By James Edet Governor Umo Eno’s recent announcement of plans by his administration to construct an 18-floor edifice for Akwa Ibom in Lagos State has faced a barrage of criticism in the media by people who obviously have no clear understanding of what the project is all about, in the first place. These critics have questioned the prudence of investing Akwa Ibom’s resources in Nigeria’s commercial nerve centre when there is so much hunger in the land. As much as the antagonists of the proposed project have a right to their uninformed opinions and criticisms, an in-depth analysis, however, reveals that this project is not merely a real estate investment but a strategic business move aimed at economic diversification and financial sustainability.
At this juncture, it is essential to highlight some of the long-term benefits and the strategic underpinnings of such an investment. Lagos, as Nigeria’s commercial epicentre, is endowed with an inexhaustible market potential that remains unparalleled within the country. It attracts businesses, investors, and tourists from all over the world, making it a hotbed for economic activities, including real estate.
Governor Eno’s foresight to position Akwa Ibom within this thriving market ecosystem can be viewed as good business sense. A skyscraper in Lagos offers an opportunity for Akwa Ibom to tap into the expansive economic pie that the city offers. Akwa Ibom, relying predominantly on oil revenue, presents a serious risk, given the.