David Frame is the Managing Director of South Energyx Nigeria Limited. The Company is the promoter of the multi billion dollars Eko Atlantic City Project on Victoria Island, Lagos. South Energyx is a subsidiary of the Chagoury Group, it spearheads the planning and construction of the 21st century city combining space for residential, commercial, financial and tourist development.
And to demonstrate its commitment to deliver the project as at when due, South Energyx Nigeria Limited invited the Mayor of the City of London, Alderman Michael Bear, to the project site during which it showcased all the aspects of the project. Briefing the delegation, the Managing Director of South Energyx, Mr. David Frame, said the project was aimed at changing the face of the Lagos shoreline by finding a permanent solution to the incessant ocean surge that is threatening Victoria Island by reclaiming and protecting its infrastructure. In this interview with Daily Sun, the Managing Director fielded questions ranging from the aim of the city, its economic importance to Nigeria, employment potential and how the infrastructure will match world class facilities.
What led to this project?
It all began as an endeavour to protect the coastline of Victoria Island from sea erosion.The city is built on a land reclamation project surrounded by a sea wall built to last 1,000 years. On top of this rises a solution to the chronic shortage of prime real estate in Lagos, and the need for a new financial environment headquarters for Nigeria which is the largest economy in Africa. So, Eko Atlantic is not only providing vital space for people to live and work adjacent to Victoria Island.
It is a symbol of Nigeria’s pride and pivotal in achieving the nation’s pledge to become a top 20 economic power; a beacon for international business and tourism. The foundations have reclaimed the lost land that disappeared under the pounding waves of Atlantic surges during the past 100 years. The design and construction of the Great Wall of Lagos has already provided an effective marine engineering solution to stop further land depletion from the Nigerian coastline along Victoria Island.
How has currency fluctuations affected the cost of building materials?
In my experience, the market for building materials is far more stable than it ever was before. One of the biggest problems we used to have in the construction industry was rapid inflation and the cost of materials, together with the depreciation of the naira against all major currencies. In the past, we had to present full documentation to our clients, particularly if it was a government project, stating all fluctuations in prices. Since 2000, there has been increased stability in exchange rates and inflation in the country. This is again a reflection of the increasing strength of the naira on international markets. You just have to look at the skyline of Lagos and the new projects going on. Major cement suppliers are making plans to grow their capacity because their current facilities simply cannot support demand. The start of 2015 has seen a reduction in the value of the naira, a consequence of falling oil prices worldwide; however, there are already encouraging indications of a recovery.
To what extent will local content play a role in the initial development of Eko Atlantic?
We already have many local architects and engineers engaged in Eko Atlantic. The first development is being completed by a local architect. When you consider the number of plots we have, each one accommodating two and sometimes three buildings, you see that there are thousands of buildings that need to be constructed before the city is fully developed. Each one of these projects needs a surveyor, project manager, real estate agent, marketing manager, and so on. It just grows and grows. What we are finding is that more and more professionals are starting to recognise that Eko Atlantic is going to be a source of employment and revenue for them decades into the future.
Why Eko Atlantic?
It is more about relieving the pressure in Lagos State. You know that Nigeria is one of the fastest-growing megacities in the world so the pressure on Lagos is intense. Eko Atlantic is providing prime development land to give the space for business and commerce to expand and fulfil its potential. Secondly, we are looking at a project which will set example of African Excellence in the sense that when this project is completed, the clean and eco-friendly urban infrastructure of Eko Atlantic will propel Nigeria into a position of leadership in the economy of West Africa. The city is an example of how high standards of living can be created while meeting environmental responsibilities.
How much land has been reclaimed since the inception of the project?
In total, over 10 square kilometres of land will be reclaimed in which we have already completed about 65 per cent of the sand-filling and we have another one and half kilometre of sea wall to complete and on top of that we have to put into consideration the roads and infrastructures. So in terms of the rim works, we project that at the end of 2022-2023, we would have finished the sand filling and the sea wall. We have adopted a shape whereby the current is trained to run parallel to the coast and not to attack the walls and we are protecting the sand in front of VI and Lekki but it does not extend to Epe. As at when we reclaimed the land, we started with the drainages, roads, power cable distribution, water supply, surge system, IT services to give Nigerians that network they would require in a 21st century city
This news was culled from The Sun
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