Lagos is the business hub of West Africa, and it claims the region’s largest and most impressive banks, ports and markets. Furthermore, multinationals and massive corporations, many of them mining the oil-rich Niger Delta, have set up shop in Victoria Island, the nation’s commercial hub. Although Lagos used to be the capital of Nigeria but that was moved to Abuja a couple of years ago, it remains a vibrant business community with a lot of expatriates living and working here.
Victoria Island (commonly known as V.I) was originally entirely surrounded by water; bordered by the Atlantic ocean on the south, the mouth of the Lagos Lagoon on the West, the Five Cowrie Creek to the north North and swamps on the East.
Victoria Island today, stands as an affluent area in Lagos State and is one of the most exclusive and expensive areas to live in Nigeria and is the main business and financial centre of the state. It is also clearly the centre of commerce of the state and indeed the country as many Bank Headquarters and consulates including those of United States, Russia, Germany, Bulgaria, Great Britain, India, Brazil, and Spain are located in Victoria Island.
With many luxury apartments and commercial properties springing up (such as the Eden Heights Apartments) with security provisions, there isn’t a shortage of comfortable accommodation if you can beat the price. It is a prime location for businesses to flourish because; surrounded by a very well educated and enlightened group of residents, nobody cares to intrude in your affairs.
With its classy and serene environment, most of the residents describe it as being quiet and peaceful with one of the lowest crime rates in the state. The fact that many organizations and leisure spots are situated there makes it an even more coveted area for Lagosians and expatriates alike.
As one of the most exclusive and expensive areas to live in Nigeria, Victoria Island is home to an array of world-class restaurants, shopping malls, hotels, bars, night clubs, movie theatres, schools and businesses located in VI, investing in property is therefore indeed a lucrative business.
Real estate developers often buy large portions of land and build residential and commercial developments that come with several premium facilities such as security, central portable water supply, central power generation plant, good roads and even helipads. Some examples are the iconic Nestoil Tower, Kanti tower, Civic Center among many others.
Victoria Island has continued to rapidly develop along with Ikoyi as a favourite spot for Nigerians and foreigners to live and play.