Dream of a Lagos Champs-Élysées Banks on Nigerian Recovery
- Lagos luxury development could house as many as 250,000 people
- Developers pinning hope on growing population and diaspora
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A high-end seaside development in Nigeria’s megacity of Lagos could be operational in the next five years as the West African nation’s economy rebounds from its worst contraction in more than two decades, according to the project’s promoter.
Eko Atlantic City is being built on a planned 10 square-kilometer (3.8 square-mile) stretch of land that’s being reclaimed from the Atlantic Ocean, Ronald Chagoury, chairman of South Energyx Nigeria Ltd., said in a May 23 interview in the commercial hub. When the final project is complete, as many as 250,000 people are expected to live in the development, where a three-bedroom apartment could cost almost $1 million, according to online property listings.