Nigeria's Plans for Eko Atlantic Are Not Radical Enough - CNN.com

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Nigeria's plans for Eko Atlantic are not radical enough - CNN.com http://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM] Why Nigeria's plans for a dream Eldorado city are not radical enough By Gbenga Oduntan, special to CNN Updated 1434 GMT (2134 HKT) August 10, 2015 London, United Kingdom 22 °

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Nigeria's Plans for Eko Atlantic Are Not Radical Enough - CNN.com

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Nigeria's plans for Eko Atlantic are not radical enough - CNN.comhttp://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM]Why Nigeria's plans for a dream Eldorado city are not radicalenough By Gbenga Oduntan, specialto CNN Updated 1434 GMT (2134 HKT) August 10, 2015 London, United Kingdom22Nigeria's plans for Eko Atlantic are not radical enough - CNN.comhttp://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM]Editor's Note: Gbenga Oduntan is a Senior Lecturer in InternationalCommercial Law at University of Kent. CNN isshowcasing the work of The Conversation, a collaboration between journalists and academics to provide news analysisand commentary. The content is produced solely by The Conversation.(CNN)The government of the state of Lagos -- Nigeria's former capital -- has proudly proclaimed it isbuilding a new city that will become the new financial center of Nigeria, and perhaps West Africa. The scaleof the Eko Atlantic project is immense and progress is being achieved through a team effort betweeninvestors, planners, engineers and contractors.Pitched as Africa's answer to Dubai, Eko Atlantic is a multibillion dollar residential and business developmentthat is located as an appendage to Victoria Island, and along the renowned Bar Beach shoreline in Lagos.The plan is that it will:Could Eko Atlantic be West Africa's Dubai ? 8 photosThere are expectations that the new city could give Nigeria's rapidly growing business sector the space togrow and fulfill its potential.Hide Caption 5 of8 Nigeria's plans for Eko Atlantic are not radical enough - CNN.comhttp://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM]Consist of ten square kilometers (3.86 square miles) of land reclaimed from the Atlantic OceanBe home to quarter of a million people and employ a further 150,000 people who will commute on dailybasisBe billed as a 24-hour, green-conscious, world-class city; andAttract and retain top multinational corporationsThere is no shortage of doubters and critics of the initiative, which is seen as an exercise in runawayneoliberalism by a country that cannot even ensure 30 days of continuous power supply to its citizens. Thetruth, however, is that Lagos deserves its dream Eldorado and the economic case for Eko Atlantic is sound.Read this: Africa's 'Cities ofOpportunity'revealedThe only problem is that the plans are in fact not radical enough. Our argument is that this project is under-imagined and should be shored up urgently to match other international projects in the fast-developingcountries. In particular, we believe a city should be created along the lines of Paul Romer's charter city.These are cities in which the governing system is defined by the city rather than by state, provincial, regionalor national laws.This would mean that Eko Atlantic city would operate under high standards of transparency and goodgovernance. Its security would be handled by independent policing standards. This could extend to otheraspects of its civil and criminal justice systems. Its sanitary, health, energy supplies, environment and otherregulatory rules should be pegged with comparable standards in London, New York, Paris, Dubai andShanghai.This would ensure that the laws under which the territory operates are, in essence, free of stifling nationalregulation which has stood in the way of most African cities operating at optimal levels.A modelfor good governanceAt the moment, all aspects of the planning and building of the Eko Atlantic city are squarely in the hands ofthe private sector involving both local and foreign venture capitalists. Those already on board include localand international banks -- First Bank, FCMB, Access Bank Plc. and GT Bank in Nigeria, BNP Paribas Fortisand KBC Bank -- as well as a growing number of private investors.The recent inauguration of a new governor for Lagos, West Africa's mega-city with close to 18 millionresidents, presents a further opportunity to rejig plans and boldly move towards chartered city status.Rather than just becoming a financial venture, the Eko Atlantic experiment can be carried further at no extracost to become the hub to transform good governance in Nigeria and West Africa. Already Lagos is the goldstandard for other parts of the Nigerian federation. In 2012, it generated annual revenue of about US$1billion, dwarfing that of the other 35 federating parts of Nigeria.Nigeria's plans for Eko Atlantic are not radical enough - CNN.comhttp://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM]If Eko Atlantic city is competently handled by world experts in the legal economic and industrial fields,returns to Lagos economy can easily double.Bad systems and rules are the reason most African cities do not attract much-needed internationalinvestment at appropriate levels. Bad rules have tied down the development of Lagos along with 1000 otherAfrican cities since their independence from colonialism. These include corruption, mismanagement, politicalinterference, unresponsiveness, overbearing religiosity, nepotism, human rights abuses and incompetentpresence of the state.Presently, the judiciary, health and administrative systems of most Nigerian cities have severe problems.Lagos is no different even though it is still far ahead of the other 34 states and federal capital territories. EkoAtlantic ought, therefore, to provide a petri dish to run a very new kind of African city.Constellation of Nigerian politics is alignedLagos will have to work with the federal government to be able to create a special zone of reform. Thearrangements will require further delegation of control to Lagos state, which will in turn give up powers to theregulatory authorities of the chartered Eko Atlantic city.Such arrangements and concessions should be easier now as the constellations have aligned for the firsttime in Nigerian history. The Lagos state is now run by the same government and party that rule the country.This arrangement will allow Lagos to make more credible promises to investors across the world.There will be a mutual benefit of exchange in favor of investors, employers, residents, the state and thecountry. In a depressed international economy, such a city would attract the qualified, the brave and theNeighborhood rising from ocean 08:49Nigeria's plans for Eko Atlantic are not radical enough - CNN.comhttp://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM]adventurous from the entire globe.African countries sorely need a skilled workforce from the developed world to fill hi-tech employment andservice industries that will fuel growth in the 21st century.There are successful comparable projects across the developing world. The Chinese government, seeingthe tremendous success that different rules made of Hong Kong, wisely created special zones offering taxand tariff incentives.There is the phenomenon of medical cities that are scattered in many regions of Saudi Arabia. Dubai is abeacon of success and Abu Dhabi is already closely following these examples with its bold creation of theAbu Dhabi Global Market established on Al Maryah Island.This is the latest United Arab Emirate creation of a financial free zone based on a separate jurisdiction.Honduras is also currently involved in the creation of such high-quality, liveable cities.It can be doneIt is certain that the proposed changes will generate controversy. Nationalist feelings against this proposalmay run high. But this problem is not insurmountable.Former U.S. President Ronald Reagan allowed himself the luxury of only one decorative plaque on his deskin the Oval Office as president. It read: "It can be done."The current governor of Lagos, Akinwunmi Ambode, will do himself and nearly everyone a great deal ofLagos:A city for the 21stcentury 05:32Nigeria's plans for Eko Atlantic are not radical enough - CNN.comhttp://edition.cnn.com/2015/08/10/africa/eko-atlantic-gbenga-oduntan-conversation/index.html[8/10/2015 6:44:12 PM]good if he gets himself a similar plaque to remind him of the golden opportunity the Eko Atlantic Cityrepresents in his hands.Copyright 2015 The Conversation. 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