New Falomo Towers will catalyse Lagos’ economic renaissance, says Sanwo-Olu

Babajide Sanwo-Olu, governor of Lagos state, says the new Falomo towers will be a highly sought-after destination when completed.

The governor said this during the launching ceremony for the commencement of the new Falomo Towers in Ikoyi, Lagos, over the weekend.

Tony Elumelu, chairman of Heirs Holdings and other real estate stakeholders, attended the ceremomy.

The project is being developed by Joint Venture partners, Afriland Properties Plc, the investee company of the Heirs Holdings Group and the Lagos State Development and Property Corporation (LSDPC).

In a statement issued by the government, Sanwo-Olu said when the project is completed, it will become a highly sought-after destination for work, life and play, thereby accelerating the state’s economic growth.

He commended the vision of the JV partners towards redeveloping the Lagos landmark and its commitment to Nigeria’s real estate sector.

He also applauded the companies in charge of the project.

“The JV is delivering an environment that offers contemporary work and living spaces that will further catalyse Lagos’ economic renaissance,” the governor said. 

“I am delighted that Afriland Properties, one of the country’s leading institutional real estate investors, is able to partner with Lagos State to deliver excellence.”

On his part, Elumelu said the project is a demonstration of the governor’s commitment to private sector growth in Lagos state and the country. 

He said the private sector plays a significant role in transforming Nigeria’s economy, adding that there is a need for meaningful partnerships, which would unleash the potential of the country.

“We believe that the growth of our economy, will be delivered by the private sector, but for the private sector to do well, our public sector leaders must create the right environment,” he said. 

“The partnership we are celebrating today is a model, not just for Nigeria, but for Africa. I salute all those who have contributed to this exciting venture, not least His Excellency, whose vision we are delivering.”

Uzo Oshogwe, managing director and chief executive officer, Afriland Properties, said through the project, job opportunities, growth and economic sustainability are guaranteed.

“This mixed-use development will drive sustainability, creativity, and innovation. It reinforces our promise to beautify and enhance the Lagos skyline,” Oshogwe said.

“We are implementing our firm commitment to Africapitalism, that through our long-term investment in real estate, we will create employment, economic prosperity, and social wealth that will transform Ikoyi, Lagos, Nigeria, and the African continent.”