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Top 10 Reasons to Invest in Nigerian Urban Properties

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By Dennis Isong

A number of reasons have contributed to a significant increase in urban property investment in Nigeria in recent years.

Urban property investing is a desirable potential for both local and foreign investors due to a mix of a rapidly growing population, continual economic developments, and altering demographics.

This article delves into ten persuasive justifications that highlight the possible wisdom of deciding to invest in Nigerian urban real estate.

Several important variables are responsible for Nigeria’s increased interest in urban real estate. First off, there is a growing demand for residential and commercial space due to the country’s rapidly increasing population, especially in urban regions.

Infrastructure improvements, more job possibilities, and a growing middle class are just a few of the current economic factors that are fueling this demand. Furthermore, changing demographics play a pivotal role.

As more young professionals and families seek modern and convenient living spaces, the demand for well-located urban properties continues to rise. The shift towards urbanization is reshaping lifestyles and preferences, making investments in well-designed and strategically located properties a lucrative option.

Nigeria’s favorable investment climate, which includes various incentives and reforms aimed at attracting foreign investors, has also contributed to the increasing interest in urban property ventures.

The government’s efforts to improve the ease of doing business and provide legal protections for investors enhance the overall appeal of investing in urban properties.

A major attraction is also the potential for capital growth and rental revenue.

Due to the great demand for urban properties, they frequently produce consistent rental returns, making them a dependable source of passive income.

Additionally, property values are projected to increase over time as metropolitan areas continue to expand and gentrify, providing investors with the possibility of long-term financial advantages.

Exploring the prospect of property investments within these flourishing locales not only promises the allure of substantial rental returns but also opens the door to significant appreciation in capital value over time.

1) Rapid Urbanization:

Nigeria is currently undergoing a pronounced phase of urbanization, marked by a significant surge in population migration towards urban centers.

This transformative trend is instigating a noteworthy surge in the need for urban real estate, encompassing a diverse array of properties ranging from residential apartments to dynamic commercial spaces, as well as innovative mixed-use developments that cater to the multifaceted demands of modern urban living.

2) Growing Middle Class:

The growing middle class is driving a higher need for contemporary and convenient living spaces, leading to a notable uptick in the urban real estate market for properties.

This trend is being fueled by the desire for improved lifestyles and urbanization, as more individuals seek modern housing options in bustling city environments.

As a result, the demand for well-designed, accessible, and technologically advanced urban properties is on the rise, propelling the real estate market to new heights.

3) Economic Growth:

Nigeria’s bustling urban centers serve as vibrant epicenters of economic vitality, drawing in a myriad of enterprises, innovative entrepreneurs, and ambitious job seekers.

Exploring the prospect of property investments within these flourishing locales not only promises the allure of substantial rental returns but also opens the door to significant appreciation in capital value over time.

4) Infrastructure Development:

Both government initiatives and private sector investments in infrastructure are playing a pivotal role in enhancing the connectivity and accessibility of urban areas. Improved transportation links in these regions often lead to a surge in property demand and an increase in property value.

The collaboration between government efforts and private sector investments has become instrumental in shaping the connectivity and accessibility of urban landscapes.

These initiatives encompass a wide range of infrastructure developments, including the expansion of road networks, the establishment of efficient public transportation systems, and the integration of advanced technologies that facilitate smoother mobility within cities.

As a direct consequence of these advancements, areas that benefit from enhanced transportation links tend to witness a substantial transformation in their property dynamics.

The demand for properties in these well-connected neighborhoods experiences a noticeable upswing, driven by the convenience and ease of movement that improved infrastructure offers to residents.

Moreover, the value of properties in such areas also sees a significant appreciation, as the enhanced accessibility and connectivity contribute to the overall desirability of the location.

This phenomenon can be attributed to several factors.

First, the accessibility provided by well-connected transportation systems attracts both individuals and businesses looking for convenient commuting options.

As a result, the demand for properties in these regions increases, exerting upward pressure on property prices.

Second, improved urban connectivity often leads to an influx of economic activities, which can stimulate local economies and create a virtuous cycle of growth.

This economic vibrancy further enhances the appeal of the area, translating into heightened property values.

5) Diversification:

Real estate investment provides diversification in an investment portfolio. Urban properties offer an alternative asset class that can act as a hedge against inflation and market volatility.

6) Foreign Direct Investment (FDI):

Nigeria’s urban property market is attracting foreign investors looking to capitalize on the country’s emerging opportunities. FDI inflows can contribute to overall market growth.

7) Tourism and Hospitality Boom:

Nigeria’s growing tourism and hospitality sector is driving demand for short-term rental properties, particularly in popular urban destinations. Investors can benefit from consistent rental income.

8) Government Incentives:

Government policies aimed at promoting real estate investment, such as tax incentives and ease of doing business reforms, are creating a favorable environment for urban property investors.

9) Cultural and Commercial Centers:

Lagos, Abuja, and Port Harcourt stand as vibrant cultural and economic epicenters, drawing in inhabitants, enterprises, and visitors.

Placing investments in real estate within these thriving urban cores can lead to significant financial gains due to their dynamic nature and constant appeal to a wide range of stakeholders.

(10) Long-Term Appreciation:

Over time, real estate has demonstrated its ability to appreciate significantly.

As urban centers grow and flourish, there is a strong likelihood that property values will continue to increase due to ongoing development and prosperity. This potential for long-term appreciation makes real estate an attractive investment option.

▪︎Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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Lagos communities decry water scarcity, demand govt intervention

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Some Lagos residents have called on the state government to make potable water accessible to reduce the huge amount of money spent on buying water.

They disclosed this in separate interviews with the News Agency of Nigeria on Monday in Lagos, against the World Water Day celebrated annually in March.

They urged the state government to reduce the spread of water-borne diseases in the state by ensuring the provision of portable water.

According to the World Health Organisation, water scarcity affects one in three people in the African region and is getting worse with population growth, urbanisation, and an increase in household and industrial uses.

While some residents attributed the lack of potable water in the state to poor management and inadequate infrastructure, others linked it to a lack of enough investment and human capital.

A resident in Akowonjo Local Government Area, Mr Ibrahim Mustapha, a businessman, who spoke with NAN, expressed dissatisfaction with the scarcity of potable water in their neighbourhood.

“I don’t know why water remains a big challenge in a state that is surrounded by large bodies of water. I am a 54-year-old man, and I can tell you that the last time I enjoyed public-sourced potable water was in my youth days.

We have had to rely on a privately generated water supply, which is not a good thing,” he said.

He called on the state government to make the water issue a priority and get it done once and for all.

Another resident, Mrs Folake Davies, a dentist who lives around Yaba, told NAN that the unavailability of potable water had led to increased household expenditure.

“This has resulted in buying sachet water for drinking and borehole water in gallons for other domestic use. This has added an extra financial burden on residents who are already struggling and posing environmental challenges like plastic pollution.

“Water scarcity also challenges the ability of residents to keep up with sanitation and healthful living habits, while predisposing them to water-borne diseases if the use of contaminated water continues,” she said.

She called on the state government to find a lasting solution to this menace as it affects residents’ way of life.

Another Makoko resident, Mr Saheed Abbas, an artisan, lamented the hardship that members of the community faced in accessing potable water, which had made its retailing a lucrative business.

“Before residents can access clean water in Makoko, they have to trek for a long distance. Some of them even use motorcycles to get clean water,” he said.

Abbas appealed to the state government to make life easy for them with the resuscitation of potable water in the community.

A resident living in the Igando area of the state, Mrs Lydia Anjorin, a business manager, was sad with the amount of money she spent on purchasing water in the area.

“This scarcity makes us spend significant amounts of money on bottled water and rely on potentially contaminated water sources, impacting our health and hygiene.

We demand that the authorities take steps to improve water access by building new water treatment plants, repairing existing systems, and implementing water conservation measures,” she said.

Mr Kayode Aderibigbe, a Lekki resident, expressed his frustration with the area’s water shortage.

“We often go without water for days, and when it’s available, it’s not even suitable for cooking or drinking. I was recently forced to relocate my family to my in-laws’ home due to a two-day water outage. I had to stay at one of my properties in Magodo just to take a bath.

The situation in Lekki is really disheartening,” Aderibigbe said.

However, for Mrs Ese Ayanwun, a resident of Lekki, access to clean water has become a reality in her area due to the efforts of the local water works.

Ayanwun said a water storage tank had been installed in her house that provides them with a reliable source of clean water.

“This initiative has brought significant relief compared to when we had previously struggled with water scarcity and contamination,” she said.

NAN reports that other areas such as Ajah, Ajao Estate, Ebute Metta, FESTAC and others also lack access to potable water.

A general physician, Dr Tunji Akintade, says lack of access to safe water leads to a wide range of health problems, including waterborne diseases, malnutrition, and increased vulnerability to infections.

Akintade stressed that safe and adequate water facilitates the practice of hygiene, critical to prevent morbidity and mortality, especially among children and vulnerable populations.

According to him, contaminated water and poor sanitation are linked to the transmission of diseases such as cholera, diarrhoea, dysentery, hepatitis A, typhoid, and numerous neglected tropical diseases.

“Safe and readily available water is crucial for public health, whether it is used for drinking, domestic use, or food production,” he said.

He urged the government to improve access to clean and safe water to enhance the health of citizens.

However, efforts to reach out to the Public Relations Officer of the Lagos State Water Corporation, Mr Anifowoshe Rasaq, for his comment proved abortive as his number has not been responsive as of the time of filing this report.

Meanwhile, NAN reports that the Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, in a report, has assured Lagos residents of a constant water supply by 2027.

Wahab said this when he took a tour of the Adiyan Phase 2 ongoing water project at Iju area of the state.

Wahab, who was impressed with the ongoing work, expressed optimism that Lagos residents would soon be enjoying uninterrupted water supply.

He said that Governor Babajide Sanwo-Olu and the Deputy Governor, Dr Obafemi Hamzat, had decided that the water problem must be solved.

“To solve the water problem, we had to come to Adiyan 2, which is a 70 million gallons per day project and the biggest. We have mobilised the contractor, so we just came here to see what they are doing so far, and I am glad the media men took the walk too.

“With 70 million gallons, and then we have Iju with Adiyan 1 alongside micro and mini water works, the majority of Lagos houses and homes will have pipe-borne water, which is our target, and we are looking at sometime in 2027,” he said.

NAN

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JUST IN: FG to shut Lagos’ Independence Bridge for two months

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The Federal Government has announced the closure of the Independence Bridge (Marina bound) starting April 1 for essential maintenance and rehabilitation works.

The Federal Controller of Works, Lagos, Mrs Olukorede Kesha, made this known in a statement on Monday in Lagos.

She explained that the bridge would remain closed until the end of May 2025.

She said, “The closure will affect traffic traveling from Ahmadu Bello Way and Adeola Odeku towards Marina, Eko Bridge, and Onikan by Zone 2.

“Kesha advised motorists to plan their journeys accordingly and use alternative routes to avoid traffic congestion during the repair period.”

She apologised for any inconvenience the closure might cause and thanked the public for their understanding and cooperation as the government worked to ensure the safety and stability of the road infrastructure.

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I nearly withdrew from 2023 presidential race -Tinubu

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President Bola Tinubu has revealed that he nearly abandoned his 2023 presidential ambition following a moment of doubt during the election campaign.

“I almost dropped the idea of running for President,” Tinubu revealed on Saturday night at a special Iftar held in his honour at the Aso Rock Presidential Villa, Abuja, where he also thanked Nigerians for their overwhelming goodwill and prayers on his 73rd birthday.

Tinubu’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, disclosed the excerpts of the President’s dpeech in a statement signed in the early hours of Sunday titled ‘President Tinubu appreciates Nigerians for birthday well wishes, reveals he nearly quit 2023 presidential race.’

Reflecting on the pressures he faced, the President recounted how a close relative visited him in the middle of the night and questioned his resolve.

“Those close to me know that the odds were against me. During the campaigns. One came to my living room around 3:30 a.m. and said he needed just N50,000 to buy foodstuff for our uncle.

“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash.

What are you running for?’

“I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it.’”

Tinubu added, “I was amazed. At that moment, I almost dropped the idea of running for President. But thanks to Aminu Masari and all of you who encouraged me.

“When I came to Abuja, Masari told me, ‘I am the Chairman of the North West Group; don’t look back.

”In his address, the President recognised the difficulties encountered along the path to the presidency and reaffirmed his commitment to advancing Nigeria’s progress.

Tinubu also noted that he assumed office during a period of economic challenges and had to make swift decisions, including scrapping the fuel subsidy on his inauguration day.

“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal.

“The hallmark of a great leader is the ability to make the right decision at the right time. That was the day I declared that the subsidy was gone.

“The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future,” said Tinubu.

Vice President Kashim Shettima lauded the President’s leadership style, saying his decisions have tackled issues that haunted previous administrations.

He said, “Thanks to his boldness, future presidents of Nigeria will not have to wrestle with the same ghosts that haunted past administrations, including fraud-ridden fuel subsidies, an unstable forex market, and the suppression of local government autonomy.

“These were the thorny issues that many before him sidestepped. But Asiwaju did not sidestep history; he came to rewrite it.

“And in rewriting it, Asiwaju has taken the bullets that many before him simply lacked the courage to face. But that is the thing about true leadership: it is not for those who seek comfort.

It is for those who understand that the path to national greatness is lined with difficult choices.

”Senate President Godswill Akpabio applauded the President’s “relentless passion for national development” and described him as the “most audacious president” in Nigeria’s history.

“If I were a governor under your administration, I would have been a ‘supernatural governor’ and not an uncommon governor,” he remarked, adding that under Tinubu’s watch, governors receive more allocation.

Deputy Speaker of the House of Representatives Benjamin Kalu also commended the President for supporting him politically in 2019, even though they were from different regions.

“Today, he is at the forefront because Nigeria needs him. In 2019, despite not being from his region, he supported me in my most difficult political moment.

Nigeria needs leaders who rise above tribal considerations, and he has demonstrated that,” said Kalu.

Meanwhile, Governor Hope Uzodinma of Imo State praised Tinubu’s “decisive leadership” amid national uncertainties, stating that only a leader with “deep conviction and love for the country” could take the necessary but often difficult steps.

The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijjani, who spoke on behalf of cabinet members, recounted his appointment under the President despite prior activism.

He added that a senior World Bank official had recently described Tinubu as “the best reformist leader in Africa today.

”One of the President’s childhood friends, Professor Shaffideen Amuwo, recalled their early years, attributing Tinubu’s rise to divine providence.

Amuwo said, “Our relationship did not just start in Chicago; we played soccer together as children. While I chose the library, my brother chose politics because he loved to speak.

“Today, Allah has shown His greatness by guiding him to lead Nigeria.

“The city of Chicago, founded by a Black man, has educated the man who now leads the most populous Black nation on earth. I pray that Allah continues to hold his hand and guide him as he works to save our country.

”For his 73rd birthday, Tinubu thanked guests and supporters who have stood by him through periods of doubt and adversity, reaffirming his resolve to steer Nigeria toward stability and growth.

Saturday night’s event was attended by the First Lady, Senator Oluremi Tinubu; Vice President Kashim Shettima and his wife, Nana; members of the Federal Executive Council; principal officers of the National Assembly; current and former governors; diplomats; business leaders; religious figures; and several of the President’s childhood friends.

The Imam of the National Mosque, Abuja, Dr. Abdulkadir Sholagberu, led prayers seeking divine guidance for the President and the nation.

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