FUTURISTIC: Clean lines and functional

Private funding

The multi-billion dollar project is a confluence of China's mastery in the art of dredging, the engineering and architectural expertise of the Poles, and the hope, zeal and enthusiasm of Nigerians to build a better future.

The project is fully privately funded and the government's role, according to Prince Oniru, is just "to see that everything is done properly."

Money is flowing in from local banks like BNP Paribas Fortis, First Bank, FCMB and GT Bank and other international financiers.

David Frame, Managing Director of South Energix Nigeria Ltd., the company in charge of the ambitious project, said in a promotional video that the city would be a model for the whole continent.

"It will become, we believe, the financial center of Africa," Frame said. "It will provide abundant opportunity for local Nigerians and would really propel the status of Lagos."

Brochures, videos and images show state-of-the-art skyscrapers. The city will also have waterways and tramways and all developers will have to ensure that they factor in parking space in their building plans.

Land prices in Lagos continue to rise and thus Eko Atlantic plans to woo investors with plots on offer. The plots range between 1,500 square meters and 10,000 square meters. Each of these, depending on the location, will go for between $800 and $1,600 per square meter.

To justify this price, the megacity will have uninterrupted power supply - something that is largely a dream in Lagos at the moment. Besides, traffic jams will be unheard of, and there'll be clean water supply and a stable sewerage system.

The catch is that Eko Atlantic will develop the building guidelines, which each of the developers buying land will have to adhere to.

Egyptian model

A similar concept has worked in Egypt's 6 October City, just a few kilometers outside Cairo, called Smart Village Cairo. This "village" covers a sprawling 3 million square meters - just a third the size of Eko Atlantic.

The Egyptian Smart Village is home to 120 local and international companies, among them are Huawei, ZTE, Oracle, Microsoft, Nokia, Alcatel and Piraeus Bank.

The building code in Egypt's case is such that all buildings have to be 60 percent glass and 40 percent concrete. This gives the whole area a classy, modern look.

Environmental excellence seems to be the idea behind these villages/business parks - both Eko Atlantic in Lagos and Smart Village in Cairo - where spacious green areas, waterfalls, artificial lakes and other landscaping features stand as the unique background to office buildings.

The only difference this will have with the Nigerian arrangement is that, in the Egyptian case, the government has a stake, which gives it clout in making decisions.