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Lagos has emerged as one of Africa’s most expensive rental markets, with annual rents now averaging ₦26.8 million, according to a new report. The city ranks fourth on the continent, reflecting sustained demand, limited housing supply, and rising construction costs. The trend highlights growing affordability concerns for residents while reinforcing Lagos’ position as a premium real estate market for investors.
Lagos Rents Hit ₦26.8m Annually, Rank Fourth Highest in Africa - Report
Lagos has emerged as the fourth most expensive rental market in Africa, with annual rents for a two-bedroom apartment in prime locations averaging approximately ₦26.8 million ($19,379), according to a new report by Fortren & Company. The report, which analysed rental costs across major African cities, places Lagos behind Abidjan, Cape Town, and Accra, underscoring mounting affordability pressures in Nigeria’s commercial hub.
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Eko Atlantic Attracts Fresh Investment as Developer Launches 22-Storey Tower
Investment activity in Eko Atlantic is gaining momentum, with developers initiating a new 22-storey residential project in the high-profile coastal city. The latest development Oyster Towers signals sustained investor confidence in Lagos’ premium real estate segment and reinforces the city’s position as a major destination for high-value property investment.
Otedola, Dangote Meet President Tinubu to Address Nigeria’s Economic Outlook
President Bola Ahmed Tinubu on Monday hosted leading Nigerian business figures Aliko Dangote and Femi Otedola at the Presidential Villa in Abuja to discuss the country’s economic trajectory, investment climate, and ongoing reform agenda. The meeting underscores the administration’s continued engagement with private sector stakeholders as it navigates macroeconomic challenges and seeks to stabilise growth.
FG to Build 168-Room Hostel for UNILAG Medical Students to Boost Healthcare Capacity
The Federal Government has approved the construction of a 168-room ultra-modern hostel for medical students at the University of Lagos, in a move aimed at strengthening healthcare training infrastructure and expanding student accommodation capacity. The project, funded through the Tertiary Education Trust Fund (TETFund), will be located within the Lagos University Teaching Hospital (LUTH) in Idi-Araba, Lagos, and is expected to be completed within 24 months.
Akwa Ibom Communities Clash Over Proposed Seaport Ownership
Communities in Akwa Ibom State have entered into a dispute over ownership claims linked to the proposed Ibom Deep Seaport project. The conflict, involving host communities in the project area, has raised concerns about land rights, compensation, and the potential impact on one of Nigeria’s major planned infrastructure developments.
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