Modern History
Originally designated an upscale residential area, failing infrastructure and overcrowding in the old business district on Lagos Island and lax zoning enforcement in Victoria Island led to a mass migration of businesses over the last twenty-five years. Today, Victoria Island is one of Nigeria's busiest centres of banking and commerce, with most major Nigerian and international corporations headquartered on the Island.
Victoria Island is one of the most exclusive and expensive areas to live in Nigeria. The cost of renting an apartment with luxurious amenities ranges from $48,000 to $85,000 per annum. Due to the array of world-class restaurants, shopping malls, hotels, bars, night clubs, movie theatres, schools and businesses located in VI, investing in property is a lucrative business.
The Island has continued to rapidly develop and along with Ikoyi, is a favourite spot for Nigerians and foreigners to live and play.
However the influx of banks and other commercial ventures has changed the formerly serene atmosphere of the Island. Longtime residents complain about the increase in traffic and influx of street traders who cater to local bank employees and businessmen.
A new project being developed by the Chagoury Group includes the Eko Atlantic City, located next to Victoria Island. The project is being built on reclaimed land that has been lost to coastal erosion.
Read more about this topic: Victoria Island (Nigeria)
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