5 Reasons Why Eko Atlantic Failed | Ownahomeng TV | Feel at Home

Eko Atlantic is entering the next and final phase of its land reclamation efforts and the sand-filling process for phase 4 of the project will commence immediately after the completion of phase 3 and extend towards its designated area. The construction of infrastructure and buildings is progressing steadily across phases 1 to 3.
Despite These Great Strides and enormous progress Nigerians with functional structures like the Eko pearl Tower, Azuri Peninsula, Eko Energy Estate among others, many Nigerians believe it is still a largely failed project as enormous portions of the city remains empty and not fully functional. Many proposed projects are still in the conception stage and haven’t even broken ground. Alot more land is still available and usold.
Let’s explore some of the reasons why this is largely the case and Eko Atlantic has remained empty all these years
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[@JohnBullFubu]

Do you have an idea what it takes to build a city from the ground up? Talkless of reclaimed land from the ocean.

[@alexbanj7a7bc]

No, Eko Atlantic didn't fail, has not failed, and will not fail. It is an ongoing city development. The most important aspect of the project is the city-wide infrastructure and they have not stopped building those impressive infrastructures. The easiest bit about building a city is the structures that will sit atop those infrastructures. And those structures are gradually rising. It turns out that owning a video camera and laptop is not all you need to be an expert on a subject. There is obviously more to it. Now who would have thought!

[@ownahometv]

😂😂 the shade at the end was unnecessary but I acknowledge your input anyway

[@work_of_art]

The title is misleading and outright deliberate misinformation. It seems we have a negative mindset to always utilise our platform to debase our country for online validation.

[@adewaleoladayo9359]

@@ownahometvyou didn’t do a good research before coming up with your headline

[@eyeofthetiger6002]

Well,if it hasn't failed yet then it's only a matter of time. Why? Because if this project is privately funded,which I believe it is,then unless the developers paid for the whole project upfront,highly unlikely unless he's Elon Musk as this is a multi billion dollar enterprise,and if they borrowed most of it from the banks then the interest payments alone will run into millions of dollars monthly! How do you think they can afford to service that interest payment considering most of it is still barren land?😂 it's all very well saying they can take their time building this but banks are not known to be particularly patient or forgiving if you fall behind on your payments...try missing your mortgage payments by one month and see what happens! 😅

[@alexbanj7a7bc]

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz. Yawn. @@eyeofthetiger6002

[@kingdomgateway7677]

Eko Atlantic has a bright long future ahead and the project will only be extended. Such projects don't just grow up like mushrooms but more and more people will catch up to it.

[@ChrisofHNH]

A very good content and comparison. If I were wealthy I would invest in both locations

[@sundej-po6fp]

The development is only slow not failed

[@ogasontop]

slow and failed is same thing

[@pimpnamedslickback7780]

I wouldnt say it's failed yet I think it's just going to take time. A good reference is the Hudson yards project in NYC it was proposed and construction didnt even start until 2012. In 2023 the project still isnt onto phase 2 and offices and apartments still need to be filled. These things should be seen as long term investments if the government helps to foster foriegn investment and maintains the infrastructure

[@1111deebee]

Nice video. You made some valid points. One thing I know is that Lagos State will not allow any land to be wasted, patapata, they will repurpose it. The largest US consulate is already deputed at Eko Atlantic. Let's wait and see.

[@ownahometv]

Yup let’s wait and see!

[@dmtv5339]

​@@ownahometvplease don't follow the bad road not a joke... correct your caption for Godsake.

[@rubydawnintl]

you are fighting for your right to be pessimistic in these comments 😂😂😂😂😂🤨@@ownahometv

[@okechukwuarinze8262]

All rich people from the south western part should buy up the properties, the area / size isn’t too much

[@Feroxx65]

I don't think Eko Atlantic failed. It is a fact that after 20 years there are only 5 buildings were completed . Basing on this kind of progress it's possible that Nigerians in general have to wait for another 40-60 years to partially turn this city into a business commercial hub but I'm pretty sure that most of the original investors would have been gone to their graves. In the Philippines,when our private developers venture a reclamation project like Eko Atlantic it is guaranteed that 10-15 years the city will start it's initial stage of operation with hundreds of buildings erected. One example is the ASIANA CITY in Metro Manila for less than 20 years this city has already started to boom. In fact the biggest Ikea in the world is erected there and the worlds 5th largest mall is also found there. But then, as far as Eko Atlantic city is concerned though it will take another decades of waiting to finish this project, I will not say that this city is a total failure. Hoping for the best of Eko Atlantic City and to all Nigerian people.

[@adamumohammed3680]

You are probably the only one that see it as a failed project.Nigeria is a developing country which will definitely need a new business district.Eco Atlantic will filled that Gap.

[@olayinkaadeleye3134]

Why is land priced in Dollars?

[@ownahometv]

The law empowers them because it’s a special economic zone i.e freezone

[@olayinkaadeleye3134]

@@ownahometv I guess we should not be surprised if Dangote starts to price petroleum products in US Dollars.

[@olayinkaadeleye3134]

@@ownahometv We have been freed by the colonial powers but we have not freed ourselves. There are many free trade zones in the US but services are not provided in Chinese Yuan or British Pounds. All services are in US Dollars. We have created this craze for foreign things in Nigeria. I hope our eyes will open someday.

[@kaycee194]

Eko Atlantic, just like most real estate in Nigeria is too expensive. Lands are too expensive to buy, because of bank greed and higher interest rate. You don't charge prime price for a land that 99% of the land is non-developed. You can't sell a land in such prospective without having a policy of project completion within a time frame in order to phase unserious buyers away.

[@RandomMZ1412]

No payment plan because the infrastructure is not available. Why invest so much in Lagos when a fraction of the money can guarantee r multi fold return in other well developed markets. Lack of transparency, pragmatism and challenges of doing business in Nigeria equals lack of trust in the market. However, calling Eko Atlantic failed project is too far fetched

[@Danorous]

It's not failed. It's on going

[@andersonojoshimite6047]

How could you describe an ongoing project as a failure? Is this a clickbait?

[@SonofthewindsInc]

Dem on chop all the money finish !

[@caniceosuagwu2580]

Eko Atlantic, hasn't failed. Rome was not built in a day. Development takes time. So stop Spreading false news online.

[@ogasontop]

It was bound to fail because they dont understand the only people who value land in Nigeria are Nigerians not foreigners. Its not affordable for nigerians

[@ayantolasaheed7425]

All these Hungary bloggers self. How can you say a "city" failed? Even Abuja has not reached 25% of her master plan,does than mean Abuja has failed. For people like us that I have been followed this project since day one ..2009/2010,we never thought we will witness 6 skyscrapers 10yrs after especially during the land reclamation stage of phase 1!

[@tunde818]

"Let's reclaim the land" For the rich. The least of Nigerian youth's problems. Why not create jobs for graduates?

[@adewaleoladayo9359]

Video like this will de market your page because you are trying to mislead the public. Eko Atlantic is fully subscribed and sold, the respective developers are only slow in moving to site. By the way it’s a futuristic concept and not for now

[@ALKEBULANSTUDIOS28]

The business is not making sense but maybe one day things will change

[@babssloans7945]

Failed???, no worries, if it can happen anywhere, it's nigeria and it will happen

[@paschalukpabi697]

Igbos are leaving Lagos, and developing the Southeast. Let me see who will occupy the place. A land sold to the Lebanese.

[@frankamobi4083]

You failed to give accurate information on the exact cost of buying 1 plot or 2 plots of land. You should not assume or expect your viewers to calculate the cost of buying property by square meters.

[@ownahometv]

From 1million dollars for 1000sqm and above

[@oluwatosinmathew9727]

Not failed

[@davidadeoshun8305]

You are talking nonsense. I don't think you understand the meaning of 'failed'. Think before you post video next time

[@ownahometv]

Wow you’re angry Sir

[@davidadeoshun8305]

@ownahometv No, I am not angry .I like and watch your videos from Toronto, Canada . That is why I am pointing your attention to the mistake. A work in progress can not be defined as 'failed ' remember, " Rome was not built in a day".

[@egbertvizeng]

Do u understand fail? Shame on u …. It’s on going .. it will take time but will b done. Ghana’s airport city with 15 buildings between 9-13 floors took about close to 20 yrs.. it’s not even complete yet

[@MikeCalieate-ey3ki]

Everything you said is true, but the number one reason Eko Atlantic failed is SECURITY reasons. Nobody wants to invest in a country that is not safe. Nigeria is too corrupted, and it is not a safe place or to do business. Even the Nigerian can testify on that. I suggest the Nigerian government and Nigerian businessmen should finish the Eko Atlantic project themselves. Nigeria has few billionaires. If they expect from outsider to invest in Eko Atlantic. They will wait forever. Number two suggestions, they can convince China to invest and finish the project. But the Chinese will try to own Eko Atlantic until every payment is made.

[@ownahometv]

Hmnn interesting perspective, thanks for sharing

[@Danorous]

Please stop posting rubbish. Eko Atlantic is still on. They are still on it. They 've built more buildings and many land has been sold to investors.

[@citiesskyline770]

Nigerian ekko Atlantic Dubai of Africa 😂😂😂

[@onyiiilo378]

Yes cos its built on a reclaimed land by the ocean. Whats so funny about that?

[@samsonakala]

Stupid opinion!!

[@ownahometv]

????

[@amadichima8047]

Elo Atlantic should sue you for this video, you simply demarketed them just to sell your own

[@ownahometv]

Sue me for facts? LOL

[@adebayoogunwo5830]

Very misleading headline and unpatriotic captions yet throughout the video you never says fail project but lagging behind reason maybe you don't know what it's meant to failed?

[@foreverg0lden]

Eko Atlantic did not fail and will never fail! It’s a city of the future! Rather I’ll be glad if you help with positive promotions for investors to build and all. God I hate when content creators do this just because of views and money. Very sickening! Thumbs down to you 👎🏾

[@work_of_art]

@@ownahometv How do you label an on going project as failed? What facts are you talking about? Are you being cynical?

[@festusigiewe2914]

Sue huhh? Since when has one person's opinion, even if misguided, become an oracle? Eko Atlantic is an on-going project, slowed by Nigeria's prevailing & well-known economic difficulties.