By Yahaya Idris
Following the groundbreaking ceremony of the 19-storey Ibom Towers on Bishop Aboyade Cole Street in Victoria Island, Lagos, a flagship project initiated by the Governor Umo Eno administration of Akwa Ibom State, the project has garnered accolades from Akwa Ibom indigenes residing in Lagos State.
The Akwa Ibom community in Lagos, under the auspices of Akwa Ibom Alliance for Good Governance, Lagos State Chapter, recognizes Governor Umo Eno’s exemplary leadership through the Ibom Towers project, demonstrating his keen insight and business acumen in leveraging the real estate sector’s growth potential in Lagos State.
The statement signed by Engr. Godwin Okon, President of Akwa Ibom Alliance for Good Governance in Lagos State, asserts that Governor Umo Eno’s investments pale in comparison to the potential benefits of a real estate business for Akwa Ibom State.
The statement emphasized that Lagos State is the nucleus of Nigeria’s real estate market, demonstrating that the Governor’s actions are prudent, well-directed, and contemporaneous.
“Governor Umo Eno’s vision to establish a 19-storey cutting-edge commercial tower, replacing the antiquated Governor’s Lodge on Victoria Island, Lagos, is laudable. We commend and appreciate his leadership in catapulting Akwa Ibom State into the league of prominent economies. This strategic investment will position our State alongside others that are economically thriving, such as Lagos State, recognized for its leaders’ sagacity in investing, particularly in real estate, to foster excellence.”
The Akwa Ibom State Alliance for Good Governance reiterated its endorsement of Governor Eno’s initiatives, citing the Ibom Towers project, as Nigeria’s real estate market is projected to reach $2.42 trillion by 2024, with residential real estate dominating the market at $2.08 trillion. Between 2024 and 2029, the market is expected to grow at a 7.10% compound annual growth rate, reaching $3.41 trillion.
“The United States is poised to surpass other nations in the real estate sector, with projected valuations reaching US$132.0tn by 2024.”
Nigeria’s real estate market is presently experiencing a pronounced increase in demand for luxury apartments in prominent cities, and Akwa Ibom State is distinctly advantageous in having properties situated in such prime areas.
The consensus among professionals is that real estate is the wisest investment, with Lagos offering unparalleled opportunities.
“As Nigeria’s economic powerhouse, Lagos boasts a vibrant real estate market, driven by opportunities from diplomats, multinationals, and its substantial population, with the added benefit of being the country’s former capital.”
Considering Lagos’ expanding population, swift urbanization, and thriving economy, does the city’s real estate market warrant cautious investment consideration?
Comprehending current trends in Lagos real estate is crucial for savvy investors and homebuyers, as affluent individuals and international investors increasingly seek upscale properties, such as Governor projects like the Ibom Tower.
Residents with decades-long tenure in Lagos are ideally suited to provide credible perspectives on Lagos State’s real estate industry, noting Governor Umo Eno’s effective governance and meriting recognition.
According to the group, Governor Umo Eno’s real estate investments have roots beyond Lagos. They highlighted his projects in Akwa Ibom State, such as ARISE Estate, Dakkada Luxury Estate, Luxury Estate at Samuel Bill Avenue, Emily Estate, and the proposed Aviation Estate. The 19-storey Ibom Towers in Lagos, featuring 32 apartments, is poised to generate substantial economic benefits for Akwa Ibom State.
While recognizing the freedom for states or individuals to invest anywhere in Nigeria, the people praised the Governor’s judicious decision on the project.
The Akwa Ibom community in Lagos took the opportunity to appreciate Governor Eno for the diverse programs and initiatives undertaken by his administration, specifically highlighting youth development and empowerment schemes, including the launch of the Akwa Ibom youths employment portal, which has enabled Lagos-based community members to register and feel a sense of belonging. Furthermore, they acknowledged the administration’s compassionate homes and food distribution programs aimed at addressing widespread poverty in Nigeria.
The governor was further commended for the Ibom-LED Entrepreneurship Accelerator Programme, robust rural development initiatives, and steadfast commitment to achieving food security.
Akwa Ibom Alliance for Good Governance has pledged its unconditional backing to the governor’s visionary projects, designed to elevate Akwa Ibom State to a premier position among its peers.
The governor has been advised to persevere despite criticism, which often accompanies worthwhile projects. Past experience in the State has shown that government initiatives initially met with skepticism eventually gain recognition. This was the case with Obong Victor Attah’s Ibom Airport, Ibom Hotel and Golf Resort and Plaza, Chief Godswill Akpabio’s International Stadium and Tropicana, and Mr. Udom Emmanuel’s 21-storey building, International Worship Centre, and Oron Road expansion. These projects have become iconic symbols of their respective tenures. We express our solid support and encourage you to press on.
They assured Governor Umo Eno that Ibom Towers would be highly acclaimed in the near future. ‘Your Excellency, we confidently assure you that the 19-storey ultra-modern Ibom Towers will soon become a landmark, garnering widespread admiration, and critics will revise their opinions, commending your visionary leadership and foresight. This project is timely, well-placed, and aligns with the state’s needs.’
