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Key Contacts

Africa Valuations

Lagos & Abuja | Nigeria

Nigeria is Africa’s most populous country, with Lagos and Abuja being among eight cities with populations over one million.

Market highlights

  • It is the largest economy in Africa, but Nigeria entered recession in 2016 on the back of lower oil revenues.
  • Prime office rents in Lagos are among the highest in Africa, but have fallen by 20% over the last years due to increased new supply.
  • The huge Eko Atlantic project, which is being built on reclaimed land off Lagos, saw the completion of its first buildings in 2016.
  • Abuja is a modern planned capital city which is seeing increased development activity, including the huge WTC Abuja scheme.
  • The retail sector has immense potential due to the growth of the Nigerian middle class, and several large malls are in the pipeline.

 

Property market data (Lagos)

 

Prime rents

Prime yields

Office

US$ 67/ sq m/ month

9%

Retail

US$ 83/ sq m/ month

8.5%

Industrial

US$ 10/ sq m/ month

12%

Residential
(4 bed exclusive house)

US$ 6,000/ month

8%

 

Market statistics & forecasts

Nigeria population - 182 million

Nigeria population forecast, 2025 - 234 million

Lagos/Abuja population - 13.1 million/ 2.4 million

Lagos/Abuja population forecast, 2025 - 20.0 million/ 4.0 million

Nigeria GDP growth, 2016 - 1.7%

Nigeria GDP growth forecast, 2017 - 0.6%

Nigeria GDP (PPP) per capita, 2016 - US$ 5,930

Nigeria urbanisation rate - 49%