Reroute About 1.5km of 700kmCoastal Road to Save Tourism Business, Landmark Group Appeals

Bennett Oghifo 

The Landmark Group has appealed to the federal government to intervene in facilitating the rerouting of about 1.5km out of the 700km stretch of the Lagos-Calabar Coastal Road to its original location on the Water Corporation Road median in Lagos.

Landmark said it acquired beachfront realty along the Water Corporation Road in 2007 and at the time, the original construction plan for the road, as part of the West Africa coastal highway, was to go through the Water Corporation Road median which to date remains undeveloped. 

According to the group’s statement, in the implementation of the Lagos-Calabar coastal road construction, the federal government should consider “the preservation of tourism and hospitality businesses along the coastal right
of way,” and they made an “urgent call for in-depth consultation with affected businesses to safeguard the tourism and hospitality industry growth.”

The statement said, “The Landmark Group is in the business of creating enabling environments for the provision of world class business, leisure, hospitality and tourism services within its Ecosystem, known as Landmark Lagos, located along the Water Corporation Road, Oniru, Victoria Island, Lagos, and along the Road’s proposed right of way. 
“Worthy of note is that there are over 80 businesses operating within its Ecosystem and it welcomed over three million visitors in 2023; a significant number of which were from the diaspora or foreigners who came to enjoy “Detty December” in what is arguably the premier leisure and tourism destination along the West African coastline.

“The Landmark Ecosystem has indeed become a cultural phenomenon in Nigeria catering to the aspiring middle class and beyond and helping to establish the culture of ‘staycations’ for many who would otherwise vacation abroad thus saving millions in foreign exchange. It is also a favoured meet-spot, particularly for the younger demographic with our Ecosystem frequently featured in Nollywood movies, Afrobeat music videos, influencer social media posts and the like.”

Landmark alone, the statement said, “supports the contribution of over N1.6B in annual tax revenue to various strata
of the government.

“The Landmark Ecosystem produces over N2 billion in annual tax revenue to various strata of
government.

“Landmark has invested over $100m (a large part of which comprises debt from both local and foreign sources) to develop the Landmark Ecosystem.

It boasts an enterprise valuation of $200m.

BBB+ investment grade rating from Agusto & Co. “The Landmark Ecosystem welcomes over 3 million visitors annually- both domestic and international. Landmark has received over 30 local, regional and international awards for excellence in property development, tourism and hospitality service delivery.

Consistently highly ranked as a tourism destination by local, regional and international tourism bodies and experts.

“The Ecosystem is only one of a handful of privately owned tourism establishments showcased in the Lagos State Ministry of Tourism, Arts and Culture. The Ecosystem regularly hosts events of a regional or international stature by organisations such
as Google, Facebook, YouTube. Other events include international conferences and exhibitions, movie premieres, concerts by Grammy awardees or nominees, to mention a few.
“Landmark hosted the only privately run Covid isolation centre in 2020 in partnership with the
Young Presidents Organisation (YPO) and the Lagos State Government and hosted a
vaccination centre also.”

It is well-known as a ‘small business incubator’ as the Group supports the development of small
businesses with its low entry barrier. The majority of these small businesses are owned or
managed by the younger demographic, a large number of whom are women.

The destruction of this Ecosystem to make way for the Road would undoubtedly create a huge void which would be very difficult to fill given what the Ecosystem represents to many Nigerians and the outsize role the Landmark Ecosystem is playing in spotlighting Lagos as a viable tourism destination on the global
Stage.

They described the coastal road as a laudable project. “The construction of the Lagos-Calabar Coastal Road stands out as a commendable project as it will connect vital regions of the country and contribute immensely to the growth of the economy, particularly the tourism industry while enhancing employment.”

However, the construction of the Road as presently planned, however, portends the destruction of the Landmark Group with the over 80 businesses operating within its Ecosystem thus leading to the demise of a major
player in the hospitality and tourism industry, mass unemployment and lost taxpayer revenue, among other socio-economic fallouts.

As things stand, wide-ranging consultations with concerned stakeholders are urgently needed for the purpose of formulating alternative win-win solutions for undertaking the development of the Road while preserving the existing businesses and their strong socio-economic value-add. It is important for the federal, state and local government to help protect these businesses.