Understanding Eno’s Lagos Towers as Strategic Investment

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 volatility of global oil prices. Hence, economically, diversifying into sustainable urban investment projects in Lagos enables the State to create alternate revenue streams. The skyscraper, once completed, can host corporate offices, luxury apartments, and retail outlets, generating rental income, property appreciation and business rates for Akwa Ibom State. With good management, this venture could rake in significant financial gains, providing the state with the funds necessary to undertake further developmental projects within its borders.

Positioning an asset in Lagos provides the intrinsic value of fostering inter-state relations. Lagos serves as a melting pot for Nigerians from various ethnic backgrounds and states, thus providing a robust platform with endless network and bridge-building possibilities. By erecting an edifice of inestimable economic value in Lagos, Akwa Ibom can foster business collaborations, attract investors, and establish itself on a national platform. Such an economic footprint in Lagos has the potential to not only stimulate growth for Akwa Ibom but also position it as an influential player in national economic policies and decisions.

The construction and subsequent operations of the skyscraper will create hundreds of jobs, both directly and indirectly, especially for Akwa Ibom indigenes in Lagos. This will span across various sectors, including construction, facility management, security, and retail business. Moreover, engaging professionals and semi-skilled workers will facilitate skills development and capacity building, translating to a more experienced workforce for future projects within Akwa Ibom and beyond.

Furthermore, the Akwa Ibom State Government under Pastor Umo Eno is also planning to build a three-star hotel to replace the state’s moribund liaison office located in a prime zone in Abuja. This move has been commended by informed citizens and other stakeholders as another strategic economic initiative aimed at diversifying the state’s economy and raising its financial status. The transformation of an underutilised property into a revenue-generating asset underscores the government’s commitment to optimising state assets and resources, with a view to ensuring they yield maximum economic benefits for the state.

Critics argue that resources should be utilised within Akwa Ibom for immediate, visible impacts. However, it is crucial to understand that sustainable growth often necessitates strategic, long-term investments. The proposed skyscraper symbolises not only an asset but also an investment in Akwa Ibom’s future stability and prosperity. While immediate infrastructural projects within the state and poverty alleviation through citizens’ empowerment remain essential, parallel investments in high-net-worth ventures like the skyscraper are indicative of a pragmatic approach to the immediate and future development of the state.

Governor Eno’s decision to build an 18-floor skyscraper in Lagos should be recognised as a testament to visionary leadership and sound economic strategy. This project is sure to present a win-win scenario, as it will further establish the robust presence of Akwa Ibom in Nigeria’s commercial heartbeat with guaranteed unending financial returns. Alongside the plans to build a three-star hotel in Abuja, the state is evidently committed to taking strategic economic initiatives that will gradually diversify its economy and elevate its financial status while empowering the citizenry.

Instead of scepticism and unfounded criticisms, these initiatives merit support as forward-thinking endeavours to propel Akwa Ibom State into a future marked by economic robustness and diversified revenue streams. Through these strategic ventures, Akwa Ibom can anticipate reaping benefits that will significantly enhance its developmental agenda and fortify its financial stability in no-distant date.

Barely a year into his tenure as Governor, Pastor Eno has demonstrated exemplary capacity in the management of both human, financial and material resources, reflecting his genuine care for the welfare of the people of Akwa Ibom State. His strategic vision for economic diversification is not just a political agenda but a well-thought-out plan to attract various streams of revenue, ensuring and entrenching the state’s financial stability and growth.

Given his solid background as a resourceful and successful entrepreneur across multiple sectors, Governor Eno has the credentials to back his ambitious initiatives. Before assuming office, he was massively elected by the people of Akwa Ibom, who trusted his strong business credentials to lead them towards a prosperous future. It is imperative for all to support his vision, recognising that his proven track record in business and leadership is already yielding tangible benefits for the state. Supporting Governor Eno’s efforts will contribute significantly to the collective progress and economic resilience of Akwa Ibom.

*Edet, a Permanent Secretary, writes from the Ministry of Information, Akwa Ibom State