Is attacking the Akwa Ibom State Government’s plan to develop a 19-story ultra-modern commercial tower to replace the old, dilapidated, and moribund Governor’s Lodge on Bishop Aboyade Cole Street, Victoria Island, Lagos, not akin to calling for the crucifixion of the same messiah who turned water into wine and performed other miracles to help the same people who supplied nails to the carpenters?
Curiously, despite the obvious foresight of Governor Umo Eno on the project, a handful are bent on bending a golden idea. They have struggled to dampen the vision by painting it, albeit ignorantly or mischievously, with a tar brush.
But no matter what strategy is deployed to stand truth on its head or attempting to misinform the people, truth never succumbs to mischief.
The truth about the 19-story ultra-modern commercial Ibom Tower is that Governor Umo Eno has discovered another effective means to launch Akwa Ibom State into the big league of investment for the future. That is the real estate business, and there could not have been a better place to do it than Lagos and Abuja.
In Nigeria, the real estate market is anticipated to achieve a value of US$2.42tn by 2024. Among the various segments within the market, the commercial segment gives the highest yield in terms of revenue, and Lagos remains the biggest destination for such investments with a GDP of $102,000. Akwa Ibom’s GDP stands at $19,000. Over the period of 2024-2029, the market is expected to exhibit a compound annual growth rate (CAGR) of 10.7%, resulting in a market volume of US$3.41tn by 2029.
When compared globally, the United States is projected to generate the highest value in the real estate market sector, amounting to US$132.0tn in 2024, with New York, Chicago, and Washington DC recorded as prime spots.
Amazingly, the real estate market in Nigeria is experiencing a surge in demand for luxury apartments in major cities such as Lagos and Abuja. First of all, Akwa Ibom State is very lucky to have a property in such a choice area. In fact, allowing the property to rot further or lay fallow should even be what the people should crucify the government for, not the other way around.
Except there is another definition of foresight and vision, this unpopular song of condemning the government’s decision on the investment could be pleasant to the ears. But looking at the prospects of the project, anyone who loves Akwa Ibom State cannot even hum that song, let alone sing it. The lyrics are retrogressive, and Akwa Ibom State has since covered many miles forward.
The truth is, real estate is the best investment, and Lagos is an excellent destination.
The real estate business is more pronounced in Lagos because it is the economic powerhouse of Nigeria with prospects from the diplomatic community and multinational companies coupled with its advantage of population. Or have they also forgotten that Lagos is a former capital of Nigeria?
With its growing population, rapid urbanization, and flourishing economy, Lagos has become a hotbed of real estate activity. Is that a location anyone should think twice before investing in?
Understanding the prevailing trends in Lagos real estate is germane for smart investors and homebuyers. High-net-worth individuals and international investors are flocking to the city, driving the demand for upscale properties like Governor projects for the Ibom Tower. For instance, a 4-bedroom terrace home in nearby Eko Atlantic City costs as much as $15M USD or about N2.5B, with a square meter of land costing at least $2,500. Rents in highbrow Victoria Island return huge USD.
Therefore, when completed, the Ibom Tower will boost the State’s revenue, with the desire to attain financial stability and not perpetually depend solely on monthly allocations from the federation account.
Better still, this is even to come from the transformation of a dormant asset of the State. Whoever loves Akwa Ibom State will not wage war against the idea of fixing a property at Victoria Island in Lagos with prospects.
The faint argument is that the money should have been used to feed the people of the State. Where on earth does manna fall forever? Governor Umo Eno has shown compassion and care for the vulnerable in the State since assuming office. From building the ARISE compassionate homes for the homeless to giving food to vulnerable persons on the social register; from donating free houses to public servants to the development of Ewet Luxury Gardens, Governor Eno is a responsive and responsible leader who, through his bottom-up approach, is attending to the housing needs of all strata while spreading development in education, healthcare, roads, and youth development across the State.
To sustain and guarantee this tempo of growth, he also needs to get the revenue to support the State in the future. That necessitates the investment in the real estate business in Lagos.
Good enough, the Ibom Tower is going to be developed through the public-private partnership model, which is a modern way of investing in business such that it does not bite hard on governance. Are we not even supposed to hail Governor Umo Eno for this? Why do we crucify the same Jesus that turned water into wine?
No doubt, Akwa Ibom State is used to seeing some persons apply for popularity through condemning government projects well-intentioned for the State. Obong Victor Attah got his share in the Econet Investment, Ibom Airport, Ibom Hotel and Golf Resort, and the Plaza projects. Chief Godswill Akpabio had his in the new Government House, Ibom Tropicana, GOA International Stadium, and Tropicana. Mr. Udom Emmanuel was visited in the 21-story building, International Worship Centre, and even the expansion of Airport Road. But today, the same people are either hailing those initiatives and projects or are benefitting from them.
In fact, those projects are giving Akwa Ibom State the brand that it has become today. Yet, they were opposed at conception.
That is also how the vision of the proposed development of the Ibom Tower will be celebrated in a few years’ time. In fact, one is safe to say that any project proposed by the Akwa Ibom State government that is not resisted by a negligible fraction of the people should be discontinued. But when these mercenary complainants justify their commercialized conscience, then the project should be continued. That means it will be a great investment for Akwa Ibom State.
The 19-story ultra-modern commercial tower, Ibom Tower, planned to replace the old, dilapidated, and moribund Governor’s Lodge at Victoria Island in Lagos will be a money-spinner for Akwa Ibom State. It is a great idea, well thought-out by Governor Umo Eno.
May the blessings associated with this foresighted investment by Governor Umo be sufficient unto Akwa Ibom State, and may God’s wisdom continue to guide the governor of the people aright! That is the benediction.
Is there anything yet that has not been said about the proposed 19-story ultra-modern commercial tower by the Government of Akwa Ibom State? If there is none, can we take the benediction, share the grace and allow the governor to concentrate on developing ? Akwa Ibom State and making strategic investments! The service is over.Lets go home in peace!
