 Shocking, a $6 billion mega-city in the sea. A fantastic new coastal city called Eco-Atlantic City, also known as Nigeria International Commerce City, is being constructed on Victoria Island near Lagos, Nigeria. In order to address the severe housing scarcity in the mega-city with the highest population growth in the world, it is being constructed on ground that has been reclaimed from the Atlantic Ocean. The Eco-Atlantic project's construction started in 2008, a wall surrounding the city that is 8.5 kilometers long rests on 10 million square meters of land away from the ocean. It is anticipated to be the size of Manhattan's skyscraper district, with a total of 10 districts. Can Eco-Atlantic become the next generation of real estate on the African continent? Will the city need demands for accommodations in the financial, commercial, residential and tourist sectors? Can the city provide advanced telecommunications, pure water, modern urban planning, self-sufficient and sustainable energy sources, and high living standards? Hello there, welcome to today's episode of findings. Stay tuned as we discover more about the Eco-Atlantic City, which is a major project in Nigeria and Africa at large. Take a few seconds to subscribe to Africa Reloaded before we begin. The main features of the project. The Eco-Atlantic project has changed over time, and is now one of the most expensive real estate markets in Africa. It serves as a focal point for investors who gain from strong development growth driven by high demand, as well as a gateway to the continent's emerging markets, which are tipped to become the next wave of African real estate. Using cutting-edge high-tech infrastructure, Eco-Atlantic City blends residential, business, financial and tourist accommodations. China Communications Building Group, a company that specializes in landfill operations and marine dredging, was offered the construction of the city. The project's first phase, which involves dredging, building the dam, and filling it with sand, will take around six years to complete across a total length of 6,500 meters and an average width of 1,260 meters. The base of the metropolis will be built using a total of 91 million cubic meters of sand. Additionally, the Great Wall of Lagos, a projected 8.5 kilometer long barrier made mostly of granite and coated with concrete, protects Eco-Atlantic. The first phase of Urban Development's plan has been unveiled by South Energiq's Nigeria Limited, the project's developer and urban planner. One of the structures that will be constructed as part of the Eco-Atlantic City's first phase is a 26-storey structure called Azuri Peninsula. There will be 120 luxury apartments there. Along with a five-star marina and yacht club, the property will have upscale stores, CAFIS, and a variety of services in a tastefully designed environment. The award-winning global design will be preserved in the architecture, which will also offer the most inexpensive place to live, work, play, and invest. The project's second phase is anticipated to span two years. In this phase, top-notch road construction, drainage system building, and the construction of a self-sustaining power plant will all be done. A water supply system, sewage network, and treatment systems, similar to those found in developed cities all over the world, will also be installed. Eco-Atlantic will help reverse Lagos' worst economic downturn in 30 years. Benefits of the project It is anticipated that the city would add 250,000 new employment and deal with the housing crisis brought on by the expanding population. But since Eco-Atlantic was developed by dredging and piling up land worth 10 kilometers, what makes its development particularly impressive is its position, the planned city directly borders Lagos. Prior to the project's start in 2009, the peninsula was essentially non-existent. As a result, Eco-Atlantic appears to be an artificial island. The Eco-Atlantic city is expected to be at least 40% bigger than the current Victoria Island, and it will be home to 250,000 people, as well as the 200,000 commuters who swarm to the island every day for work. Eco-Atlantic city development is qualified to lease any property as a concession holder and major developer. The investor will thereafter be free to develop his land anyway he pleases. Eco-Atlantic will provide the most cutting-edge amenities now available in the globe, as well as first-rate roads with canals for the drainage of surface water and an enviable sewage collection system, in accordance with the established rules. Other features of the project Features include two sizable marinas, connected by an internal waterway, an independent 24-hour power supply, fiber-optic communication links to each property, elevated street levels to accommodate underground parking spaces above groundwater, and smooth documentation and construction permit processes. The development of Eco-Atlantic is being done through a public-private partnership, with private businesses and investors providing the finance and lego state, and the federal government's remaining strategic partners. The state and local governments collaborate strategically with South Energiq's Nigeria Limited. Several of Nigeria's top banks, including FCMB, First Bank, Access Bank, and Guarantee Trust Bank, partnered with Eco-Atlantic and immediately capitalized on the potential, with assistance from Western Bank's BNP, PERI, BUFF, Fortis, and ABC. A square foot of land in the city is currently being offered for close to $2,000, according to experts, who estimate that the project will cost at least $6 billion, while Eco-Atlantic will help the metropolis housing issues. The state and population's economic gains are what give it such a high potential. The creation of free trade zones, and the dynamic emphasis on infrastructure development at the moment. Challenges Facing the Project The Eco-Atlantic city is no different from the many other projects that are subject to controversy. People who reside close by oppose Eco-Atlantic City, because recent coastal erosion and ocean flooding were brought on by the city's ongoing construction. The amount of water that would be lost from Bar Beach would leak to another location, endangering Menjiri's coastline. Eco-Atlantic City is additionally frequently criticized for being extremely vulnerable to rising seas due to its foundation on an artificial sand bank close to the ocean. Residential areas are flooded, access roads are submerged, and electricity pylons are torn down by the seawater. Some of the residents have also been compelled to relocate as a result of this. However, the Great Wall of Lagos is designed to guard this future city and stop coastal erosion and flooding. When the Atlantic Ocean spilled its banks in August 2012, it swept 16 people into the water, killed several others, and flooded Karamo Beach, Victoria Island, among other places. An environmental expert claims that the lack of the contractors managing the sandfilling activities of the proposed Atlantic Ocean City to implement measures that would lessen the impact of the surge on the environment is what caused the ocean to surge. The APEC led state government's sandfilling, according to a statement from the People's Democratic Party of Lagos state, is to blame for the ocean surge. The party demanded that the Eco-Atlantic project be put on hold and that the relatives of the deceased receive urgent compensation. Those who wish to be a part of a new border and seek a quieter, safer atmosphere for their activities and businesses can relocate to the new city. Eco-Atlantic City represents much more to savvy investors than simply rising land prices in Lagos. As Nigeria keeps moving unabatedly toward becoming the financial hub of Africa, an investment in Eco-Atlantic, which is currently thought to be the world's most promising growth horizon, will create previously unimaginable opportunities to realize the continent's full potential. We hope you have subscribed to Africa Reloaded already. Thanks for watching to the end. Please let us know your thoughts in the comments section and remember to like and share this video.