I investigated why Eko Atlantic city in Lagos is still empty

Summary

The video explores Nigeria's EO Atlantic City, a futuristic urban development reclaimed from the Atlantic Ocean. Despite being 17 years in the making, it faces criticism for being a 'white elephant' project, catering to the super-rich and not benefiting the average Nigerian. The managing director of Echo Development Company explains the city's origins as a solution to coastal erosion and its current state, emphasizing the infrastructure's quality and the city's green spaces. The high pricing and economic challenges in Nigeria are discussed, with the city's potential and ongoing projects highlighted.

Takeaways

• 🌊 Eko Atlantic is a futuristic city in Lagos, Nigeria, built on land reclaimed from the Atlantic Ocean to combat erosion and create a new urban space.
• 🏙️ Despite being over 17 years since its launch, Eko Atlantic's development is considered to be below expectations with many undeveloped plots and a lack of the vibrancy depicted in official renderings.
• 💼 Critics have labeled Eko Atlantic as a 'playground for the super-rich' and a 'white elephant project', suggesting it does not benefit the average Nigerian.
• 🛡️ The city was originally conceived as a solution to coastal erosion problems, with the construction of an 8.5 km sea barrier known as 'The Great Wall of Lagos'.
• 🏠 Eko Atlantic City promises to provide homes for over 250,000 people, but the high cost of properties places it out of reach for many Nigerians.
• 💰 The city's properties are priced in dollars, which is attributed to the cost of construction and the need to maintain value against the fluctuating Nigerian naira.
• 🌳 Eko Atlantic emphasizes greenery with a commitment to planting native trees and maintaining a green environment, contrary to claims of it being a 'concrete jungle'.
• 🏢 The city is designed with a focus on high-end residential and commercial properties, including office spaces and luxury apartments.
• 🏗️ Construction in Eko Atlantic has been affected by economic instability in Nigeria, leading to delays and changes in development plans.
• 🌐 Eko Atlantic is positioned as a free trade zone, allowing for transactions in dollars and the exemption from certain taxes.
• 🏛️ Some notable projects within Eko Atlantic include the new US Embassy and residential towers like the Eko Towers, although not all are occupied or completed.

Q & A

What is a Quantic City and how does Eko Atlantic City relate to this concept?

A Quantic City is a futuristic urban development built on reclaimed land. Eko Atlantic City in Nigeria is an example of this, being built on over 10 million square meters of land reclaimed from the Atlantic Ocean along the coast of Victoria Island in Lagos.

What was the original purpose of developing Eko Atlantic City?

The development of Eko Atlantic City was initiated to solve the problem of coastal erosion threatening Victoria Island in Lagos. It was also intended to create a new city and convert a liability into an asset of prosperity.

What criticisms has Eko Atlantic City faced since its launch?

Critics have called Eko Atlantic City a 'Potemkin Village' and a 'white elephant project,' suggesting it caters only to the super-rich and offers no direct benefits to the average Nigerian.

How does the managing director of Eko Development Company view the progress of Eko Atlantic City after 17 years?

The managing director acknowledges that the development may seem below expectations with many undeveloped plots, but emphasizes that it is a long-term project and not something to rush, ensuring it remains fit for purpose over time.

What is the significance of the 'Lagos Wall' in the context of Eko Atlantic City?

The 'Lagos Wall' is an 8.5 km long sea barrier that serves as the backbone and protector of Lagos from the Atlantic Ocean's forces. It was built as part of the efforts to combat coastal erosion and is a key feature of Eko Atlantic City.

What economic factors have affected the development of Eko Atlantic City?

The devaluation of the Nigerian naira and economic instability have impacted the financing and planning of projects within Eko Atlantic City, leading to adjustments in development timelines and scales.

How does the pricing of properties in Eko Atlantic City compare to the average Nigerian's purchasing power?

Properties in Eko Atlantic City are priced in dollars, with some luxury apartments costing millions, making them unaffordable for the majority of Nigerians and suggesting the city is targeted at a wealthy demographic.

What measures are being taken to ensure Eko Atlantic City remains a 'green city'?

Eko Atlantic City is being designed with green spaces in mind, including the planting of native trees and shrubs. There are efforts to maintain and water these plants to ensure the city remains lush and environmentally sustainable.

How does Eko Atlantic City plan to address the issue of housing affordability for Nigerians?

While Eko Atlantic City is not specifically designed for affordability, it is being developed with different phases and plot types catering to various economic levels, including areas for the ultra-rich and more affordable options for the middle class.

What is the significance of the new U.S. Embassy in Eko Atlantic City?

The new U.S. Embassy, located on a 12.2-acre site, signifies international recognition and investment in Eko Atlantic City. It is also expected to contribute significantly to the local economy during its construction and operation.

What are some of the completed and ongoing projects in Eko Atlantic City as of 2024?

As of 2024, completed projects include the Alpha 1 office space and the Eko Towers residential buildings. Ongoing projects include the construction of the U.S. Consulate General campus, the Ora Deco mall, and the Phoenix Towers.