Nigeria’s Twin Eko Pearl Towers
The Middle Class is any nation's buffer zone between the Upper and Lower Classes. Unfortunately, in Nigeria there are Twin Towers instead of 3 classes; it is either you belong to the Haves or Have-Nots. If you can’t afford to purchase a 3-bedroom apartment or rent any at the Eko Pearl Towers you are definitely a Have-Not. Each unit started selling for N295 million in 2016. Even if you can now afford it, all have all been sold out. You can however rent per annum for a cool $50,000. The towers of 24 and 31 floors dubbed Black Pearl and White Pearl are owned and located on a 10 square kilometer of land reclaimed from the Atlantic Ocean adjoining Victoria Island in Lagos known as Eko Atlantic City. There 4 units on each floor, fully furnished with balconies facilitating breathtaking views. Each purchase or rental comes with an annual service charge as the towers have their own water, electric and security systems. If you however prefer to develop your own property anywhere in Eko Atlantic City – no problem the going rate for land is only N1.1 million per square meter. Simply put a plot of 100 by 50 costs just N495 million. But only plots of minimum size of 2000 square meters are available starting from N2.19 billion. So if you think you belong to the class of those who have made it in Nigeria – please seriously have a rethink!
A thriving Middle Class in Nigeria would ensure upward mobility for the masses and a soft landing for big timers when they crash – as it did in the past. Without such a provision that is why today political and social stability is threatened and inter-communal harmony collapsing in our nation. Simply put the Middle Class diffuses societal anger. It is therefore a question of time before the Nigerian masses see through their ethnic and religious differences including petty partisan disagreements historically dividing them and begin the process of taking back their country. “Those that make peaceful change impossible make violent revolution inevitable” – JF Kennedy
In 2014 after a visit to Nigeria, Sophie Simcox of the Socialist Party of the UK filled in a report entitled;Unreported Nigeria: Class struggle and extreme inequality stating – “The Nigerian economy is literally fuelled by oil. In the first six months of 2014 its income from sales of crude oil was the fourth highest in the world. But such is its economic underdevelopment and corruption that it still relies heavily on fuel imports because of the state of its refineries. Oil wealth has also bought huge riches for a tiny elite at the top of Nigerian society, but has done little to develop society as a whole. Three-quarters of Nigeria's vast 170 million population are under 25, with more than 68 million young adults without work. More than half the population lives below the international poverty line of $1.25 a day. Average life expectancy is only 51 years. Only around 60% of children finish primary school, never mind secondary school or university. Even graduate unemployment is running at 40%.”
The fundamental question is what has really “changed” in Nigeria within the ensuing 5 years that Ms Simcox visited our country?
Anyway; “Eko Atlantic City development is being carried out as a Public–private partnership, with private companies and investors providing the funding, whilst Lagos State Government is a strategic partner, with the support of the Federal Government. The Contractors are China Communications Construction Group, a company that works in the field of marine dredging and landfill operation. Consultants are Royal Haskoning (traffic and transporlt expertise) and ar+h Architects South Energyx Nigeria Ltd., a subsidiary of the Chagoury Group, was specifically created to undertake the development.” The Chagoury Group established in 1971 was also responsible for the construction of the National Assembly complex in the Three Arms Zone of Abuja and the permanent site of the Nigerian Defence Academy in Kaduna among others. They also own the Ideal Flour Mills conglomerate, Ragolis Water, Eko Hotel & Suites and a chunk of Banana Island
According to the Federal Mortgage Bank of Nigeria our nation has a housing deficit of 17 million dwellings. It also puts home ownership at 25% of the population.
In the 2020 budget the Federal Government intends to ensure the completion of a mere 1,155 blocks of 2,383 units of housing under the National Housing Programme in the 36 states of the Federation and the Federal Capital Territory (FCT) Meanwhile on the housing deficit all over Nigeria are completed but empty out of reach residential estates. Yet the twin Eko Pearl Towers are already fully subscribed! This means many Have-Nots have shrinking disposable income particularly among the middle income earners – the very recipe for class suicide in Nigeria! Yet in the hierarchy of human needs shelter rankings next to feeding and clothing.
The banditry, kidnapping and other forms of criminality bedevilling parts of Nigeria particularly the North are all symptoms of mass economic dislocation. Insecurity does not persist in a vacuum. Increased military intervention and more policing are mere cosmetic solutions. The fundamental issue is lack of economic opportunity for the teeming masses. The ever increasing number of unemployed and underemployed Nigerians have the potential of destabilizing the entire nation with their restive energy. For how long will our best brains be emigrating to racist conditions abroad? We must reposition our nation lest we continue to sit on a time-bomb!
What is the way forward? The cost of governance must be drastically reduced and our economy as presently exists overhauled. This is what will minimize institutionalized corruption in Nigeria which in turn is the root cause of the lack of economic growth. Nigerian elites – North, South, Muslim, Christian have always lacked enlightened self interest to think outside the box of their rapacious greed. Unless they are openly challenged they will never concede anything. However, when things get stretched to their elastic limit class war will certainly become inevitable in Nigeria! It is just a question of time if fundamental changes are not instituted at every level of national lives.
Source:….. https://www.facebook.com/100009879451211/posts/1190759911263313/
Posted in Opinions | Date:July 21st , 2020 | Comments: 0| Views: 266
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