According to Dubai-based real estate firm Knight Frank, Nigeria has been attracting international investment through its robust economic growth and wide range of investment opportunities.
According to the research bulletin, the growth has been driven by strong population trends, a diversifying economy and an evolving urban environment.
Property sectors are particularly booming in the nation’s top cities, Lagos and Abuja.
Some of the key highlights mentioned in the bulletin include:
- With a GDP of $594.3m, Nigeria is currently the biggest economy in Africa.
- Africa’s economic growth is anticipated at 7% over the next 4 years.
- Nigeria is Africa’s most populous country, with Lagos and Abuja being among eight cities with populations over one million.
- By most estimates, Lagos has already overtaken Cairo as Africa’s biggest city and its population may be close to 40 million by 2050, making it a true global megacity.
- Prime office rents in Lagos are among the highest in Africa, with only a handful of buildings able to provide high quality space.
- Abuja is a modern planned capital city which is seeing increased development activity, including the huge WTC Abuja scheme.
- Land reclamation is underway for the vast Eko Atlantic project, which will create a new city district off Victoria Island, Lagos.
- The retail sector is developing rapidly, with increased numbers of modern malls being built, such as Ikeja City Mall in Lagos.