Rise and fall of Nigeria’s economic hub, Broad Street

My recent visit to Lagos in October for a wedding sparked a mix of nostalgia and dismay. After the wedding, I embarked on a journey from Lagos to Akure via the Ore Road, a route I hadn’t taken in nearly 29 years. The deplorable state of the road left me wondering what had happened to the region’s infrastructure.

I pondered what the former Governor of Lagos State, Babatunde Fashola, who served as Minister of Works for eight years, did to maintain or expand the crucial Lagos-Ibadan, Ibadan-Ife, and Lagos-Ore roads, especially compared to his counterpart Rotimi Amaechi’s efforts in extending the railroad to Katsina State.

As I navigated the poorly maintained Ore road, I couldn’t help but think about the economic implications of such neglect. The roads that generate significant revenue for Nigeria’s economy seemed to have been overlooked. This realization, though troubling, wasn’t the primary focus of my trip.

My experience on this road is a story for another day. As I left Lagos, my mind kept drifting back to Broad Street, once the vibrant epicenter of Nigeria’s economic activities. I began to think about how it was neglected in favor of purpose-built residential areas like Victoria Island, Ikoyi, and Lekki  because Broad Streed became choked, suffocated and strangulated due to lack of responsible planning for inevitable expansion, growth and change associated with human activities

Just as the Lagos-Ibadan-Akure Road has been neglected in favour of the Lagos-Ore Road, Broad Street has been abandoned for these residential areas. This trend is fast becoming a norm.

In the 1980s, Broad Street, located in the heart of Lagos, was Nigeria’s economic nerve centre. This iconic street was home to towering skyscrapers housing financial institutions, insurance companies, government institutions, and conglomerates. It was the epicenter of business activity, attracting foreign investors and entrepreneurs.

Many ideas of today’s conglomerates were born on this street or around it. As a restless youth, Broad Street was like America to me. Looking back now, I want it all back, better than the way it was. However, today, Broad Street has lost its former glory.

The once-impressive buildings now serve as markets for traders selling various goods, while many companies have relocated to other areas. Landmarks like Bristol Hotel and the LSDPC Building a symbol of prosperity stand abandoned, symbolizing the street’s decline. Neighboring streets, such as Kakawa, Marina, Martins, Mandilas, Oluwole, and Balogun, have also succumbed to neglect.

In 1986, during my time working in Campus Square, Broad Street was the place to be. My office, located on the 24th floor of Night Frank & Rutely Building, a ten-storey building mainly occupied by entrepreneurs, is an architectural piece.

Among them were the children of notables, including Wale Babalakin, Lola Abiola-Edewor, Rita Kuku (former wife of Chief Dr. Bayo Kuku, now Rita Chris Garba), and others. These young entrepreneurs then and professionals were thriving in their respective fields.

Notable landmarks included NIDB Building (now collapsed), Savanah Bank, Union Bank on 40 Marina, Merchant Bank, Investment House, and CMS Bookshop House, which housed Mobil Oil before it relocated to old Maroko in 1987. Successful bankers like the late Chief Subomi Balogun of First Monument Bank and Pascal Edozien of Diamond Bank, Fola Adeola of GTB, and his brother Yinka Adeola (formerly of Pacific Merchant Bank owned by the Adelekes) the Adedoyins, started their careers from here.

Other recent memories include Gamji Bank, North South Bank (my sister’s office), and Lady Cobblers on Abibu Oki. Broad Street was the hub of activity, with businesses interconnected with its environs.

At closing hours, the streets would fill with professionals, including corporately dressed career women waiting for rides home. Most young men at that time found their wives on this street. Today, the scene has been replaced. Those high-rise buildings are either abandoned or occupied by lace fabrics, lingerie, shoes, and cosmetics shops.

Hawkers of fruits and vegetables gleefully display their wares on the street. Unfortunately, Broad Street is not the only one affected. All the interconnected streets now host various wares. Gone are the white-collar workers, upscale restaurants, and eateries that once lined the street.

Broad Street’s transformation is a stark reminder of Nigeria’s downturn economic landscape. Its decline was precipitated by traffic congestion, parking challenges, frustrated commuters and businesses, inadequate urban planning, and development neglecting the area’s infrastructure.

It’s unfortunate that its former glory has been allowed to fade without any plan to arrest it.

Can Broad Street and similar areas be revitalized? I ponder why Africa, particularly Nigeria, struggles to maintain iconic high-rise buildings like those on Broad Street, which have only stood for decades, unlike in Europe and America, where they have stood for centuries ? These structures,  once symbols of progress now pose security risks due to abandonment and disrepair.

Why can’t we learn from international best practices and preserve our own architectural heritage? Why do we neglect or abandon these buildings, allowing them to deteriorate?  They are part of our historical legacies and success stories. Abandonning them to disrepair is a monumental national shame.

Nigeria needs to wake up and do something about its heritage and monuments.

Certainly, the consequences of neglecting them are dire.

• Princess Sola Adeola  is doctoral student of Criminology