Magazine article African Business

The Rise of Eko Atlantic: Nigeria's Vital New City

Magazine article African Business

The Rise of Eko Atlantic: Nigeria's Vital New City

Article excerpt

Eko Atlantic is a dynamic new city (www.ekoatlantic.com) that will rise on nine million square metres of land reclaimed from the Atlantic Ocean, adjacent to Victoria Island in Lagos.

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South Energyx Nigeria Limited, a subsidiary of The Chagoury Group, is creating Eko Atlantic that will become home to about 250,000 people and at least 150,000 commuters. Our 21st century city combines space for residential, commercial, financial and tourist development. It will have its own fully independent services network, including power generation, water supply, citywide sewage distribution, reliable security, state-of-the-art IT links and a public light rail system as well as efficient roads and waterways.

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The Financial Centre of Africa

The Eko Atlantic Financial Centre has a unique design concept and is built on 120,000 square metres of land. Its development is in Phase One of the Financial District of Eko Atlantic as a whole, which spreads over 1.2 million square metres. Construction of the Financial Centre is projected to start by the end of 2010. It will become a home to numerous financial institutions, legal and accounting firms, insurance companies, stockbrokers, oil and gas corporate headquarters, and advertising and marketing companies. It aims to host the new Lagos Stock Exchange, conference centre and a hotel.

Investor Confidence

The multibillion-dollar Eko Atlantic city project is funded by international as well as local banks--notably BNP Paribas Fortis, First Bank, FCMB and GT Bank. …

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