search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
MIDDLE EAST & AFRICA REGIONS


Urban renewal: Nigeria’s Eko Atlantic project covers an area of 10 million sqm By 2040, Eko Atlantic’s developer South


Energyx, a subsidiary of the Nigeria-based Chagoury Group, expects 300,000 people to be living in the city and a further 250,000 people commuting to and fromit. The project’s original concession agree-


ment dates back to 2006 and land started to be reclaimed in 2008. It is privately funded by South Energyx. “Our vision has evolved from a new finan-


cial centre for Lagos to a new business centre for the city,” says Ronald Chagoury, vice-chair- man of South Energyx Nigeria. “Not only do we now expect many financial institutions to locate in the city, but also multi-national and Nigerian companies seeking to set up a new head office.”


Elitist developments However, some experts believe that new cities for the continent’s rising middle and upper classes could be a distraction for national gov- ernments, as they could channel scarce eco- nomic resources to Africa’s elites. “Building new smart cities in the hope peo-


ple will follow may be a high-risk gamble that most African governments cannot afford,” says Astrid Haas, policy director of the IGC. “A surer bet is to study where people are already moving, which means where future urbanisa- tion is likely to happen. Laying the founda-


tions for this urbanisation to happen in an orderly and well-managed fashion, such as delineating basic road systems and investing in basic infrastructure before settlement takes place, will go a long way to harness the poten- tial of Africa’s urbanisation.” MrChagoury, however, believes the benefits


of projects like Eko Atlantic can spread across the board. “It is true that some of the independent


property developers in Eko Atlantic have decided to construct luxury apartments, butwe do not regard our city as ‘elitist’,” he says. “Over a 25-year period, we envisage up to 2


million people living and working in the city. Other property developers plan to construct smaller apartments at a lower entry price that can be financed by low-cost mortgages. We believe Eko Atlantic hasimmense potential as it caters for the Nigerian market, which has the continent’s biggest economy. “Multinationals that want to penetrate the


Nigerian market must have a local head office and our city offers a good location for them.” With thousands of people across the conti-


nent moving to urban areas daily, the need for functioning urban infrastructure has never been greater. Newcities and their private devel- opers will help meet some of that demand, pro- vided their projects do not become wishful thinking for a limited elite.■


December 2020/January 2021 www.fDiIntelligence.com 91


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120