The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has hinted that lending rates may decline in the coming months as inflation continues to ease, raising hopes for improved access to credit and stronger investment flows. Cardoso gave the indication at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, according to a statement by the CBN on Sunday. He...
Professionals in the real estate sector have urged the Lagos State House of Assembly to amend some provisions in the proposed Tenancy and Recovery of Premises Bill.The call was made by representatives of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), Nigerian Institution of Estate Surveyors and Valuers (NIESV), Association of Estate Agents of Nigeria (AEAN), Lagos chapter, Real...
The ongoing construction of 2000 housing units Renewed Hope City at Ibeju Lekki, Lagos has reached 80 per cent completion and will be ready for Presidential inauguration soon. This was disclosed by Housing and Urban Development Minister, Arc. Ahmed Musa Dangiwa during an inspection visit to the site, Thursday August 28th, 2025. Dangiwa stated "the Ibeju Lekki Renewed Hope City project is 80 per cent...
The Federal Ministry of Housing and Urban Development is exploring partnership opportunities with the Kuwait Fund for Arab Economic Development, focusing on infrastructure development to support affordable housing and sustainable urban growth in Nigeria. This was disclosed in a statement signed by the Ministry’s Director of Press and Public Relations, Badamasi Haiba.At a recent meeting between the...
The Federal Government says about N3.8 trillion will be required to rehabilitate the Third Mainland Bridge in Lagos following the discovery of severe underwater structural damage. David Umahi, Minister of Works, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu in Abuja. According to Umahi,...
Pension Fund’s investment in Real Estate Investment Trusts, REITs, increased astronomically to N77.8 billion in the first half of 2025, H1’25. This is massive 417.8 percent jump from N15.028 billion recorded in the same period of 2024, HI’24, a reflection of improved interest in the trust. Meanwhile, direct investments of pension funds by Pension Funds Administrators, PFAs, in real estate...
The Lagos State Government has identified 176 illegal estate developments, predominantly located in the Eti-Osa, Ajah, Ibeju-Lekki, and Epe axis of the state, and has given them a 21-day ultimatum to process their layout approvals. This was disclosed in a statement signed by the Director, Public Affairs, Ministry of Physical Planning and Urban Development, Mukaila Sanusi. The statement read, “These...
The Federal Government has set a goal to generate over two million jobs across Nigeria through its Renewed Hope Social Housing Programme, aimed at addressing the country’s housing deficit and creating economic opportunities for citizens. This was revealed by the Minister of Housing and Urban Development, Ahmed Dangiwa, during a working session with the House of Representatives Committee on Housing...
A plot of land in Eko Atlantic, which was valued at around N180m in the early 2000s, has now skyrocketed to over N2bn, highlighting the rapid appreciation of prime coastal real estate in Lagos, according to a report by the State of Lagos Housing Market, Volume 3. The report read, ”The past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its...
The ECOWAS Bank for Investment and Development has announced approval of $100m in funding for the construction of a 47.7km stretch of the Lagos-Calabar Coastal Highway. This is a major boost to the Federal Government’s quest to deliver the 700km Lagos-Calabar coastal highway by 2028. The 47.7km segment, designated as Section 1, Phase 1 of the project, starts from Ahmadu Bello Way in Lagos....