Waterfronts are places where rich and influential people in the society own houses or live in them. They are desirable in many developed nations where people go to relax due to their natural beauty. In developed nations, waterfronts are continuously being regenerated to meet the needs of the 21st century and having sustainability in mind. This study aimed at challenges and prospects of regeneration of the waterfront settlements in Lagos with a view to proffering solutions to the problems identified. The research was conducted in waterfront communities on a sampled population of 192 persons. Majority of the interviewed persons are students and have lived in the waterfront community for about 10 years. The result shows that there is awareness of the disaster occurrence and the disaster is caused mainly by prolonged rainfall and blocked drainages. It was revealed that there has been an urban regeneration for the six months and the impacts of the urban regeneration led to improved waterways/canals/drainages, improved condition of Roads and access to infrastructure. The study showed that wear and tear of roads is the major environmental or physical risks and impacts associated with disaster; change in travel behaviour and increased travel time are the major social risk and impact; increased cases of malaria is the major health risk and impact associated with disaster; while damage to property is the major economic risk and impact of disaster in the sampled locale. The study also revealed that signals or information are not available to the residents before an impending disaster. The study concluded that urban regeneration has improved waterways, canals, drainages, condition of roads and access to infrastructure in the waterfront settlements in Lagos. However, the challenges faced by the waterfront communities is as result of lack of signals or information before an impending disaster led to wear and tear of roads is the major environmental or physical risks and impacts associated with disaster; change in travel behaviour and increased travel time are the major social risk and impact; increased cases of malaria are the major health risk and impact associated with disaster; while damage to property is the major economic risk and it impact disaster. Based on the findings, the study recommends that the government should ensure that there is proper planning and coordination in order to control and minimize disaster risk and it impacts in Lagos metropolis; there should be effective integration of all agencies with mandates to manage disasters in the state; and the government should provide up-to-date data on disaster prone areas and vulnerabilities, and use that for risk assessment for urban planning and decision-making
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