
Hey, hope your day is going well and happy holidays,
Today’s edition rounds up a few key developments shaping Nigeria’s housing and real estate space, with timely updates on policy, data, and market activity.
Here are the stories driving today’s conversation.
Investors see ANOTHER return on Masterworks (!!!)
That’s 3 sales this quarter. 26 sales total.
And the performance?
14.6%, 17.6%, and 17.8% → The three most representative annualized net returns.
(See all 26 at Masterworks.com)
Masterworks is the biggest platform for investing in an asset class that hasn’t moved in lockstep with the S&P 500 since ‘95.
In fact, the market segment they target outpaced the S&P overall in that time frame.*
Not private equity or real estate… It’s contemporary and post war art. Crazy, right?
Masterworks investors are typically high net worth, but the point is that you don’t need to be a capital-B BILLIONAIRE to invest in high-caliber art anymore.
Banksy. Basquiat. Picasso and more.
80+ of the world’s most attractive artists have been featured.
511+ artworks offered
$67.5mm paid out as of December 2025
$2.3mm+ average offering size
Looking to update your investment portfolio before 2026?
*Masterworks data. Investing involves risk. Past performance not indicative of future returns. Reg A disclosures at masterworks.com/cd
Analysts See Scope for Naira Recovery Toward ₦1,350/$ by 2026 as FX Fundamentals Improve
Nigeria’s currency could regain further ground over the medium term, with analysts projecting a firmer naira by the end of 2026, supported by improving foreign exchange conditions, stronger capital inflows, and sustained macroeconomic reforms. According to projections by Cordros Securities, these developments may help stabilise the exchange rate within a narrower and more predictable band.
In its 2026 macroeconomic outlook, Cordros Securities assesses that Nigeria’s foreign exchange market is gradually adjusting after several years of structural distortion. The firm expects the naira to trade within a ₦1,450 to ₦1,350 range through 2026, reflecting improving liquidity, reduced speculative pressures, and better price discovery in the official market.
Nigerian Army Advances Soldier Welfare with Affordable Housing Initiative in Ibadan
The Nigerian Army has inaugurated a 60-unit housing estate under its Affordable Home Ownership Option for All Soldiers (AHOOAS) programme in Ibadan, alongside a Post Service Housing Development Limited (PHDL) shopping complex. The project underscores the Army’s ongoing commitment to personnel welfare and post-service stability.
The commissioning ceremony, led by Chief of Army Staff (COAS) Lt-Gen Waidi Shaibu, reflects the strategic emphasis on the “Soldier First” philosophy. Speaking at the event, Shaibu highlighted the significance of accessible and secure housing in boosting troop morale, operational efficiency, and post-retirement wellbeing.
Kano Government Approves New Road and Social Infrastructure Spending to Accelerate Statewide Development
The Kano State Government has approved a fresh round of capital expenditures running into tens of billions of naira, with a strong focus on road infrastructure, public utilities, and social services, as it moves to improve connectivity, support economic activity, and address service delivery gaps across the state.
The approvals were taken at a recent State Executive Council meeting chaired by Governor Abba Kabir Yusuf, underscoring the administration’s emphasis on infrastructure-led development in both urban and rural communities.
FX MARKET SNAPSHOT TODAY
USD > NGN | 1,465.33 | Up by 0.27% |
GDP > NGN | 1,977.04 | Up by 0.04% |
EUR > NGN | 1,726.52 | Up by 0.03% |
CAD > NGN | 1,066.55 | Up by 0.03% |
Quote of the day:
“Risks comes from not knowing what you’re doing”
Risk Warning - Tuesday
Rising project costs can quietly erode returns if budgets are not stress-tested.
Construction and development costs remain vulnerable to sudden shifts in material prices, logistics, and energy expenses. Even when headline inflation appears stable, on-the-ground costs can move faster than expected, especially for projects dependent on imported inputs or diesel-powered operations. Before committing capital, stress-test budgets against higher-than-expected cost scenarios and avoid assumptions that today’s prices will hold through the full project lifecycle.
Liquidity matters as much as valuation in uncertain market conditions.
A property may look strong on paper, but limited exit options can turn a good asset into a long holding period under pressure. Transaction timelines, buyer depth, and financing availability all influence real-world liquidity. Investors should assess how easily an asset can be sold, refinanced, or repurposed if market conditions tighten. In volatile environments, flexibility and liquidity often matter more than peak valuations.
Produced by: Amarachi Okeke
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