Sunday, April 27, 2008

Lagos Mega City Project “New City on the Atlantic”

This Fashola (Governor of Lagos State) be big thinker sha. Lagos is the "NEW DUBAI"

Eko o ni baje o

The proposed new-look Lagos will be a major highlight of THISDAY’s special international summit holding in New York, USA, on Monday, September 24, 2007. Governor Babatunde Fashola of Lagos will lead the drive for investment for his dream New Lagos, his pet project of developing Badagry and linking it to the rest of the state with a modern transportation system, provison of first-class infrastructure in the state, mass housing and tourism…The “New City on the Atlantic” which the Lagos State government is planning to develop is part of the Mega City Project. The Summit, with the theme “Nigeria Meets the World.

The Lagos State Government has said that it needs an estimated $50bn of new investments on infrastructure for it to actualise the vision of becoming a megacity.

The state Governor, Mr. Raji Fashola, said it had been projected that the state must spend at least $2bn on the expansion and modernisation of its water supply network over the next two decades.

He spoke at the opening ceremony of the international workshop on the state’s public private partnership initiative in Lagos on Monday.

He said the state must also expend about $715m over a five-year period to provide a qualitative and efficient roadwork; $185m on the upgrading of existing slums over the next 15 years and about $100m yearly, in the next few years, to achieve the objective of an efficient and effective waste management system.

“This, of course, is only a tip of the ice berg as equally stupendous amounts will be required to maintain existing drainage channels and provide new ones; meet the demand for public transportation, housing and maintain effective security among others,” he added.

He explained that the targets could only be met through creative public-private partnerships, saying that employing such partnerships to finance infrastructure development had become inevitable in most parts of the world.

He said government alone could not muster sufficient resources to meet the needs of the people.

The Governor added, “We are not asking for foreign aid, a much abused concept. We are not extending a begging bowl for charity or compassionate financial handouts.

“All we are seeking is for serious minded investors, who will utilise our infrastructure challenges as opportunities to do profitable business in Lagos State and Nigeria.”

According to him, the opportunities for viable investment in Lagos are limitless.

On power supply, he said only 1000MW was currently supplied as against the actual demand of 12,000MW.

He also said that 170 million gallons of water were generated per day when compared with the actual daily demand of 720 million gallons.

He said, “Our detailed and meticulous studies show, for instance, that an investment of $100m in the infrastructure needed for our Bus Rapid System will yield an annual revenue of at least $50m.

“And about $787m will be required as investment in our rail transportation infrastructure, with projected annual revenue of $400m.”

The Commissioner for Budget and Economic Planning in the state, Mr. Ben Akabueze, who disclosed that the state would require the huge sum of $50bn of expenditure on infrastructure, said even if the state had to spend its entire budget on it, it still had a very long way to go.

Representatives of Renaissance Group, Lagos, JP Morgan (South Africa and London), KPMG (UAE), Zenith Capital Limited, Lagos, ARM Limited, Access Bank Plc, New Era Capital Corporation, New York, are participating at the workshop, which ends on Tuesday (today).

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