Upmarket projects in Lagos stalled
Construction of new property developments is frozen and high-end precincts lie deserted as recession grips Nigeria’s powerhouse
Lagos — With inert cranes, deserted construction sites and empty buildings, Lagos is suffering a hangover from a construction binge as Nigeria wrestles to overcome a recession. Look no further than Eko Atlantic, billed as the largest real estate project in Africa, where once frenetic construction has slowed to a snail’s pace. Dubbed the "Dubai of Africa", the so-called city within a city is being built over 10km² on tonnes of sand dredged from the Atlantic Ocean off the coast. Just a year ago, it was a symbol of the promise of Lagos, when Nigeria was still the continent’s number one economy. But today it is mostly an expanse of sand, interrupted by two lonely ultramodern skyscrapers and a couple of roads lined with young palm trees. The island is expected to house nearly 500,000 people and see 300,000 others visit daily when it is finished in the next 15 to 20 years. "The business continues but there is no point in going too fast in the context of a general slowdown," said Pierre Ed...
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