SEEMS TO BE WORKING

Nigeria 2018 | CONSTRUCTION & REAL ESTATE | COLUMN

TBY talks to Paul Onwuanibe, Managing Director, Landmark Africa, on the sector.

Paul Onwuanibe

What is the potential for cities within a city in Lagos?

Lagos is a megacity, and all megacities typically develop mini cities within them as the population grows and evolves. You can see it slowly starting in Lagos as the high streets continue to evolve; vertical high streets are forming and creating unplanned mini communities. However, for the concept to be properly developed in Lagos like it is in Europe or even Dubai, we would need to resolve issues around basic infrastructure and transportation. Land is expensive in the city, and there are not enough road and transport networks to bring commuters in and out of the city. Lagos also needs the support of the government, banks, and other funding agencies to create a financing platform in a cost and time efficient manner. We have seen some positive changes as the government seems to be working hard on infrastructure development in the region, however they need to move faster. A megacity like Lagos will respond positively when an enabling environment is created for developers to build at affordable prices so that their properties can be offered to end users at affordable prices.