Lagos
Lagos economy and climate change impact
Written by BusinessDay
Tuesday, 27 November 2012 00:00 In terms of landmass, Lagos is one of the smallest states in Nigeria. However, it has a large growing population (18 million people, according to one estimate). Economically, Lagos is very strategic to Nigeria.
The state government has embarked on provision of massive infrastructure — e.g., housing, roads, electricity and water supply — to address infrastructure deficit in the state. This effort, including land reclamation, has, among other things, seen the development of new towns and cities.
As a coastal state, Lagos is exposed to occasional surge from the sea, washing away much of the shorelines. In other words, Lagos is faced with serious environmental problems: rising water of the Atlantic Ocean bordering Victoria Island. A recent surge submerged Kuramo Beach, sacking its inhabitants and burying their squatter houses. This is a threat to investments (residential and commercial property) and, by extension, the state's economy.
When the state government came up with the idea of Eko Atlantic City that would be sitting on nine million square metres of land reclaimed from the Atlantic Ocean, it listed protection of the coastline, reducing pressure on existing infrastructure, wealth creation and immense developmental opportunities as some of the benefits that the project would bring. The joint venture project between the state government and South Energyx Limited holds promises for sub-Saharan Africa's economic hub. The city will provide home for 250,000 residents with 150,000 others commuting to the city every day.
But environmentalists are of the view that the rising water level, which is threatening multi-billion naira property and investments within the Atlantic shorelines, is as a result of the reclamation.
We can't agree more, and it is on this premise that we advise that the state government should do the needful. We are aware that much of Dubai, a
Written by BusinessDay
Tuesday, 27 November 2012 00:00 In terms of landmass, Lagos is one of the smallest states in Nigeria. However, it has a large growing population (18 million people, according to one estimate). Economically, Lagos is very strategic to Nigeria.
The state government has embarked on provision of massive infrastructure — e.g., housing, roads, electricity and water supply — to address infrastructure deficit in the state. This effort, including land reclamation, has, among other things, seen the development of new towns and cities.
As a coastal state, Lagos is exposed to occasional surge from the sea, washing away much of the shorelines. In other words, Lagos is faced with serious environmental problems: rising water of the Atlantic Ocean bordering Victoria Island. A recent surge submerged Kuramo Beach, sacking its inhabitants and burying their squatter houses. This is a threat to investments (residential and commercial property) and, by extension, the state's economy.
When the state government came up with the idea of Eko Atlantic City that would be sitting on nine million square metres of land reclaimed from the Atlantic Ocean, it listed protection of the coastline, reducing pressure on existing infrastructure, wealth creation and immense developmental opportunities as some of the benefits that the project would bring. The joint venture project between the state government and South Energyx Limited holds promises for sub-Saharan Africa's economic hub. The city will provide home for 250,000 residents with 150,000 others commuting to the city every day.
But environmentalists are of the view that the rising water level, which is threatening multi-billion naira property and investments within the Atlantic shorelines, is as a result of the reclamation.
We can't agree more, and it is on this premise that we advise that the state government should do the needful. We are aware that much of Dubai, a