The internet is awash with discussions about the relevance of the recent groundbreaking ceremony for the Akwa Ibom Building in Lagos.
“Today, as part of our efforts to diversify Akwa Ibom’s economy, we marked the groundbreaking of the 18-story Ibom Towers in Lagos. This project, expected to be completed in 24 months, will drive substantial revenue growth and economic ties between Akwa Ibom and Lagos States,” said Governor Umoh Eno.
The groundbreaking, which took place in Victoria Island, Lagos, had in attendance the Lagos State Governor and many former Governors of Akwa Ibom State.
Many have condemned the viability of the project, calling it misguided and a misplaced priority.
Akwa Ibom, the oil-rich Niger Delta State, is located 680 km from Lagos, Nigeria’s economic and financial capital—an 11-hour journey by car.
The Government of Akwa Ibom argues that the 18-story Ibom Towers is aimed at generating income for the state. Once completed, the building will house gyms, pools, smart technology, and more. The government believes this infrastructure will help attract urban professionals, creating mutual benefits for both Akwa Ibom and Lagos States by raising returns.
Critics, however, argue that there’s no direct impact on the economy of the average Akwa Ibom resident, suggesting the government should focus on initiatives within Akwa Ibom, the state that elected them.
In my opinion, states can and do own assets in other states as a way of raising revenue, but the system must be transparent and allow for accountability.
The property in question has been in ruin for a long time, and it is best the state puts it to use. It is better than selling it off to a politician; at least the property belongs to Akwa Ibom, and the earnings from it will accrue to the state.
There are several reasons why this project is a promising idea:
- By establishing a revenue-generating asset in Lagos, the economic hub of Nigeria, Akwa Ibom can gain a steady stream of income. This income can be reinvested back into projects within Akwa Ibom, benefiting Akwa Ibomites.
- The Ibom Towers project represents a strategic move toward diversifying Akwa Ibom’s economy beyond oil. Real estate investments like this provide a sustainable income source that isn’t dependent on fluctuating oil prices as we see today.
- With a significant presence in Lagos, Akwa Ibom strengthens its relationship with one of Nigeria’s largest economies, opening doors for future partnerships and collaboration opportunities that can benefit both states.
- During its construction and once operational, Ibom Towers will create jobs. I recommend that Akwa Ibom experts be employed as skilled professionals and support staff.
- Real estate, especially in prime locations like Victoria Island, tends to appreciate over time. This project positions Akwa Ibom to benefit from property appreciation, potentially increasing the value of its investment and offering greater returns in the long term.
It was not unexpected that there would be voices of dissent on this project, which is good for our democracy. I would advise the Governor to go ahead with the project and see it to the end rather than let it become a white elephant project.
Ubong Usoro
