*Say Lagos sits on unlocked $1trillion shoreline assets

 

The President of Shoreline Developers Association of Lagos (SDAL), Lai Omotola, on Friday, said that it is time for all stakeholders within the shoreline development sector to come together to fund a 50-to-100-year master plan for the entire development of Lagos coastal line, considering Lagos sits on an unlocked $1trillion shoreline asset.

Speaking at the inauguration of the Shoreline Developers Association of Lagos, Omotola stated that there is a need to look beyond profits and focus on sustainability. He therefore said that the association will not chase revenue at the expense of sustainability.

He explained that property prices along Lagos’s shorelines have increased by 751 per cent in five years. He added that as a result of this, the Lagos State government has increased planning permit and title registration fees by 300 per cent, indicating a prosperous business.

The vision of the association, according to Omotola, is to see the beauty of nature complemented by development towards improving lifestyle and living conditions.

He added that there is also a need to move from crisis response to long-term strategic planning. Omotola proposed that all stakeholders come together to fund a 50-to 100-year master plan for the entire development of Lagos’s coastal lines, which make up 40 per cent of its land mass.

Omotola also noted that shoreline development does not end at sand filling, adding that it holds massive opportunities in fisheries, wind farms, Coastal railway, marina, renewable energy, high-value port logistics, and eco-tourism.

He emphasised that regulation should not only seek revenue but also the development of super infrastructure that will yield revenue that has been lacking over the years. He also noted that Lagos must prepare for the impact of the 3 billion dollar Lagos-Calabar coastal road.

“Regulation should not only seek revenue but development of super infrastructure that will yield revenue that has been lacking over the years. There is an urgent need for a comprehensive drainage network design and implementation, Shoreline Master Plan, Social and Environmental Impact assessment and deployment of high-end technology.

“Shoreline is a luxury that comes with global threats of Sea level rise, intense storm surges and ground water extraction sinking at 4mm per year. There cannot be a better time to pay serious attention to threats of environment. We are not alone. This is a global problem; therefore, we must work according to best global practices.

“Our Shoreline development thrust align with nature, our mangroves should not be totally dilapidated and our islands should be aquatic splendor. Lagos State must prepare for the impact of the $3.3billion Lagos Calabar Coastal Road.

“There should not be conflict among agencies of Federal Government and Lagos State Government. Nigeria Inland Waterways Authority remains the frontier led in shoreline development holding stake for the government. The time has come to add more funding into the agency for the purpose of driving and safeguarding the shoreline.

“The present nomenclature between all agencies of federal and Lagos state governments remain the best possibility as recently reinforced by the Supreme Court.

“NIWA will have the first say when it comes to coastal water, while the office of the Surveyor General approves the cadastral survey for purpose of size and location. Environmental impact assessment can be done either by state or federal agencies. Federal Ministry of Housing and Urban Development remain sole ministry for the issuance of Federal C of O. Once water turns to land then the state has exclusivity of issuance of layout permit, building permit, ratification of federal C of O and others according to the laws of Lagos state. This cures multiplicity of role.

“Finally, there is no amount of investment that goes into shoreline development that cannot be recovered even as we sit on an unlocked $1trillion asset in Lagos and a future eco-friendly and tourist destination.”