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Why Eko Atlantic City in Lagos is still Empty
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- Опубликовано: 28 май 2022
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This is Eko Atlantic City, built on 10 square kilometers of land reclaimed from the Atlantic Ocean, some called it the Dubia of Nigeria, created to help stop costal erosion at VI, Lagos, this basic idea turned into a huge project.
This project brought a lot of controversies, because More than a decade later, only a handful of buildings have been completed, large sections of the city are still empty and plots of land awaiting construction work. In this Video, we toured Eko Atlantic and answered some questions regarding the Eko Atlantic city project in Lagos Nigeria.
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Eko Atlantic City is a good exemple what Goverment should NOT do.
Can you imagine if all money had been invested in Education, Heathcare, sanitary store system, houses, etc ??
Surely, Nigerian people would get fully benefited
It is 100% privately owned!
Thank you for the emphasis😅@@dewsbabababa8006
No mind those yeye ignorant commenter @@dewsbabababa8006
Well said! A project fuelled by greed & unnecessary show off.
Not gov money abeg
Privately own.. Investors are supposed to troop in and erect buildings bit I can't tell why it is not happening
Nigeria must focus on getting 24/7 electricity and stop going for things they can't afford
Yes
Did your country have 24/7 power supply?
@@chrisudoka5420 what he said is absolutely true, no need for your defensive response. Nigeria needs to focus on having basic amenities that is more likely to foster long term growth and development.
@@co6429 what do you have in your country?
@@chrisudoka5420 don't mind those fool instead of them to focus on their undevelope village they are coming here to writing nonsense
As a foreigner who has lived in Lagos for ten years, from my experience, it is very difficult to build any project here, especially the current government policies and various problems caused by corruption. I In order to apply for the use of Gas power generation, even though it took a lot of time and money to do it, it has been almost a year and it still can't be done. I am very disappointed with this government.
We are all disappointed in the government. you are not alone on that
Volume please, I'm feeling you!
In Nigeria it's all about who you know and money. Then you have power.
Any project or just real estate?
@@kingsleyonyemaechi4129 Any project....i have my reservations myself, it's just so long to type
1. The Eko Atlantic City wasn't designed for everyone, it has its target market.
2. Every country has such areas.
3. Just because you work in an area doesn't mean u are supposed to stay in that area.
Yes but this is Lagos with one of the worst traffic problems in the world. If there isn’t provision for low income earners such as the staff, then imagine how long it’ll take them to get home, and to get to work.
Yes while I agree with you but this project is a facade as it will not benefit the population at large, and will further contribute to class segregation, in a country where the economy continues decay, and inflation is 300% in past 15 years, the creation of job is also a mirage, as it will not even benefit the workers, many currently working on the island and living in the mainland are already finding it hard to make ends meet, and this will worsen it, this is just a private project for profit and should be labeled as such and not a benefit for the population at large
Everyone should see this message
They said house 250,000pple. So it definitely means they have a target market. It is not made for the average nigerian and that is okay. As long as it would help the GDP of the country at large. And they shouldn't settle for less. They already have a plan. Imagine selling a plot for 1million naira. What building will a person that can afford 1m build? A mediocre building. Definitely lesser than expectation. They should just stick with their plans. Things would still work out well. Great things need not to be rushed!!!
@@cheekypigg how must tourist we be paying every day to sleep and eat that eko at city is a overprice project there are many project around the world you can put your money rich people are not fool the invest wise and expecting return delay is dangerous
When i called this project a white elephant in another snowflakes caught feelings...... I live and work in dubai and i have seen similar projects that have bn simply abandoned cause of the cost of setting up and maintenance..... To make it worse some are sinking.
Amazing that millions in Lagos live in poverty without water and constant electricity. Wouldn't it be smarter to invest in the housing quality of its normal citizens and provide a good infrastructure than building this foe the rich and politicians? Don't Nigerians actually love themselves, ie their own normal people ?
No. Nigeria doesn’t give a damn about it’s citizens. Even China built proper housing and neighborhoods for their working class with all basic amenities intact.
If you’re not rich it’s like you’re cursed, as far as Nigeria is concerned. Incredibly classist society.
Thanks, for airing my thoughts . I bet they view success and socio-economic development differently.
This is not govt project, it's private enterprise , they are doing it to make money, not to improve the lives of people living on the main land.
The government don't love it's people
This is not built by the government, get your facts before making comments
Dubai, whom we copied the idea from, is a top tourist attraction. Yet, they’ve slowed down on all their massive projects. I doubt Eko Atlantic will meet any of the potential. Pricing the land and properties in dollars is the first mistake. Its beyond the average Nigerian, and the super rich Nigerian will get more value for money buying a house in Dubai or the UK. They’d have better profit turning it into a tourist attraction, and maybe moving Apapa port there.
I agree. Rezone it as middle and high income and within 2 years that place will be pretty much full. Also force all commercial buildings of 30 stories and above to be built in the commercial district (downtown) of Lagos island in order to expedite the process of filling out the districts commercial skyline.
I totally agree
Eko Atlantic isn't for the average Nigerian; it's priced in Dollars because they want foreigners to invest in it
@@arulebadamilare4847 then it will continue to sit nearly empty for a very long time.
@@arulebadamilare4847 so when the foreigners invest, who will live in it? The foreigners? According to them, it was built to improve housing for Lagos citizens, will citizens also pay in dollars?
As I live of country I don't get authentic information from the press in Nigeria, so this channel to me is a gem... And I thoroughly appreciate that your using your voice to spread authentic news for Nigerians like me.
Thanks for always watching 💪
The question should be: why is the price inflated? at $1.5M in Malaysia(KL)/China (bin)/London/Paris, just imagine the heaven u will get, compare to what Nigeria will offer at the same price, which is why the project hasn't gone anywhere since 2002/2009. Even development in Nigeria is overhyped. Compare to what u will get in Kenya/Ghana/Namibia etc.
Exactly
It’s just corrupt with no regulation. Who will pay $1.5 million just to be in a country without good healthcare, insecurity, and the real possibility of civil unrest and civil war breaking out at any moment. Your investment will not be safe, no matter how “good” the economy may seem.
Ghana for west Africa
Kenya for East Africa
Namibia and Botswana for Southern Africa, etc
@@goldenismonica1522guy rest the investors have invest their money and they know what they see before they do so, you can not tell them otherwise because they've do all the analysis before they invest billions of dollar there.
They simply build it for foreign investors to attract them and come to Nigeria and the project is funded by private investors. Stop complaining about everything yet you are not doing anything to make improvement, those countries you are talking about start somewhere so if you run go there who will build your own country?
I can understand the skepticism about this project but the success of this project is very necessary for Nigeria. I truly hope this project will be completed and improve the lives of everyone in the city. Much love, SA.
Is SA a city? If yes, where?
Thanks and regards,
yours sincerely,
none program loop 9ja citizen
9ja my country, peace ✌️
@@wasiukareem1906 It will take years to complete. Nigeria right now is not attracting foreign investment, nor tourism either. The Chinese are the only race coming to Nigeria for expoit Nigeria with useless large projects like airports etc. Right now their economy is tanking so who are the new investors for this white elephant project in a country with safety and fluctuating curreny issues? The equation is rather bleak.
How about improving existing cities like Lagos, Abuja, Kano than trying to build a new city
@@wasiukareem1906 SA is south Africa just showing love come on
It's not necessary for Nigeria. Nigeria should be decentralised instead of doing the bidding powers that be.
Abia state is open now for such project. Let's build our own in Aba.
The fact is everywhere in the world they are building for people who are above average income. I see it here in NYC. Nobody can afford to live in these apartment buildings they are building. It’s so bad here they are offering free rent for two months. I’ve never seen that in NY only in other cities. But at least in Eko Atlantic City will bring jobs. Nobody cares about regular people.
The comment about Potemkin village is so correct. If people working there can't afford to live there, you are driving up traffic. Any urban development should guarantee that most people can get to most of their destination within 15 minutes. Just building a mini city with no proper train infrastructure, public transit infrastructure, bicycle infrastructure is not sustainable. This is just a project for the ultra rich. Why copy Dubai or America sprawling when there is Japan, Netherlands to look at?
Yh I agree and the prices are extremely high my god ,how are they going to sell to 200 thousand people this apartments where even the 99.9%of the population in the UK cannot afford places like this ,how can the local pay for $1.5 millions for an apartment, in my point the hardest part for this project is going to be selling those apartments in my opinion.
Nigerian so called leaders are clueless and without vision. Perhaps it is by design. No trains and no buses ensures poor people are kept out. When Nigeria implodes and the poor begin to eat the rich, do you think they want to be easily accessible?
Most Nigerians can’t even afford Ikoyi or Maitama (most houses there are vacant) but they want us to believe this will benefit the masses that earn roughly $5,000 per year or less lol
This project is for foreigners who will take over the place and keep Nigerians out. Don’t be surprised you’ll see “no Nigerians/Africans allowed” posted in their cafes, restaurants, and night clubs.
Honestly
Japan
China
This people are very innovative
@@Braimoh U're right. Japan is extremely innovative when it comes technology. Singapore too. A country with issues similar to Nigeria and In 30 yrs, they have changed the course of their history for the better. Nigeria is at a high risk of a water crisis and haven't even taken aggressive steps to course correct. Its sad.
Nigeria really needs to adopt a Singapore model
I am looking forward to the completion of the magnificent Eko Atlantic City project and can't wait to open an office in the Marina District. I love this. Thank you for the update
We need these new cities in Africa, comes with small,small negativity ofcourse but the positive side of it is so huge. One can not ignore.
Don't need new cities, we need to fix old ones.
Be careful of what you ask for,these incompetent leaders may be selling our lands in our eyes 🤔🤔
@@derickofodirinwa5104 no we need to do both
@@elijah5682 I still disagree. When you build new cities, economics and humanity has it that attention will shift. The prices at the previous city will drop. Their tax revenue will drop. Property value (#1 source of accumulated wealth for ordinary ppl) will drop. The new city will only be affordable for the rich. The rich, who are not homeless, will use it to accumulate 2nd-4th-9th houses. It will contribute no additional wealth. But if you take your city that's already there, already proven it's economic viability, and invest your 'new city' money into renewing the old city, all of the property owners (regular people), will see the value of their investments skyrocket and you create several new rich people. The Dubai/China style city that's planned from someone's head has proven again and again to not work. Many like the aesthetics of a new city and that becomes more important than the logic and practicality. Nigeria already has a fully functioning planned 'new city' called Abuja. Abuja's existence has not impacted the lives of the average person, and is primarily a place for politicians to buy multiple houses. It nice and modern but the immediate impact on even its surrounding communities has been what I described previously
@@derickofodirinwa5104 Name me one country that is a first world / developed country today that didn't start with building new cities or at least one new city. Lemme name a few that did build new cities or did a major upgrade n it turned out to be the best thing to have ever happened in those countries. USA - New York, China - Shangai, Ghuanzou and Shengen, UAE - Dubai and Abu Dhabi, Italy - Milan, most these cities are not original capital cities of these countries, they were build later with a vision to revolutionise Trade, Tech, and research and some were designed as tourism herb the main purpose was to boost economy and to create new jobs in those countries. The rest is history , won't say much.
Tayo Aina did a video some time ago on Eko Atlantic and he revealed the average price of an apartment there is about $2million. I haven't seem anything in this place that warrants that price.
The delay is going to cost the developers 10× the original estimated price. We have seen similar delays on power plants projects here in South Africa.
Maybe you should look for original developers and ask them what happened.✌️
This one thing you always see reoccur through out Africa always delay after delay you will never see this in Europe or Middle East why must African infrastructure take so long to complete
@@eniolabakare6839 because by design Africa is primarily a consumer continent, very little of anything is actually manufactured there. So starting costs to build in most places in Africa are much higher than in anywhere else in the world, almost everything has to be sourced elsewhere and brought there to begin a project, this often includes suitable workers, foreman, engineers and supervisors for the projects as well. Poor infrastructure to transport supplies and equipment to the job site causes more expense. A presence of insatiable corruption at the top is another major extra expense as many hands need to be greased in order to keep the project from being purposefully bogged down in red tape.
@SynergyEnergy
we are just so backward in Africa 🤦🏽♂️
@@okoriesolomon7797 yes you are right, which is why me, you, our children has to make the change(become producers, investors etc) and the continent will be great again.
I have mixed feelings when it comes to Eko Atlantic. It's good in terms of environmental protection but bad in terms of socioeconomic imbalance in Lagos/Nigeria. Thanks for clearing the air, Steve.
If good for the environmental protection of that area but another coast line would definitely feel the impact.
@G best they can do is simulate but they definitely don’t have the data to simulate with.
I’m sure they’re seeing the impact around by now in places like oniru and environs.
What’s wrong with you Nigerians, always complaining
@@akinoladamilola5021 smart brother 👏🏾. Most people many not understand impact assessment elsewhere along the shoreline.
For those who are customers of the therapy med spa in Eko Pearl in Eko alantic, this warning is for you, the owner of the therapy med spa in Eko Pearl in Eko alantic is a witch and a prostitute and if you are ready to loose your husbands, for the women she can distroy your beauty just to make sure that you die in pain and slowly, she can also set your husbands and children up just like she did to the contractor lady who cleaned the therapy med spa, she paid the people where the lady stays to drive her away thinking that she will lead them to her family members so that she Tayo Ibrahim zibiri and her husband can murder them which she didn't do because someone inform her of their plans and Tayo Ibrahim zibiri and her husband have paid their hired assassin to rape and get this lady contractor pregnant where she stays, now Ibrahim zibiri and his useless and prostitute wife are fighting this lady because she is poor and every where that she seek for contract Tayo Ibrahim zibiri and her husband have been going there to tell them not to give her the contract and I saying this, Ibrahim zibiri and Tayo Ibrahim zibiri after you finish burying your whole children, you will die a miserable and a painful death and if you think that your jazz will turn it like you have been sending your hire assassins to do then you fail this time because we also know that you knew her even before she cleaned for you because you sent your hire assassin to murder in the year 2020, we are watching you, for you in Eko Pearl in Eko alantic, Ibrahim zibiri and his useless, prostitute wife are gboko haram and since you all have been warned and have refuse to do anything about it, then on the that Eko Pearl in eko in eko alantic collapse, then you can die with them because birds of this same feathers flowns together, anything that will happen let it happen now because for you Ibrahim zibiri and Tayo Ibrahim zibiri the battle line is drawn
I actually like the idea of this project, this looks like this city could be for the future. Good luck Nigeria,🇳🇬 I wish I had money to invest and build my very own tower. Love from South Africa 🇿🇦
Even Sandton was empty in the 1970s. Nigeria will eventually make it happen. The slow growth is what is needed for the city to grow organically.
I was literally still wondering what this place looks like now since the last time I visited. Thank God for RUclips and great minds like yours
I see progress and I believe the world will be amused when the progress becomes rapid
I appreciate how well thought out your contents are, thank you for that.
For those who are customers of the therapy med spa in Eko Pearl in Eko alantic, this warning is for you, the owner of the therapy med spa in Eko Pearl in Eko alantic is a witch and a prostitute and if you are ready to loose your husbands, for the women she can distroy your beauty just to make sure that you die in pain and slowly, she can also set your husbands and children up just like she did to the contractor lady who cleaned the therapy med spa, she paid the people where the lady stays to drive her away thinking that she will lead them to her family members so that she Tayo Ibrahim zibiri and her husband can murder them which she didn't do because someone inform her of their plans and Tayo Ibrahim zibiri and her husband have paid their hired assassin to rape and get this lady contractor pregnant where she stays, now Ibrahim zibiri and his useless and prostitute wife are fighting this lady because she is poor and every where that she seek for contract Tayo Ibrahim zibiri and her husband have been going there to tell them not to give her the contract and I saying this, Ibrahim zibiri and Tayo Ibrahim zibiri after you finish burying your whole children, you will die a miserable and a painful death and if you think that your jazz will turn it like you have been sending your hire assassins to do then you fail this time because we also know that you knew her even before she cleaned for you because you sent your hire assassin to murder in the year 2020, we are watching you, for you in Eko Pearl in Eko alantic, Ibrahim zibiri and his useless, prostitute wife are gboko haram and since you all have been warned and have refuse to do anything about it, then on the that Eko Pearl in eko in eko alantic collapse, then you can die with them because birds of this same feathers flowns together, anything that will happen let it happen now because for you Ibrahim zibiri and Tayo Ibrahim zibiri the battle line is drawn
It would have been better to develop land outside of Lagos. There are many areas worldwide that is evidence that they should not build on "reclaimed" land.
For all the modernity of this district, why are there no rail lines there. Can you imagine trying to move round the financial district of Hong Kong, Singapore or any other major commercial hub around the world?
You did examine pace of construction which being polite can be described as "sloth-like". One does wonder will it ever be completed? Compare that with what's happening in Bangkok (Thailand), you will see we have "fallen right off the pace!"
The fact is Lagos isn't immune to the troubles of the turbulent economy and until government decides to follow improved policies this project will continue crawl forward at a very slow pace.
Thank you for asking and answering so many questions about this project.
@DemiKhay Africa TV Thank you DemiKhay Africa TV.
It's sooo sad to see all the potential Nigeria has. I blame the money abusers 🥺😢💔🇳🇬
The justification of the high land value because it's reclaimed land is not enough... You can buy an apartment in Tokyo bay on reclaimed land for less than that ... And in Tokyo you have access to transportation, services, healthcare, education ...
Hahah. All this must be a joke
Amazing video as always, I understand the sentiment behind the tweet you mentioned. There are places in lagos where you won’t be allowed to park in the premises if your car isn’t up to a particular standard. So it’s easy to see how people are talking about the disconnect between the project and the masses.
This is not a joke at all. This project is EXPENSIVE. How can one do due diligent about the land or property!
I knew this was going to be a problem from the beginning. will any of these multinational companies pay their employees at least $100000/ year? based on the prices of the apartments in Eko Atlantic, you need to be making atleast $100000/year. which means most of their workers will be living on the mainland and commuting to Eko Atlantic
Most living there will not be black Africans!
this is a good point. companies shouldn't lowball their workers because of the strength of the dollar compared to naira. pay them equal.
The game changer for Eko Atlantic shall be the commencement of construction and completion of the new US Embassy complex that is scheduled to be sited there..if the Embassy project is completed it will trigger numerous other developments on the peninsula..but unfortunately all financially out of the reach of the average Nigerian..
And more means to exploit 9ja, knowing they already have in mind third world citizen would wanna immigrate, why persuade them to pay for visa application fee?
Simple things should be kept simple.
9ja my country, peace ✌️
Having a US embassy of an island is literally inviting the coloniser onto your land, it's a horrible idea, 'embassy' my arse, it's a military base.
Nigeria must focus on tourism and earn hard currency ! Yes many Nigerians can't afford this but this will create jobs plus bring in tourist and that will open more projects
The city is majorly to housed offices and business. The complain that the common man can't stay there is not valid, city are not definitely built by private developer for people that can't afford it but ultimately, the poor and middle class always benefits in the form of jobs and business opportunities
Projects like these will always struggle with the way they're executed. There's no organic wealth building process among the locals. There must first be enough wealthy Nigerians who can invest in this project and make it a reality. It's much more difficult convincing wealthy foreigners to bring their money to Nigeria than it is convincing a Nigerian. We must do the hard work of building up rich Nigerians/Africans so that we don't have to beg foreigners to come and invest here.
Yep. Its African politicians who neglect their jobs for years, and then think that investing in these vanity projects will make a difference in the lives of the millions they leave behind.
Do not leave the poor behind. A developing country has to empower its people as much as possible. That's what the Koreans and Japanese did.
@@rickmorty7284 It's not the Politician but the ordinary Nigerians who elect those incompetent politicians. I cannot compehend the fact that Nigeria has over 200 million population and still not able to select the best leaders to help move the country forward. This only proves that NIgeria is not yet ready for this kind of development because they don't have the right mindset to break the cycle of corruption, incompetence, violence and poverty.
@@maxsteel2017man every Nigerian should read this comment and break the chain of corruption
It’s more like a clone of the model in Dubai. They probably want people to move to Nigeria but it’s not going to happen with the lack of infrastructure and poverty in the city. Safety will always be a concern.
@@maxsteel2017 Elections are rigged in Nigeria. So, it does not matter who you vote for. The corrupt politicians will just put themselves and their cronies in power. There is no hope for the country.
Brilliant concept.
As a Town Planner myself. I'm optimistic of the potential it will bring but on the social sphere, it projects increased social stratification. We await.
@G done enough to have a say on this regards. Thanks.
Dubai would have had this up and running in five to ten years. Something has gone wrong and nobody is telling.
Places like Dubai are doing things the right way, Nigeria loves working backwards. The first thing you do if you want to build a new city is to attract businesses and not apartments.
@@obinnaezealah2465 I just tire.
Dubai did have the buildings up and running quickly. But you know what happened afterwards? The buildings sat empty for years because they built too fast. Organic growth is also important
Even Dubai's fake man man islands have all been abandoned too...you can't cheat nature and rising sea levels
Dubai is rich....buts am sure the project will be something by 2030
Putting sky scrappers on a soaked land is playing Russian roulette with your life.
You obviously know nothing about construction
TRUE 💯
@@samuelmamudmusa You know nothing about gravity and erosion.
You know diddly about the technologies used in constructing the city, not some kind of mediocre equipment. Why not check out how the city was constructed before becoming sentimental about the city project.
Eko atlantic city is not bad with the pace of development remember that Abuja Centenary city started at the same but as at today not even a building in is standing there. Let us encourage the developer of eko atlantic city.
There are enough wealthy Nigerians to turn Nigeria into a world class country, but too many of these developments are given to foreigners who could care less about the completion and who either want to stop progress due to other investment or are looking for profit that is not there. It is ridiculous.
I grew up in Africa, I ran 2 small businesses in Africa, the problem is most African politicians and commissioners who oversee these projects are very corrupt, they always look for their “CUT” before the project even begins.
Another problem is, the Chinese companies which do most of the construction build poor quality structures. No consumer likes mediocre quality when purchasing a condo or a house.
And African real estate developers need to be realistic with pricing.
That's what is going to break this project.
There are 54 countries in Africa. So, which country are you referring to?
@@naturalblockade3412uganda to be specific. But such practices are very common in most African nations.
Steven this is great recap of what is going on. Its so sad that all this infrastructure dose not serve to its own people. So many jumps and lack of engagement with people and communities in what their real needs are. Love your sincere reporting and care. Thank you for sharing 🙏
Thanks for watching💪
With all due respect, rather interesting how some folks can tell that “this infrastructure does not serve its own people” and decipher what the “real needs” of our communities are better than those of us daily on the ground and actually from the aforesaid communities. SMH 🤦♀️
@NFT Daily News I totally agree with you. For example, Manhattan is an Island in New York city and only few people can afford to live there, but it provides a lot jobs and opportunities - skilled and unskilled for thousands of people that commutes daily to this USA financial hub. Not being able to live somewhere does not mean you cannot benefit in other ways.
@NFT Daily News Could is your word but truth speaks for its self. 20 years you can ask its people if they are happy and live abundant lives, this recap Steven did is great. Speaks for its self. facts speak for themselves. You can check his video from Cross River State as well. Engagement with people and communities brings happiness and caring and supports life. Many blessings of love 🙏
B
Nigeria is really blessed i can imagine that place with big big hotels and fun things to do "tour" kind of like dubai
Also for a city like this to work they need to move the international airport to the lekki ajah area because no foreign National will want to land at that joke of an international airport, then drive through the dirty streets of the mainland, drive across third mainland bridge with a full view of makoko slum, then pass through Lagos island, VI, before getting to Eko Atlantic. Give or take traffic conditions this could be 1 hour to 3 hours spent on the road.
They should relocate the airport to lekki ajah and then build a light rail system that will then connect all the way to eko Atlantic, with stops in between of course. Or build a feasible highway that will allow you get from the new airport to eko Atlantic in one hour or less.
The idea is good on paper but there are too many elements missing to make this a successful project.
Take care of the poor and working class and all basic infrastructures and securities, and the rest will sort itself out.
wonderful piece
As we speak there's only on road connecting Victoria Island to ajah all the way to ibeju Lekki and epe, just one road o, and we all know how congested that axis is. To make it worse the coastline which would have been used for a super highway starting from Eko hotel has been sold to estate developers. There are hundreds of estates on that stretch with just one access road. It's very pathetic
There is plan to build another international airport in Lekki axis
Why would anyone want to come when the basics aren't set. Electricity is still a problem, clean, drinkable water is an issue and corruption is rife and insecurity and instability is the order of the day
In business terms investing your money into something that there is no yield after 13 years is what you classify as bad debts
This is exactly it why would a wealthy person invest in such a place and not have peace of mind when there are so many other places to consider. We are deceiving ourselves to be honest.
Steven thank you for sharing this. One I stay in Lagos and Lagos alone is very expensive, and I can say that one of the biggest problem in Lagos is housing an with more than 20million people staying in Lagos so real estate is on the high side. So Eko Atlantic is very expensive to buy or to think of building a house. Secondly I think Eko Atlantic is not made for the poor. and most developer in charge of the project want to make real money from this project! My point is that this place can not grow because is expensive! Once again thank you steven!
Exactly
Totally agree with you
@@togorealestate228 Thank You!
@@StevenNdukwu That is just the basic true bro!
It makes you ask who exactly are they building it for.
African should stop investing in those things for now... The should invest in constructing industries and invest in agriculture... Instead of building those things that we do not currently need
The success of this project will be hinged on how good/better our economy becomes over time and most importantly the exchange rate becomes stronger against the dollar. If Nigeria works then Eko Atlantic blossoms. Thanks for this video
All the current signs for the economy point to a global recession and collapse of the real estate market. Eko Atlantic is stifled due to a clogged pipeline of investment and cash flow. One of the tragic parts about Eko is the absence of advanced transportation infrastructure. Many investors see that as an impediment to attracting homebuyers and commercial activity. No one wants to pay that much only to have choked traffic substandard automobiles and poor air quality be repeated in what is supposed to be an upscale development. Hopefully, this will all be worked out so that it is at least affordable for Nigerian and Black professionals from around the world. Something has to be done so that Diasporans will be encouraged to take up residence and business ventures in Eko.
Even diasporians can't afford this ridiculously overpriced place with basic amenities 🙄 the hype just doesn't justify the investment. I see this going downhill real quick, because for the prices listed you can get something so so much better in a developed country.
@@purplehaired_girl1174 like where excatly? To build this things in Africa is more expensive. But watch and see when it comes life in our life time
@@purplehaired_girl1174 yes the average diaspora might not be able to afford it.
@@williamsolawale4208 and yet Africa is the country that supplies the raw materials for a majority of these products built. We have to be honest with ourselves and stop charging a premium for basic amenities, for the price they are offering for these buildings you can get something much better in Lekki, Ajah, VGC etc. It is just expensive because of the "location".
@@williamsolawale4208 even wealthy Nigerians would not necessarily want to put in so much into something that doesn't offer that much. Rich people are not stupid, if they were they will not be rich.
Thanks for showing this brother, things like this can longer be hidden we are all watching
The Anglican Church For All Nations is the first Church built at Eko Atlantic City. The piling for the Main Church building was completed in 2019. The Chapel was completed in 2021 December and dedicated for worship in January 2022.
Na church go kpai una. Too much uselessness for that kontri.
Thanks Stephen for another great video..Let me give my thoughts on some of the comments you made.
Firstly, Eko Atlantic not be available to every Nigeria..No need to sugarcoat it..Most Americans can’t afford to live in Manhattan or the posh areas of Las Vegas..and some Emirates can’t afford the high end houses in Dubai..This is how life works especially in a capitalist society..There are different projects for different income levels..if you don’t earn millions of dollars or don’t have access to such credits, then look elsewhere..Lekki is there..Ikorodu is there..This is how it is everywhere around the world..No developer will spend billions of dollars on such a project then turn around to sell them at a loss just so ordinary Nigerians can afford it..Never happened..Won’t happen!
Secondly, the reason the project is delayed is because Nigeria is not able to attract foreigners..Most houses in Dubai are owned by foreigners..If you can’t sell your country to the world, then you will have a hard time selling such million dollar homes only to your nationals..won’t work..you need foreign money to buy such projects..Nigerians in diaspora, their friends..our musicians and their friends..footballers and their friends..We need to be able to convince the multinationals to move there..We need to be able to market Nigeria..Make it a holiday destination or a place most world stars would like to own homes..No other way..otherwise the project will stay there for 100yrs
There are enough wealthy Nigerians worldwide to finish this project I guarantee... anyone that says any different is a fool. There are enough wealthy Nigerians to get this done. Kick out the developer and get this thing done.
@@josephjames6339 Getting the project done is different from people coming to buy or own houses or projects there.
Well said honestly you have said it all . People need to understand there is a difference between luxury real estate and affordable real estate
@@josephjames6339 do you really need to call anyone a fool for their opinion?
Well, the developers actually said they've sold all the properties there and all that is left to do is for the buyers to build on their properties.
It is not just beyond the affordibility of the average Nigerian, it also beyond the average American.
If the expense is the reason for the emptiness, then it is overpriced.
It is a dangerous pkace mot safe. So close to the sea. You will sleep there and wake up unfer 💧 water.
All the lands have been sold already. In fact, some of the finished apartments have been bought. What's left now is for buyers to start building which some of them have started.
@@PepTalkTillYouDrop keep tickling yourself
@@PepTalkTillYouDrop for obvious reasons, you missed that part where he said there are 21 lands still up for sale, just go to 04:19.
Trust Lagos, the city on the fast lane. The place will not be empty after sometime, cos the real clients who can afford it will eventually show up. I believe any prospective developer will meet some specification for a modern and smart city. Perhaps, that is why the USA is building its biggest consular office there. Anyone who saw the scanty nature of Victoria island 40 years ago, will not believe the level of development we're seeing there today. Take the Ozumba Mbadiwe avenue as an example. Lekki was bush, with the conservatory, maiyegun beach and the Mobil headquarters at sandfill. Today, Lekki is fully developed, to the amazement of many people, if you were opportune to see the Lekki peninsular development plan of Lateef Jakande. So also, other areas in Lagos
There's a reason its still empty after 10years. Nigerians are poor for the most part. Only thieves and corrupt politicians can afford it and the country is not safe enough to attract outside investors. Naira is too volatile and basic amenities are a premium. Why would any sane person from abroad buy houses at exorbitant prices here?
I don't get it, you're happy that their building eko alantic when 98% of the people can't afford to live there? Nobody wants to live in hell a.k.a. Nigeria
@G lol. True. Although I meant they have enough to afford it. Whether they spend is another thing. They'll probably buy a few so they can store raw dollar notes that have been looted from Nigeria's coffers
@@tanyacaberro2546 There are many that can afford it in Nigeria but they won't want this when there are other available options. $3 million dollars will be too small from Nigeria oil money, corrupt politicians are embezzling more day in day out. Some just stole $11 million dollars worth of oil few months ago. They just won't want people to know they have the money that's why they can't spend on this project
You’re sure to be in the program loop. I see someone state $11m vessel theft, well, it ranges in $100m for vessel theft.
See, Lagos won’t drive 9ja to any where. I even decided to spend time in Abeokuta, I discovered they don’t have good food there despite its not far fetched from Lagos, oh, people didn’t explore importing from Lagos?
Let the media keep deluding the ones in the program loops
Despite the good concept, the price points were the dumbest thing about Eko Atlantic City. If completed, like northern parts of Beirut, it'll only be good to visit, not live there.
Building luxury housing for a country that desperately needs affordable housing was a moronic idea....the demand isn't there...that is why the area hasn't been developed....regular people can't afford to live in this location...
Lagos state is full to the brim 20/30 years ago, the only way to make the infrastructures work and add real value to the properties is find a way to decongest the state.
Yes, finally someone is stating the obvious. It seems silly over-stuffing an already full can of sardines.
You do realise real estate is expensive in Lagos because of the high demand for affordable housing in the city.
@@onweobinna2644it’s expensive due to scarcity. Then ask yourself why it’s scarce.
To be honest, this video obviously had a lot of work put into it, and it's paying off. This was REALLY well done, good job!!
Thanks for watching
The fact that it's all started somewhere around 2006 and fast forward to date (16 years later) and also bear in mind that Nigeria is getting poor and poorer despite the fact that other developments are taking place there and there and some buildings are busy collapsing. Nigeria was sold a dream.......THIS PROJECT HAS FAILED DISMALLY. ITS TIME TO LET IT GO.
More issues to be discussed and to always be discussed. Yes, why a poor country isn’t bothered about being poor, maybe cause it’s third. Lagos won’t get Nigeria anywhere!
I see comment about airport, A well sophisticated program. Epe mega projects could easily be connected by ferries and the rest… 😁
With life expectancy, which youth generation will partake in the 400k jobs!!!
9ja, this project is not needed for now!!! Tebele, keep reminding people pleaser, we don’t need Lagos alone, wake up, this tourist stuffs is being done in other part of Nigeria yet we’re still third world and nothings gonna change!!!
It’s all programmed, the colonialist ensured the programs won’t fail, wake up and rethink, youths 🤣 don’t get carried away with 400k jobs that won’t reach your 3rd generation from 2022.
9ja my country, peace
lol....jelousy
Well said. The project is a misplaced, waste of time and money venture. It's very clear to see if you can project into the future after extrapolating the various social and economic trajectory of Nigeria.
1. Non existing pipeborne water system in the whole of Nigeria.
2. Dilapidated and grossly inadequate electricity generation and distribution in the whole of Nigeria. I've always pictured in my mind the rest of Lagos with Eko Atlantic given the infrastructural disparity that will be very obvious and my conclusion has been that it won't happen.
3. The social and economic future of Nigeria is bleak so what exactly is the city being built for? If you study the development stages of all developed countries, you'd notice that the basic needs of the society where met with visible results before bolder projects were considered for investment. Nigeria currently cannot feed herself, have terrible roads and transport systems, no pipeborne water, poor electricity, grossly inadequate number of factories and industries, abysmal health care system, poor basic salary and inadequate housing even in Lagos.
How will Eko Atlantic City improve any of these fundamental inadequacies? I see no tangible benefit it will add apart from just the beauty of the city and bragging rights for some individuals.
A little search on youtube will reveal many of such failed projects in many countries which some how the brains behind it are yet to see.
Well I say, good luck to them.
I wish the government will see this video and read the comments under it. Thanks Stephen you are doing greatly
Wonderful vision. But dont also forget that human technology cannot stop the forces of nature. No matter the strength of the wall, it can still cooperate with nature and give way someday. Wishing you all the best 🙏🏻
Kudos Steve! I really love how you broke down the information to the minute details and your flow in this video. Keep the good work up
Pheonix tower is also under construction, you did not mention that.
This is impressive and groundbreaking. I love how they incorporated trees and planned the city out to the tea. I see and understand the controversies around it and those are valid. But that should not undermine the project and the positiveness of the project. If successful, which I am 98% sure of it success, it can really do a lot of good and change the narrative for Lagos and the whole country. It will impact the tourism sector, more investment into the country (with its success and the population market) and transform the country with the narrative that "yes, Nigeria can do this and has this advance city" Granted the average citizen can not afford to live there but it can be a recreational center (for commercial and entertainment purposes for everyone) and a vacation hub (to further entice people to visit the city and learn more about the country, putting the country on the map). Just some few positive attributes of the project! Can't wait to see the finish vision.
Well said, the dubai they visit do they know where the poorer people stay?
@@kokojones464 I can relate. 😂
Am more interested in weather this will make 9ja leave being third world, peradventure the new city starts functioning fully 👀
Maybe some insights into life expectancy in third world and which generation will partake in the 400k jobs assuming people got used to the fact that yes, some things ain’t meant to be cause of xyz.
David in the video will soon be frustrated. There are several others like him in the past including several others forgotten male/female youths.
Irritating, please peace, cheers
I hate to be a pessimist but judging by Nigeria's history you'll be waiting several lifetimes for that to happen. Even though its privately funded I don't think there's enough to draw enough potential [global] investors to that area...not yet.
With the high level of insecurity and unbelievable level of corruption, tourism will never grow in this country
@@BaybieK Then, prolly Steve or David should add that to next update or a revised version.
I won’t be surprised overtime, the locals will dominate forcefully and a serious I don’t even know (riot, war, massacre) will happen and it’ll become a thing of the past just like other projects.
I think it should be massacre cause the military around that axis 😁
I ask this question some few yrs back but one of their staff was insulting me for asking ....the land are too expensive and the kind of house or structure to built on the land is also expensive .I think Nigeria should sell Eko Atlantic city to a foreign real estate company .
Never... let Dangote or TAF finish it and sell houses to middle class people.
@@josephjames6339 Dangote is broke now ,he just finished building the biggest refinary plant in Africa,I don't think he will be able to handle Eko . But if you give him some few yrs maybe he can, I suggest.
@@josephjames6339 No. Lagos doesn't need another middle class rat hole, it deserves an upscale skyscraper district.
@@josephjames6339 No. Lagos doesn't need another middle class rat hole, it deserves an upscale skyscraper district.
@@victortomorrow8159 he is not broke. He just has his money tied in other projects.
When some folks go on about Eko Atlantic not benefiting the masses, one wonders how the masses were benefiting when all of that area was under water, and Ahmadu Bello Road was already halfway washed off, with the business district of Victoria Island was under massive threat of eroding into the ocean.
At least, Eko Atlantic will create TENS OF THOUSANDS OF MOSTLY NIGERIAN JOBS IN NIGERIA - from unskilled laborers to semi-skilled artisans, electricians, plumbers, carpenters, plasterers, etc., to highly-skilled professionals such as architects, designers, engineers, lawyers, bankers/financiers, etc., to suppliers, managers, subcontractors, retailers, caterers, etc.
Exactly
You are dreaming if you think eko Atlantic is for Nigerians. The pricing alone lets us know it’s not for Nigerians. The same Nigerians that are already struggling to buy houses and apartments in Ikoyi and VI (where most houses/apartments sit vacant) will suddenly en masse be able to afford eko Atlantic? Why price it in dollars? Lol
The reality is Eko Atlantic is for the foreigners who work and do business in Nigeria. At best they will employ some unskilled and blue collar workers but in terms of ownership and residents, the Nigerians will be few.
Learn from Cape Town
Eko Atlantic will be apartheid style.
@@goldenismonica1522 exactly what does your drivel have to do with the reality of my comment that the project will create thousands of jobs in Nigeria for Nigerians?! Or that it’s protected Ahmadu Bello Road and VI from being eroded?!
Meanwhile, you’re right. Because, as we all know, all Nigerians (including Diaspora Nigerians) are poor. SMH 🤦♀️
My curiosity of an all-inclusive nature for the project died down the moment I heard it is 100% privately funded. Obviously they're gonna be targeting only the rich class so that they can make maximum benefit for how much that was invested to bring the project to life. I wish the government of Nigeria could take it up as responsibility to have a prototype of this or similar types that are designed to accommodate all income levels in the major cities across Nigeria. A city that completely sidelines the habitation of the low and average income levels will be a failed sociocultural society. The future is always going to house these income levels. Any project that must be built to cater for the needs of the future must be an all-inclusive one, else, it becomes a failed one from outset.
May God bless Nigeria.
Truer words have never been said!!
E don talk am ❤️
Is this Eko Atlantic city easily accessible to Lagos airport? If not then you can forget about international investors locating there. For comparison, Canary Wharf here in London's second financial district has its own small international airport nearby called City airport and also Heathrow airport can be reached directly via the newly opened Elizabeth rail line in around 40 minutes.
Thank you Steve for bringing this to our knowledge
It's so sad. I like nigeria, has worked here many times around Abuja, have seen the great potential of the country. But i have seen thousands of empty new homes, bad infrastructure, bad watersupply, bad energy supply, al lot of rubbish along the street and people who a busy surviving all day long.
EKO Atlantic doesn't solve any problems of Nigeria. More important is a stable energy supply and energy efficient handling with it, developent of new energy systems like wind turbines, solar, solarthermy, biogas plants, a stable drinking water supply for all Nigerians and 100% waste water treatment, develoment a organic farming, a good public transport system..
But it's first fight against corruption and equitable distribution of income from all oil sales.
A investment in educucation is better then EKO Atlantic.
Good save Nigeria!
Best regards from Germany!
God save Nigeria :)
I've been waiting almost 10 yrs to visit a completed EKO Atlantic , my dream was to come in through the marina in a boat...still have hope in the success of the project ...they just need yo build a school; a hospital and a world class shopping mall, and sky scrappers will mushroom in no time.
My issue is, why would I spend that much in a place that's not sustainable (we Nigerians know that maintenance here is silly).
Steve, thanks for using your amazing platform in a responsible manner. I gain so much knowledge and and reference points from you. Keep fighting the good fight and keep up the good work.
Impressive 👍 I think almost all the states in Nigeria has there own plan cities like Anambra get awka millennium city going on now
In a way Eko Atlantic City is a white elephant. It will not solve the problems of the country.
You should check out Konza Technopolis in Kenya and see if it can live up to its expectation. Smart cities/ planned cities often fail to accomplish what they were intended to do.
It's a good development no doubt. However, I hope the developers are willing to expend massive resources to promote and attract the international community to the city as it seems that is their primary target audience.
This!
He'll no they're not. They didn't think this project through well at all. It's turning into a white elephant quickly.
I think nigerian govt should own the land and lease it out in favourable rate with taxes rather than selling it expensively
It's a private investment with land reclamation cost with infrastructure investments in excess of $6bn. How do you expect the investors to recoup the sunk cost with cost of funds and profits? Selling it for cheap is the easiest way to ensure coastal states like Rivers, Bayelsa, Ondo, Akwa-ibom will never get private investment in urban renewal
@@yinka2615 i thought Nigeria was a big boy $6b shouldn't be much. Anyway private or not for an investor it doesn't make sense i would need to write 1000 words to explain look at dubai,uk us choose to own and build rather than private owners buying and build
@@harunnganga4957 Dude, land ownership is not controlled by the Nigerian government but the states. Nigerian government has no power to lease any land without the state approval.
@@dejijames4516 anyway lets wait for another decade and see hope not 4 more building built
@@harunnganga4957 $6bn is more than 2 years revenue of Lagos state the state with the biggest revenue in Nigeria and at least a quarter of forex earnings of the entire nation. Even $100m investments can't be thrown away on the alter of big boy please.
Eko Altantic is a money grab for the govt. Why does it take 13 years to complete a project of this magnitude? and what happened to the allocated for the project the entire time
Also i don't get it why making new city, when you could invest money in your already not so good cities? Why not making ur actual cities better with this money? New highway, new train, buying buildings and renovating it, new public transport?
It doesn’t matter if the dream is going a bit slower than planned. What I do see is perfect and you Nigerians will have a good reason to be proud when this ambitious project is finished. It’s a great look for Africa! 🏴
not really. how does this project help nigeria actually improve and eradicate some of our many problems
For those who are customers of the therapy med spa in Eko Pearl in Eko alantic, this warning is for you, the owner of the therapy med spa in Eko Pearl in Eko alantic is a witch and a prostitute and if you are ready to loose your husbands, for the women she can distroy your beauty just to make sure that you die in pain and slowly, she can also set your husbands and children up just like she did to the contractor lady who cleaned the therapy med spa, she paid the people where the lady stays to drive her away thinking that she will lead them to her family members so that she Tayo Ibrahim zibiri and her husband can murder them which she didn't do because someone inform her of their plans and Tayo Ibrahim zibiri and her husband have paid their hired assassin to rape and get this lady contractor pregnant where she stays, now Ibrahim zibiri and his useless and prostitute wife are fighting this lady because she is poor and every where that she seek for contract Tayo Ibrahim zibiri and her husband have been going there to tell them not to give her the contract and I saying this, Ibrahim zibiri and Tayo Ibrahim zibiri after you finish burying your whole children, you will die a miserable and a painful death and if you think that your jazz will turn it like you have been sending your hire assassins to do then you fail this time because we also know that you knew her even before she cleaned for you because you sent your hire assassin to murder in the year 2020, we are watching you, for you in Eko Pearl in Eko alantic, Ibrahim zibiri and his useless, prostitute wife are gboko haram and since you all have been warned and have refuse to do anything about it, then on the that Eko Pearl in eko in eko alantic collapse, then you can die with them because birds of this same feathers flowns together, anything that will happen let it happen now because for you Ibrahim zibiri and Tayo Ibrahim zibiri the battle line is drawn
Of course, we Westerners have a saying: Rome wasn’t built in a day.
I have to disagree because investors like to see a return on their investments before we die. Young people think that they have all the time in the world to accomplish something, but they often forget that old people are the ones who accumulated and hold most of the world's wealth. Yes, there are lots of young people with great wealth, but the majority of wealth is with the old. Investors are always looking for new opportunities and will not hesitate to take their money elsewhere if it takes too long to get a return on their investments, ie. construction delays. All over the world there are mega-projects that have faded away because of construction delays. Hopefully, this won't be another failed mega- project.
A bit slower than planned?? This is more like “dead in the water” bruh. This thing where as Africans we continue to refuse to call out mediocrity and incompetence for what it is, is the reason why there has been little to no progress on that continent.
Certainly one of the most exciting mega projects on the continent. It's a pity that most of the advanced infrastructure will be enjoyed by a few. It will certainly take time to reach completion and will serve as an interesting case study for future cities of it's kind around the continent. Great Video. Very informative.
For those who are customers of the therapy med spa in Eko Pearl in Eko alantic, this warning is for you, the owner of the therapy med spa in Eko Pearl in Eko alantic is a witch and a prostitute and if you are ready to loose your husbands, for the women she can distroy your beauty just to make sure that you die in pain and slowly, she can also set your husbands and children up just like she did to the contractor lady who cleaned the therapy med spa, she paid the people where the lady stays to drive her away thinking that she will lead them to her family members so that she Tayo Ibrahim zibiri and her husband can murder them which she didn't do because someone inform her of their plans and Tayo Ibrahim zibiri and her husband have paid their hired assassin to rape and get this lady contractor pregnant where she stays, now Ibrahim zibiri and his useless and prostitute wife are fighting this lady because she is poor and every where that she seek for contract Tayo Ibrahim zibiri and her husband have been going there to tell them not to give her the contract and I saying this, Ibrahim zibiri and Tayo Ibrahim zibiri after you finish burying your whole children, you will die a miserable and a painful death and if you think that your jazz will turn it like you have been sending your hire assassins to do then you fail this time because we also know that you knew her even before she cleaned for you because you sent your hire assassin to murder in the year 2020, we are watching you, for you in Eko Pearl in Eko alantic, Ibrahim zibiri and his useless, prostitute wife are gboko haram and since you all have been warned and have refuse to do anything about it, then on the that Eko Pearl in eko in eko alantic collapse, then you can die with them because birds of this same feathers flowns together, anything that will happen let it happen now because for you Ibrahim zibiri and Tayo Ibrahim zibiri the battle line is drawn
I'm glad to have marketed this futuristic city in London at the African Business Awards and Commonwealth Business Council Summits in 2010. It clearly is Nigeria's ticket to a developed ecosystem. I pray the owners have also done same mechanics as they did on the sea wall to stop the city from being thrashed by Nigerians. Kudos to the video maker, I think going forward you should approach the owners and ask them to speak about the energy mix planned to power this city, low -cost housing accommodation for service men , refuse engineering and green practices etc. Also tell us how much condos cost for short let and holiday fun seekers as well as the restaurants and entertainment options planned for the city. cheerio.
You’re glad to have marketed something that’s dead in the water?
@@thejamescarringtonpodcasts3509 baba, it is not dead, mumu.
Are u blind to see that there are nos of projects being built there?
Thank you Steve for your incredible work for our beautiful country ❤️ Thank you so much. Shout out to Giant of Africa 🌍 My own Nigeria 🇳🇬
UAE projects from the past 15 Years.
(1). Palm Jumeirah
Development: The Palm Jumeirah
Location: Dubai
Work started: August 2001
Completed: October 2007
Developer: Nakheel
Main contractor: Van Oord
Designer: Nakheel Virlogeux
Cost: $US 12 billion
Size: 560 hectares
(2). Burj Al Arab
Construction began in 1994
Location: Dubai, UAE
Completed: November 1999
Design: Tom Wright, Atkins
Main contractor: Murray & Roberts, Al Habtoor
Height: 321m
Achievement: World’s first seven-star hotel
(3). Burj Khalifa
Construction began in 2004
Location: Dubai, UAE
Completed: November 2010
Project Cost: US$1.5 billion
Contractors: Samsung C&T Corporation, Turner Construction, Arabtec Holding PJSC, Besix, Laing O'Rourke
The Burj Khalifa was Built in Only 6 Years.
(4). Warner Bros Abu Dhabi
Construction began in 2015
Location: Abu Dhabi, UAE
Completed: November 2018
(5). Masdar City
Construction began on Masdar City in 2008 and the first six buildings of the city were completed and occupied in October 2010. However, due to the impact of the financial crisis, Phase 1 of the city, the initial 100 hectares will be completed in 2015. Final completion is scheduled to occur between 2020 and 2025, and the total cost of the build is expected to hit around US$18.7 and 19.8 billion.
(6). Infinity Tower
Construction began in 2007
Location: Dubai Marina, UAE
Completed: November 2011
Developer: Cayman
Architect: Skidmore, Owings, and Merrill (SOM)
Contractor: Arabtec
Value: $272 million
Rotation: 90 degrees
Height: 305m (73 storeys)
(7). Dubai Mall
Construction began in 2004
Location: Dubai, UAE
Completed: November 2008
(8). Jumeirah Beach Residence
Construction began in 2002
Location: Dubai, UAE
Completed: 2010
(9). Al Reem Island
Construction began in 2009
Location: Abu Dhabi, UAE
Completed: November 2011
It was a 32-month contract
(10). Reem Mall, Abu Dhabi
Construction began in 2017
Location: Najmat District, Reem Island, Abu Dhabi, UAE
Completed: 2020
Estimated Investment Cost: $1.2bn
Project Type: Retail and entertainment mall
AND MANY MORE COMPLETED PROJECTS IN UAE
You're forgetting slavery is legal in UAE
Serious people and for the comment about slavery. When you state built by slaves.
These are indentured labourers or those who come on a low wage contract. Who are then tied to the employer and can’t change. If they do so can be deported back to country of origin.
Why are you naija people flocking to the place.
Now the U.A.E authorities have said don’t want men under 30 years in the place.
I think they made it far too expensive for the normal people to live in this new area. For the area to be built it would probably require for a lot of wealthy Nigerians and companies from outside of Nigeria to establish their headquarters in Nigeria to this specific area. But with so few buildings and services (like cafes, restaurants and so on) around in that area I dont think it is tempting enough for any person or company to relocate to this area when they already are probably established in some other part of Nigeria.
It was never built for the masses living under $1 a day. At best they would commute in to work their doing menial jobs but even with that the cost and convenience of transport to get there is an issue.
Even for the averagely rich, the prices are outrageous
Let’s all be realistic here. A government that has never for one day cared about its citizens wants us to believe this project will be of benefit to Nigerians? Lol. Most of the houses and apartments in VI, Ikoyi/Banana Island, Lekki or Maitama, Jabi, and other central locations in Abuja are sitting VACANT!!! Most houses and apartments in those neighborhoods are even struggling to find buyers and most of the time the people you see there are renting even if they are occupying some of those houses. So when you look at the price tag of these high rise apartments common sense should tell you it’s not for Nigerians or Africans at large. Between the economy and value of naira tanking everyday, who are they building this city for?
It’s for the Chinese, Arabs, Europeans, and Indians to live while they exploit and work in Nigeria. This will be the playground for foreign nationals. You’ll soon see bars and restaurants that will say “no Nigerians/Africans allowed” and you lot will do nothing about it.
See Cape Town for example and learn from their mistake.
Be wise, Nigerians!
@@ifehansson2254 under $1?more like it was built for multi millionaire and billionaires,when the apartments prices start with $1.5 millions it really show that it is only built for the rich ,but this could also bring some benefit to the country as many jobs will be made.
Do U know hire much it cost to construct the city? It's and investment a private one at that! If ur asking them to reduce prices how do they make profit?
Looks very impressive i was shocked to hear you say income was 7000usd per annumn or did i hear wrong😮hope working class will earn good money when it is finished.
It's a great project. And a quality investment to tie money to assuming I can afford it. But it is not the fault of the developers. The costs of piling and sand filling alone can buy the whole of Ogun state including my people who lives in Ogun state. It has to come at a "price". But I pray, God counts me among the buyers ooo.
They need a mixture of people of different financial level in the community, high, middle and low income. I think the law in New York states that luxury apartment owners must designate certain numbers of units in their building to low income tenants. Another thing, that place is not ordinary. Millions of our ancestors were taken from those shores in chains to the Americas, and millions are buried in the Atlantic Ocean. Personally, I think that those land should be used as a memorial to the victims of the Transatlantic Slave Trade. A lot of blood, sweat, tears saturated that land. Places have memories, and many atrocities were committed on those land.
Wow what an SJW post! We should dedicate the entire Atlantic Ocean to become a slave memorial/museum 😂
God bless your knowledge.....I hope they can see this
whaaa?
bro what eko atlantic land is man-made from not too long ago it wasnt used for slave trade
@@femzinho0 It's reclaimed land that was buried by the Atlantic Ocean 🌊. Once upon a time it was physical coastal land that people walked on, but due to erosion it got covered with water 💦🌊. So, they poured sand or whatever and rebuilt it. Lagos was a primary place for holding and transporting enslaved people to America and Europe. Many people in Lagos became rich off of that kind of business, including the infamous Madam Tinubu. My friend, there are lots of things we need to know.
These projects require commitment. There are four currently in progress in Kenya (Konza, Tatu, Mwale, and Northlands), groundbreaking for the 5th one, Nairobi Railways City, will be in June . Only Mwale and Tatu are operational (schools, hospital, already working). Konza, the largest of them, horizontal infrastructure is at 90% though its been five years since ground breaking.
This is Nigeria we are talking about, they take their time with everything
@@veraaddoyobo8482 like nyona says the Kenyan ones were nothing but just dreams
Where are you reading your stat from
@@williamsolawale4208 mines or his
@@bettyk9771 his. Yours is on point and accurate
The quality of your video is mad. Amazing stuff
Living on cloud cuckoo land, what this project needs is a large wave of sunamic proportions to wash away this madness. With the average plot of land at over 1.3 million dollars it would take an average "Nigerian" whose earnings are 700 dollars per annum at least 500 years or more to be able to afford to come close to dreaming of owning property or living on the sand dune.
It is called the Nigerian dream.
@@nobs997 more like the "Nigerian" nightmare !...
@@user-144k 9 lifetimes to afford a piece of artificial land sounds more like a pipe dream to me.
Sir, Lagos needs a skyscraper district, the idea is sound but the execution is not. Everything Nigeria does is backwards, you build a new city and that first thing any serious country does is to attract businesses FIRST and not residential towers. There's all kinds of firms that Eko Atlantic can attract to set up headquarters and offices there. Next is to make it a tourist destination (health, leisure, and educational), after which you go after a targeted market (expatriates and returnee Nigerians). If done correctly the place will spring to life. Building expensive apartments just reeks of money laundering.
@@obinnaezealah2465 Where in the third world had your idea happened?
Everyone is commenting intellectually well!! This shows Nigeria has more than just great minds. Note that the prons and cons is what makes living beautiful and same time miserable. What happens to manufacturing and production sectors, what about science, technology and research institutes. What happens to our local contents? Advertising a product with foreign currency in a Naira market is not patriotism. I agree Nigeria/lagos should be put on the global map of infrastructures and tourism. I appreciate Lagos State for the Eko city Vision. It will result to more tax on the average man on the street. As he climbs the beautiful bridges and come down, the next thing is tax.
Considering transport, be it by road or water. It's still bound to be expensive
It was a very stupid idea, from the very beginning. I doubt if the govt at the time, connected with local Urban & Regional planners to help out. If they did, they would have provided the best, affordable alternative city plan to solve Lagos many urban city problems.
Lagos State is a megalopolis, a state with over 20million people on a small land mass, so many of its citizens are living in massive slums on both the island and mainland. The best solution and the most cost effective, would have been to embark on urban renewal, urban redevelopment projects of all its residential and commercial slums, one after the other, into new modern CBDs (central business districts) with all stakeholders involved.
It would have been far cheaper and much more cost effective, than this silly $6 billion Eko Atlantic city project. I am very sure this EKO scheme, came about through the influence of foreign venture capitalists without the input of Lagos city planners from the start. It will take another 20 something years for any significant progress to take place there, by then its cost estimate will continue to rise...
Your videos make me fall in love with Africa our land, and make me wanna explore it even more. 🇿🇦😊 much love!!
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Is our continent let's think together and move it from standstill
That city will never be completed in our lifetime. If it does it will take investors passing on dubai, nairobi, South Africa and rwanda. Its a failure because in dubai that size city would be completed in less than 6 years
Thanks for bringing this to our notice again. We need to keep reminding and pushing so projects are completed. One day our cry would be heard. Thanks Steven for this amazing information. Really lovely
See this is why I don’t put stock into any “big” project that’s lauded by politicians down on the continent.
An ambitious project and they should be commended however the reality is that besides banks and maybe a handful of countries like the US consulate, I don't see any serious individual who does legitimate business buying an apartment in Eko Atlantic, the reason is very clear, those individuals who can legitimately afford Eko Atlantic will look elsewhere outside Nigeria where property value will actually appreciate and there would always be a ready market, ergo Miami, LA, London etc. Besides, there are already enough luxury real estates in Lagos with nobody to fill them, a simple drive around VI, Lekki & Ikoyi at night will double down on this. Coupled with the government's poor leadership in infrastructural development (Lagos has the worst traffic in the world), I don't see any serious company setting up a regional headquarters in Lagos anytime soon.
Well done Steven. You are doing great. Proud of you.👍🏽♥️
Yeah, I am with you on that, Joshua! Steven is a perfectionist, and he is a master story teller, too!
that's a really huge and controversial project, thanks for the updates.
Hopefully one day, average Nigerian families will be able access property in such development project.
keep up the good work brother !
Sir, you have a great dream but truth is that there is no place on earth where the average citizens can afford million dollars homes..Even in US, UK, Canada, China, UAE and others..Even in some of these countries, the citizens only option is to get mortgage and mortgage their lives for life..So the question of average Nigerians owning homes in Eko Atlantic May never happen..Average Nigerian should start at Lekki, Ikorodu, Surulere, Ikeja etc..Whether we like it or not, this is how the world works
@@proudlyafrican6240 I'm telling you
Anywhere in the world you live according to your standard, it's never a controversial project, every infrastructures are on ground ,if you have money go and buy your land and start your project
@@proudlyafrican6240 then why building millions dollars home when this is not what the country needs ? their are thousands of empty flats all around lekki, Ikoyi, Victoria Island ... none can afford them.
I hope for much success.......but please help the have little and nots in the mainland.
Awesome and very delicate project. Thank God for Lagos state. Thank God for the federal republic of Nigeria. Thank God for the great engineers. May Life bless you all. 🙌
It is not a Potemkin village as that 'sabinus' tweeted. It is actually a laudable project that will add value to the Lagos real estate sphere and indeed Nigeria's economy at large. Nigeria has been independent since 1960, other countries like Singapore have achieved way more than this. Our cities don't have to be known for brown roofs, unattractive skylines and city views just because the economy is not big enough! I make bold to say there will be a sweeping urban reconfiguration in much of Lagos within the next 50 years which will take series of successive visionaries gracing the seat of power and decision making parlors in Lagos State. Lagos State is not where it should be, it is yet to crack the shell shielding its potentials. Ogun state is another place screaming for a 21st century development, infact all of Nigeria! As the economy expands and productivity increases across the length and breadth of Nigeria, you will see more and more individuals who can afford to either rent or own properties on the Eko Atlantic. I believe Nigeria also needs to be birthing hundreds of startups every year in order to churn out thousands of individuals with some elevated and stable financial status at every 5 year cycle. These things require strategy and we need leaders that think to help activate this.
Add value to the Nigerian real estate market when most of the houses in lekki, VI, Ikoyi, and Banana Island are vacant with no buyers??? Where is the demand for such houses at outrageous prices?? Please.
We need to build a solid foundation before building the house. Build the feet before you build the head.
Trying to create an “attractive skyline” without common sense and at the expense of the poor is why this project is stalling.
The demand is not real.
Things were a lot better when Jonathan was President and had he stayed, perhaps this project will be complete by now.
Buhari’s Nigeria is a sunken ship with all the hopes and dreams of Nigerians buried with it.
Building beautiful skylines, yen yen, to what end??? It will lie fallow just like it's predecessors in lekki and the rest, try to do the maths of acquiring just a plot of land here and the cost of planting one of those beautiful skyline... its so crazy, only the super rich can live there, unless any prospective employer will carry the burden of accommodation, the EAC will become another project of "what could have been...."
My perception of the city as a project liable to be periled by mother nature have changed considerably
This project is a bold statement about an idea whose time has come, though maturing slowly; whether it attains the end goal or not will depend on the larger society to some degree. Private partnerships without a good government will still have many problems. The people must realize they have a part to play in this idea to benefit them and lay a foundation for advancement.
Thanks for this important info. I'm a Kenyan and saw it on a documentary (done about 5 years ago) and was wondering whether Eko Atlantic City was realized or was a pipe dream as most of the ambitious projects in Africa