Lagos, Akwa Ibom, strengthen economic ties with groundbreaking of Ibom Towers

Lagos State Governor Babajide Sanwo-Olu has celebrated a new chapter in inter-state collaboration and investment with the groundbreaking of Ibom Towers, an 18-storey multipurpose building project launched by Akwa Ibom State on Victoria Island, Lagos.

The project, expected to generate significant revenue for Akwa Ibom and create a lasting symbol of cooperation, was formally inaugurated by Governor Sanwo-Olu and Akwa Ibom State Governor Umo Eno.

At the ceremony on Wednesday, Sanwo-Olu praised Governor Eno’s strategic vision, calling the investment a bold move that underscores Lagos’s position as a thriving commercial hub. “The decision by Akwa Ibom State to embark on this ambitious venture here in Lagos is a testament to the dynamism of our great city and to the visionary leadership of Governor Umo Eno,” Sanwo-Olu remarked.

He emphasized that Ibom Towers represents a promising avenue for both states to strengthen economic ties and foster mutual prosperity. “As Ibom Towers rises, it will serve as a beacon of the fruitful alliance between Lagos and Akwa Ibom, encouraging business, investment, and a vibrant community life.”

Located at Plot 868A, Bishop Aboyade Cole Street in the heart of Victoria Island, Ibom Towers is projected to be completed within 24 months. This landmark development is set to enhance Akwa Ibom’s revenue base while contributing to Lagos’s bustling real estate sector.

Governor Umo Eno highlighted the importance of diversifying Akwa Ibom’s economy through strategic investments beyond state borders.

“In our determined effort to grow additional revenue streams and deepen our investment portfolio, we have come to Lagos to lay the foundation for Ibom Towers,” Eno stated, noting that the Lagos model under President Bola Tinubu’s governorship inspired his own economic strategy. “We are following a path that has been proven to transform economies, as Lagos has shown us.”

Reflecting on the project’s historical significance, Obong Victor Attah, Akwa Ibom’s first governor of the Fourth Republic, shared that he had initially envisioned a similar project during his tenure.

He encouraged Governor Eno to stay focused on the project’s potential, regardless of critics who may question the decision to invest in Lagos rather than Akwa Ibom. “The value of land in Lagos far exceeds that in Akwa Ibom. The future belongs to those who have the audacity to envision it before it becomes a reality,” Attah advised.

Pastor Imoabasi Jacob, Managing Director of the Akwa Ibom State Investment Corporation, emphasized that the Ibom Towers would boost Akwa Ibom’s Internally Generated Revenue (IGR) and enhance long-term economic stability.

He stressed that the project aligns with Akwa Ibom’s objective to invest in sustainable development ventures that support future generations.