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....
The Lagos State Government has launched the Lagos Identity Project, a digital house-numbering initiative aimed at enhancing property identification and service delivery across the state. The Special Adviser to Governor Sanwo-Olu on Enterprise Geographic Information System, Dr Olajide Babajide, said the initiative would significantly improve property identification and public service efficiency.He made...
President Bola Tinubu has approved a new policy authorising the Infrastructure Concession Regulatory Commission (ICRC) to independently approve Public-Private Partnership (PPP) projects below N20 billion—removing the need for Federal Executive Council (FEC) clearance in such cases.Under the directive, ministries can now approve PPPs under N20 billion, while agencies and parastatals can handle those...
The Lagos State Government has announced the immediate suspension of planning approvals along the Lagos-Calabar Coastal Road. The announcement was contained in a statement by the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide in Alausa on Monday.Olumide said that the suspension of planning approvals along the Lagos-Calabar Coastal Road was necessary to address the...
The Federal Government of Nigeria has called for deeper collaboration with the United Nations Human Settlements Programme (UN-Habitat) as it prepares to implement the newly approved National Urban Development Policy. According to a statement signed by the ministry, “Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has called for deeper collaboration and implementation support from...
In a landmark decision that underscores the Federal Government’s commitment to sustainable urbanisation, the Federal Executive Council (FEC) has approved the revised National Urban Development Policy (NUDP). The Policy provides a transformative framework to guide urban planning, development, and governance across Nigeria, over the next decade. The revised policy, developed by the Federal Ministry of...