Business

Eko Atlantic: Africa’s Answer to Dubai

Published

4 months ago

January 11, 2025

In the world of modern urban development, two cities stand out as symbols of ambition, innovation, and resilience: Eko Atlantic in Lagos, Nigeria, and Dubai in the United Arab Emirates. Both cities have made headlines for their bold approaches to urban planning, reclaiming land from water, and building cities that aim to redefine their regions. But how do these two futuristic hubs compare?

This article explores the features of Eko Atlantic, its significance, and how it measures up to Dubai, often hailed as the gold standard in modern urbanization.

Eko Atlantic: Rising from the Atlantic

Eko Atlantic is an urban development project on 10 square kilometers of reclaimed land off the coast of Victoria Island, Lagos. Designed to address Lagos’ challenges of coastal erosion, flooding, and rapid urbanization, it is more than a city—it’s a vision of Nigeria’s future.

Key Features of Eko Atlantic

The Great Wall of Lagos:
- An 8-kilometer-long seawall engineered to protect the city and surrounding areas from flooding and coastal erosion.
- Built to withstand rising sea levels and extreme weather events.
Economic and Commercial Ambitions:
- Marketed as West Africa’s financial hub, designed to attract multinational corporations and investors.
- Accommodates 250,000 residents and 150,000 daily commuters with a mix of business, residential, and leisure spaces.
Luxury Living and Modern Infrastructure:
- Features modern skyscrapers, vibrant waterfronts, and world-class amenities.
- Combines commerce and lifestyle, offering a global standard of living.

Dubai: The Global Benchmark

Dubai has long been celebrated as a modern marvel, a city that has transformed from a desert outpost into a global hub for trade, tourism, and luxury living.

Key Features of Dubai

Architectural Grandeur:
- Home to the Burj Khalifa, the world’s tallest building, and the Burj Al Arab, a symbol of luxury.
- Continues to build awe-inspiring structures that attract millions of tourists annually.
Economic Powerhouse:
- Features the Dubai International Financial Centre (DIFC), luxury shopping malls like The Dubai Mall, and world-class resorts.
- Hosts major global events like the Dubai Expo, solidifying its position on the world stage.
Tourism and Lifestyle:
- Known for its vibrant nightlife, desert safaris, and cultural experiences.
- Attracts millions of tourists yearly, drawn to its blend of modernity and tradition.

Eko Atlantic vs. Dubai: Similarities and Differences

While both cities are built on reclaimed land and emphasize luxury, commerce, and innovation, their approaches and contexts differ significantly.

Feature	Eko Atlantic	Dubai
Scale	10 square kilometers	Multiple land reclamation projects of varying sizes
Purpose	Combines sustainability and urban resilience	Focuses on tourism, luxury, and trade
Architectural Focus	Modern and eco-friendly designs	Iconic and awe-inspiring landmarks
Economic Role	Financial hub for West Africa	Global hub for trade and tourism
Environmental Impact	Built to combat flooding and erosion	Early concerns about sustainability now addressed
Tourism	Emerging as a lifestyle destination	Established global tourist hotspot

Challenges and Criticism

Eko Atlantic:

Affordability: Critics argue it caters primarily to high-income earners, excluding much of Lagos’ population.
Environmental Concerns: Potential impacts on nearby communities, including flooding risks, have raised questions.

Dubai:

Early Development Issues: Criticized for over-reliance on energy-intensive practices and imported labor under challenging conditions.
Current Focus: Addressing these challenges with sustainability initiatives and labor reforms.

Conclusion: A Vision of Urban Transformation

Eko Atlantic and Dubai represent bold visions for urban transformation in their regions. Eko Atlantic prioritizes sustainability and resilience, addressing Lagos’ unique challenges of coastal erosion and urbanization. Meanwhile, Dubai has set the benchmark for luxury and innovation, creating a global identity through its iconic landmarks and thriving economy.

As Eko Atlantic develops, it has the potential to follow in Dubai’s footsteps, emerging as a world-class city that redefines urban living in Africa. Both cities serve as testaments to the power of ambition, creativity, and strategic planning in shaping the future of global urbanization.

Business

Lagos’ GDP Soars to $259B, Becomes Africa’s 2nd Largest City Economy

Published

2 months ago

March 12, 2025

Eko plus

Lagos State has solidified its status as one of Africa’s top economic powerhouses, with its Gross Domestic Product (GDP) reaching an impressive $259 billion based on Purchasing Power Parity (PPP). This milestone places Lagos as the second-largest city economy on the continent, following Cairo, Egypt.

The announcement was made during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday. According to the report, Lagos State’s GDP stood at $259.75 billion in 2023, reinforcing its role as Nigeria’s commercial and financial hub.

Lagos Economic Growth in 2024

Lagos recorded significant economic growth in the first half of 2024, expanding to ₦27.38 trillion, up from ₦19.65 trillion in 2023. This strong performance underscores the state’s resilience amid economic reforms and ongoing infrastructure development.

Despite this expansion, Lagos’ tax-to-GDP ratio remains low at 2.3%, highlighting the need for improved revenue generation strategies.

Key Lagos 2025 Budget Projections

Looking ahead, Lagos State is poised for further economic expansion in 2025, with the following key projections:

GDP Growth: Expected to increase from ₦54.77 trillion in 2024 to ₦66.47 trillion in 2025, with real GDP growth estimated between 5.02% and 6.49%.
Sectoral Growth: The services sector will continue leading growth, supported by agriculture and industrial production. Stability in fuel prices and exchange rates is expected to enhance economic performance.
Inflation Forecast: Headline inflation is projected at 34.2%, while food inflation may rise slightly to 34.9%.
Revenue Projections: The Lagos State Government aims to generate ₦2.79 trillion in revenue for 2025, emphasizing fiscal discipline and revenue diversification.

Investment & Business Opportunities in Lagos

As Nigeria’s largest economy, Lagos remains a prime destination for investors, particularly in infrastructure, technology, real estate, and manufacturing. However, challenges such as inflation, forex volatility, and infrastructure gaps must be addressed to ensure long-term growth.

Sanwo-Olu Grants Approval for Construction of First Bank’s New Headquarters

Upcoming Changes: Nigeria’s GDP Rebasing

The National Bureau of Statistics (NBS) is set to rebase Nigeria’s GDP in 2025, shifting the base year from 2010 to 2019. This update will enhance economic measurement by incorporating:

Digital economy growth (e-commerce, fintech, and online services).
Emerging industries (modular refineries, pension funds, and quarrying).
Social sector activities (NHIS and NSITF programs).

Lagos’ economic trajectory remains strong, positioning it as a key player in Africa’s evolving financial landscape.

Business

Sanwo-Olu Grants Approval for Construction of First Bank’s New Headquarters

Published

2 months ago

March 6, 2025

Eko plus

Lagos State Governor, Babajide Sanwo-Olu (second left), presents the Certificate of Authorization to First Bank Holdings Board Chairman, Femi Otedola (second right), and First Bank Group MD/CEO, Olusegun Alebiosu (left), during the groundbreaking ceremony for the bank’s headquarters at Eko Atlantic City, Victoria Island, on March 5, 2025. Also present is Special Adviser on e-GIS & Urban Development, Dr. Olajide Babatunde.

Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, presented a Certificate of Approval to FirstBank Group for the construction of its iconic 43-storey eco-friendly headquarters in Eko Atlantic City.

Accompanied by his Special Adviser on eGIS and Urban Development, Dr. Olajide Abiodun Babatunde, and General Manager of the Lagos State Building Control Agency (LABSCA), Arc. Gbolahan Oki, Governor Sanwo-Olu handed over the certificate to FirstHoldCo Chairman, Femi Otedola, and FirstBank Group CEO, Olusegun Alebiosu, during the project’s groundbreaking ceremony.

A Landmark Skyscraper for Nigeria’s Financial Sector

Governor Sanwo-Olu praised FirstBank Group for its vision and leadership, commending its audacity to construct a 43-storey skyscraper, which will become Nigeria’s tallest building.

He also lauded the development of Eko Atlantic City, describing it as a model for Africa and attributing its transformation to the bold initiatives of President Bola Tinubu during his tenure as Lagos State Governor.

“I have seen several investments come into Eko Atlantic City, but I believe this FirstBank headquarters is the investment that will redefine its future,” Sanwo-Olu stated.

Eko Atlantic: Africa’s Answer to Dubai

Lagos: Africa’s Financial and Investment Hub

The Governor highlighted the significance of this project in aligning with the state’s vision for Lagos as Africa’s premier financial hub.

“Just yesterday, we laid the foundation for the Lagos International Financial Centre. Our goal is to position Lagos as a global leader in finance and commerce. This city will be a safe, secure, and thriving mega city, setting the pace for financial innovation across Africa,” he said.

Lagos State to Launch International Financial Centre to Boost Capital Market Growth

Sanwo-Olu also encouraged other financial institutions to follow FirstBank’s lead by investing in Eko Atlantic City, pledging to provide a supportive business environment for investors.

“FirstBank has always been a pioneer. Now, it is time for other financial institutions to follow suit. I am ready to facilitate more groundbreaking projects and ensure an enabling environment for investments in Eko Atlantic City,” he added.

Lagos State Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Vice President, Senator Kashim Shettima; Ogun State Governor, Prince Dapo Abiodun; First Bank Holdings Board Chairman, Femi Otedola; and First Bank Group MD/CEO, Olusegun Alebiosu, at the groundbreaking ceremony for First Bank’s headquarters tower at Eko Atlantic City, Victoria Island, on March 5, 2025.

High-Profile Attendance at the Groundbreaking Event

The event was attended by Vice President Kashim Shettima, Governors Dapo Abiodun (Ogun) and Lucky Aiyedatiwa (Ondo), Lagos State Deputy Governor Dr. Obafemi Hamzat, and former Senate President Dr. Bukola Saraki.

Other notable figures included business moguls Alhaji Aliko Dangote, Femi Otedola, Dr. Deji Adeleke, Alhaji Mohammed Indimi, Senator Daisy Danjuma, and Gilbert and Roland Chagoury.

Business

Lagos State to Launch International Financial Centre to Boost Capital Market Growth

Published

2 months ago

March 6, 2025

Eko plus

The Lagos State Government has finalized plans to establish an International Financial Centre (LIFC) in collaboration with EnterpriseNGR and key stakeholders to drive capital market growth.

This initiative aims to create a world-class financial ecosystem, attracting foreign investments, enhancing market liquidity, and positioning Nigeria’s financial markets as globally competitive.

Governor Babajide Sanwo-Olu described the Lagos International Financial Centre as a transformational project designed to solidify Lagos as Africa’s leading financial hub. The centre will be strategically located at Eko Atlantic in Victoria Island.

Eko Atlantic: Africa’s Answer to Dubai

Fostering Capital Market Growth & Financial Innovation

Sanwo-Olu emphasized that the project will accelerate capital market expansion, encourage public-private partnerships, and drive financial sector innovation in the state.

“As Nigeria’s largest economic and financial hub, Lagos plays a pivotal role in our capital markets. Our licensed exchanges are at the core of this ecosystem, facilitating investment flows, increasing liquidity, and promoting financial literacy,” he stated.

He added that the LIFC will strengthen market infrastructure and unlock new investment opportunities in technology and capital markets development.

A Call for Global Best Practices

Aigboje Aig-Imoukhuede, co-chairman of the project alongside Governor Sanwo-Olu, urged the CEOs of licensed exchanges—including Nigerian Exchange Group (NGX), FMDQ Group Plc., NASD OTC Securities Exchange Limited, and Lagos Commodities and Futures Exchange (LCFE)—to align global best practices with the Lagos financial ecosystem.

He described the LIFC as a “game changer”, calling on exchanges to adopt strategies that enhance liquidity, innovation, and market depth.

Lagos’ Digital Investment Milestone

In a related development, Lagos State has attracted over $1.2 billion in digital investments to boost its digital economy and expand telecom infrastructure.

Governor Sanwo-Olu revealed this during a visit by the Nigerian Communications Commission (NCC) delegation, led by Executive Vice Chairman Aminu Maida, at the Lagos House in Ikeja.

These investments, secured over the last five years, have funded data centers, submarine cables, and network expansion projects. The governor reaffirmed his administration’s commitment to strengthening digital infrastructure through a strategic partnership with NCC, aligning with the Education and Technology pillar of the THEMES+ agenda.

“Our investments in digital infrastructure will be further enhanced through this collaboration with NCC,” Sanwo-Olu stated.

He assured that Lagos State will continue working with NCC to protect critical telecom infrastructure and advance the digital economy for the benefit of residents.

Driving Tech Ecosystem Growth

Lagos State has been actively implementing strategic initiatives to accelerate its digital transformation. The government has outlined plans to increase the tech ecosystem’s contribution to GDP from 3% to 10%, including the launch of a fund-of-funds initiative to co-invest with venture capital firms in Lagos-based tech startups.