This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (January 2009)

Victoria Island (VI) is a town that encompasses a former island of the same name that sits between Lagos Island and the Lekki Peninusla in the Lagos Lagoon. It is the main business and financial centre of Lagos, Nigeria. The town and island lay within the boundaries of the Eti-Osa LGA.

[edit] History

An apartment complex on Victoria Island

Victoria Island 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. The colonial government began the process of filling in the eastern swamps to reduce mosquito breeding areas. This created a land bridge between Victoria Island and Lekki Peninsula ending its existence as a true island. After independence, successive state governments expanded this development, culminating in the construction of a highway connecting Victoria Island to Epe. This activity, along with the rapid commercialisation of Victoria Island, served to stimulate residential development along the Lekki-Epe corridor, starting with Lekki Phase 1.

The area of the land bridge, composed of the former swampland (which was called Maroko) became a large slum which housed many of the new migrants to Lagos State. Residents of the Island complained about this problem, leading the then military Governor of the State – Raji Rasaki – to forcibly remove/displace these squatters (some of whom had legal title to their property). This area – called Victoria Island Annex – was then cleared and sold to residential buyers. Subsequent reclamation has expanded this area to the extent that it is now connected to the Lekki Peninsula. This new, enlarged area is referred to as “Oniru Estate” after the ruling family of the area.

[edit] Modern History

Victoria Island

Victoria Island

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 $10,000 to $48,000 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. Long time residents complain about the increase in traffic and influx of street traders who cater to local bank employees and businessmen.^{[citation needed]}

[edit] Economy

Guaranty Trust Bank has its headquarter, Halliburton and IBM operate offices on Victoria Island.^[1][2] A Hewlett Packard office for West Africa is also located in Victoria Island.^[3]

[edit] Diplomatic missions

The Embassy of Russia in Nigeria is located on Victoria Island.^[4] The United States Emabassy is also located on Victoria Island.

[edit] References

Business District, Victoria Island

Coordinates: 6°25′52″N 3°24′57″E / 6.43111°N 3.41583°E / 6.43111; 3.41583