24 Jun Victoria Island (VI): One of Nigeria’s Busiest Centres of Banking and Commerce

Victoria Island (VI) is an affluent area that encompasses a former island of the same name that sits between Lagos Island and the Lekki Peninsula in the Lagos Lagoon. It is the main business and financial centre of Lagos in Lagos State, Nigeria. Victoria Island is one of the most exclusive and expensive areas to live in Nigeria. The town and island lie within the boundaries of the Eti-Osa LGA.

A little history exposed that; Victoria Island was originally surrounded entirely by water. It was 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 commercialization of Victoria Island, served to stimulate residential development along the Lekki-Epe corridor, starting with Lekki Phase 1.

Physical development 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.

The Island has continued to rapidly develop and along with Ikoyi, is a favourite spot for Nigerians and foreigners to live and play.

ref: Wikipedia