy in Africa is a feat that has further spurred Direct Foreign Investment into an economy whose major attraction apart from crude oil is the 170 million consumer based population.
Lagos the economic power house of Nigeria, and one of the fastest growing mega cities in the world with an estimated multicultural population of 20 million people played a leading role in the attainment of the new economic status with her robust Internally Generated Revenue (IGR), improved security, manufacturing, banking, entertainment, urban housing, infrastructural development, ongoing Dangote refinery and fertilizer complex, Independent power generation, Health care, Hospitality and Tourism which are the economic drivers that have transformed the state into a major world economic and tourism destination. The strategic economic importance of Lagos have also made it imperative for many businesses operating in Nigeria to strategically use Lagos as the spring board for their businesses.
The unparalleled economic viability of Lagos for developments like ICT compliant office blocks, upscale luxury hotels and apartments, restaurants, shopping malls galvanized the Lagos State Government and other stake holders into embarking on the ambitious development of the Eko Atlantic city project at the Bar beach in Victoria Island, Lagos firstly to permanently address the devastating coastal erosion problem and secondly create a state of the art modern city comparable with other upscale cities in the world.
The upscale “city within a city” project is been developed on an approximately 10 square kilometres of reclaimed land from the Atlantic Ocean in a move to restore the eroded stretch of Lagos bar beach to its original state. The gradual erosion of the shorelines is said to have started after the 1912 completion of two breakwaters at the entry point to the Lagos harbour from the sea to address silting of the entry point which was causing navigational problems to approaching ships.
The Eko Atlantic city will cater for the housing needs of 250,000 upscale residents and a workplace of another 150,000 people who will commute in and out of the city daily using an efficient transport system.
Eko Atlantic city will be a smart city with modern hi-tech infrastructural capabilities to cater for the new epicentre of Business and Finance, luxury residential and offices accommodations, tourist accommodations, malls, restaurants, cinemas, leisure parks and health facilities in the continent.
A major source of tourist attraction to the city at completion shall be the imposing and must view 8 Kilometre stretch of the “Great wall of Lagos” made from 100,000 concrete blocks weighing 5 tonnes each to primarily serve as an armoured sea defence for the Atlantic City