20 9月 2017
The potential of major infrastructure investments in driving wider economic regeneration and growth is widely recognised. However, smaller scale investments in infrastructure regeneration can pay significant dividends too.
In 2003, Ligali Ayorinde Street – a 1km road in Victoria Island, Lagos – was in a state of disrepair and prone to flooding. The state of the road was affecting property prices and acting as a brake on further development in the area.
Akinola Olawore FRICS led a public private partnership project to regenerate the road between 2003 and 2008. The initial catalyst for the project was a $6 million commercial development in the area, which looked set to fail unless the road was improved.
Akinola submitted an infrastructure development plan to the investor behind the commercial project and mobilised other investors in the region before approaching the state government to agree a public private partnership.
The regeneration work took place in two phases in 2003 and 2008 including the replacement of drainage to alleviate the flooding issues. Both phases were led by Akinola with the second phase proving particularly challenging. By 2008, the road had become significantly busier due to the success of the first phase of the project, which had already driven economic development in the area.
The regeneration of Ligali Ayorinde Street was the first public private intervention in Nigeria and led to significant economic growth in the neighbourhood, with investments of over $600 million and $67 million in commercial and residential respectively from the upgrade of just one kilometre of road.
The development and delivery of the project required a range of skills and expertise including project management, project solving and stakeholder engagement.