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Lagos To Build N416.5bn Atlantic City

Kazeem Ugbodaga

The Lagos State government has finalised plans to build a N416.5 billion ($3.5 billion) Atlantic City which is expected to be the biggest city on the Atlantic coast in Africa. This is coming after the government, two weeks ago, unfolded plans to float a Yacht Hotel on the Lagos Lagoon later in the year. The new Eko Atlantic City is expected to accommodate 250,000 people and will be bigger than Victoria Island.

Governor Babatunde Fashola disclosed this yesterday when he received members of the Clinton Foundation. The governor said the state signed an agreement with the foreign partners that would handle the project a few days ago.

He stated that the Atlantic City would be one of the largest cities on the Atlantic in the world, adding that the city would be environmentally friendly. The governor added that the proposed city would make use of solar energy and it would be a centre of attraction for tourists.

Also the Commissioner for Waterfront Development, Prince Adesegun Oniru, disclosed that government was planning to reclaim the Bar Beach by 40 per cent to pave way for the Atlantic City.

The commissioner said France-based Enagix BV would handle the project which is expected to start next month. The Atlantic City will be at no cost to the Lagos State government as Enagix BV will provide the $3.5 billion for the project and recoup its money plus interest over a period of 70 years.

The city will serve as a commercial, residential and tourist haven with world class state-of-the-art facilities.

http://www.thenewsng.com/modules/news/article.php?storyid=4185

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