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Top 10 Reasons to Invest in Nigerian Urban Properties by Dennis Isong

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Top 10 Reasons to Invest in Nigerian Urban Properties by Dennis Isong

Top 10 Reasons to Invest in Nigerian Urban Properties by Dennis Isong

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top 10 Reasons to Invest in Nigerian Urban Properties by Dennis Isong

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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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EFCC and the Failed ‘Revolution’ By Raheem Nasir (Opinion)

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EFCC and the Failed ‘Revolution’ By Raheem Nasir

EFCC and the Failed ‘Revolution’

By Raheem Nasir

If not well planned, a revolution for a good cause will not succeed, let alone a camouflaged “revolution” sponsored by suspected looters and fraudsters and others undergoing prosecutions or awaiting trials in the courts by the Economic and Financial Crimes Commission, EFCC.

 

 

 

The nation was informed through social media that a massive “revolution” in the form of nationwide protests would be held against the EFCC for the most spurious reasons possible.

 

 

That apart, the proposed protests planned for July 5, 2024, were to culminate into a similitude of #Endsars protests witnessed by the nation years ago, during which tens of people lost their lives and property, mainly public-owned, worth billions of naira were destroyed; and from which the nation is yet to fully recover. The protesters’ main goal was to get the present Chairman of EFCC, Olaonipekun Olukoyede, removed while pretending to be protesting against a few reported cases of overzealousness on the part of some operatives of the commission.

 

 

The call for the head of the EFFC’s boss was not for corruption or any illicit practices like some of his predecessors, but vaguely for some overzealousness of a few EFCC operatives while carrying out their sting operations.

 

 

We want to congratulate the Chairman of EFCC on the failed protests and the recently heightened attacks on the agency in the media. It shows that Olukoyede and his team are doing well! EFFC cannot expect Corruption not to fight back. And the fact that the sponsored protests of July 5, 2024, failed does not mean Corruption will still not sponsor other protests on the streets or in the media, as usual. The machinations and shenanigans of Corruption against EFCC are well-oiled, coordinated by professional consultants and ongoing.

 

EFCC and the Failed ‘Revolution’
By Raheem Nasir

 

 

What Olukoyede and his men need to do is to stop corruption at all costs before it can perpetrated; get the operatives more professional and undeterred in their commitment to save the nation from endemic corrupt practices, economic and financial crimes and sabotage.

 

 

 

What the nation has lost to corrupt practices in private and public lives is enough to fix the huge infrastructural deficits bedevilling Nigeria. What famed corruption, internet fraud and scams popularly referred to as 419 have cost the image of this country is dishearteningly unimaginable to the extent that every holder of the green passport is suspected to be corrupt abroad and genuine investors are scared of Nigerian businessmen and women.

 

 

 

It is very heartwarming that on the day of the daggers drawn when faceless anti-EFCC blabbers expected the worst to happen to EFCC’s offices across the nation and culminating in the removal of its hard-working chairman, the organisation ironically recorded yet another major victory against corruption and its allies as the court ruled on that same day, on the N2 billion naira pension fraud case and ordered the final forfeiture of at least 20 property linked to the convicted former chairman of the defunct Pension Reform Task Team, Abdulrasheed Maina.

 

 

 

A Federal High Court in Abuja presided over by Justice Joyce Abdulmalik, in a judgment, held that the Economic and Financial Crimes Commission, EFCC, had proven its case beyond reasonable doubt that the 20 expensive properties, located in different parts of the country, were acquired illegally.

 

 

According to Justice Abdulmalik, the applicant, EFC, effectively discharged its responsibility, under the law, to establish that the property was acquired with proceeds of crime.

 

 

The judge also held that the “various individuals, who responded to an earlier interim forfeiture order, requiring interested parties to show cause why the properties should not be permanently forfeited, failed to establish their ownership of the affected properties with credible evidence.”

 

 

 

Out of the 23 property listed in the schedule, three of them were left out. Maina’s wife, Laila, who claimed to be a citizen of the United States, and some of his relatives and associates, including Uwani Usman, Alhaji Aminu Yakubu Wambai, Haruna Mu’azu Musa and Aliyu Abdullahi, had claimed ownership of the 23 property.

 

 

 

The anti-graft agency had earlier obtained an order of interim forfeiture of 23 properties linked to Maina, currently on an eight-year jail term for pension fraud to the tune of N2 billion.

Delivering the judgment, Justice Abdulmalik agreed with the lawyer of the EFCC, Farouk Abdullah, that those who claimed to own the property failed to effectively establish the alleged ownership as they could not produce credible evidence.
She said: “It is trite in law that civil cases in non-conviction forfeiture are hinged on the preponderance of evidence. Again, I hold that the respondents have failed woefully in tilting the scale of evidential weight in their favour.”

As far as the operations of EFCC since the assumption of office of Olaonipekun Olukeyede as Chairman is concerned, the preponderance of the evidence is that there is a new Sherif in town! The agency has recorded unprecedented achievements in the fulfilment of its statutory goals in terms of recoveries of humongous amounts of money, undaunted trials and convictions of high-profile corrupt public officials.

The gang-ups and simulated attacks on EFCC are like the cry of a beaten baby; it’s not unexpected. The burbles of corruption-fight-back against the agency that is often seen in the media would fizzle out like that of a failed revolution.
Raheem Nasir, a social policy advocate, sent this piece via [email protected]

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Buratai Lauds Tinubu’s Increased Support for Counterinsurgency Operations

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Buratai Lauds Tinubu’s Increased Support for Counterinsurgency Operations

Buratai Lauds Tinubu’s Increased Support for Counterinsurgency Operations

 

 

 

 

…as NDA Course 29 Reunites in Maiduguri, Reaffirms Commitment to Nation-Building

 

 

 

Sahara Weekly Reports That Maiduguri, the Borno State capital, played host to the 29th Regular Combatant Course of the Nigerian Defence Academy NDA as they gathered for their 2024 Annual General Meeting. The event was a celebration of their rich heritage and a reunion of old colleagues.

 

 

 

Buratai Lauds Tinubu’s Increased Support for Counterinsurgency Operations

 

 

 

The evening was filled with cultural dances, jokes, and sumptuous meals, creating a relaxing atmosphere for the members.

 

 

 

Former Chief of Army Staff and former Nigerian Ambassador to the Republic of Benin, Lieutenant General Tukur Buratai, commended the federal government for the support in the war against insurgency.

 

 

 

 

 

“Nine years ago, we would never have had the opportunity to gather like this here in Borno and in Maiduguri in particular. Once it is 2 o’clock as someone said, everyone goes inside and remains there till the following morning probably nine or ten. The restrictions were heavy, the atmosphere was charged with so much insecurity. But today, to the Glory of Almighty God, we are thankful to God for the sustained counterinsurgency operations leading to the sustainable security being achieved and being experienced today in the Northeast,” he said.

 

 

 

“We must appreciate the previous administration of President Muhammadu Buhari and thank President Bola Ahmed Tinubu for the increased support to the Armed Forces to prosecute the counterinsurgency operations against Boko Haram and its subsequent version of ISWAP.”

 

 

 

 

 

Buratai also praised the members for their support during his tenure as Army Chief. “You have been wonderful for over forty years precisely 44 years when we met together for the first time 3rd January 1981 and we have maintained that relationship. I want to thank you for your support to me in particular.

 

 

 

 

 

“You stood by me when I was Chief of Army Staff in a very difficult period, the time of the Boko Haram rampage and it was a period that was volatile, uncertain, complex and of course ambiguous environment and times as well. The environments were charged with so much opposition and mischief that is within the sociopolitical environment and within the geographical environment of the northeast also was tensed with the various attacks that have been going on in this area but you stood by me and supported me and together, we succeeded.” He adds.

 

 

 

 

The Betara of Biu equally applauded the Theatre Commander Major General Wahidi Shuaibu, the other components as well as troops for their resilience and sacrifice.

 

 

 

Commodore MB Teidi (Retd), President of the Association, reflected on the journey that began over four decades ago. “Let me take a moment to reflect on the journey that has brought us to this moment. The history of NDA 29th Regular Course started on 3rd January 1981 when 155 young men reported for military training at the Nigerian Defence Academy. Most of us received the Presidential Commission and thereafter were posted to various services in the Nigerian Army, the Nigerian Navy and the Nigerian Air Force to pursue their Military career, while some opted out of the training to pursue their next best destined options.

 

 

 

“The inaugural meeting of this association was initiated by Major TY Buratai when most of the members were on Staff Course at the Command and Staff College Jaji. It was not until 2014 after the burial of one of our course mates, that the idea of a formal body with a constitution was muted. Since then the association has enjoyed consistent yearly meetings in line with its constitution.

 

 

 

 

 

The event brought together former colleagues from across the services and the business community, including serving military personnel such as Major General Wahidi Shuaibu, Theater Commander, Operation Hadin Kai, and the Air Component Commander.

 

 

 

 

The reunion demonstrated the strong bonds and camaraderie forged during their military careers. As they reminisced about their past experiences, they celebrated their achievements and the progress made in the fight against insurgency.

 

 

 

“Nine years ago, we would never have had the opportunity to gather like this here in Borno and in Maiduguri in particular. Once it is 2 o’clock as someone said, everyone goes inside and remains there till the following morning probably nine or ten. The restrictions were heavy, the atmosphere was charged with so much insecurity. But today, to the Glory of Almighty God, we are thankful to God for the sustained counterinsurgency operations leading to the sustainable security being achieved and being experienced today in the Northeast,” he said.

 

 

 

 

“We must appreciate the previous administration of President Muhammadu Buhari and thank President Bola Ahmed Tinubu for the increased support to the Armed Forces to prosecute the counterinsurgency operations against Boko Haram and its subsequent version of ISWAP.

 

 

 

 

 

 

 

Buratai also praised the members for their support during his tenure as Army Chief. “You have been wonderful for over forty years precisely 44 years when we met together for the first time 3rd January 1981 and we have maintained that relationship. I want to thank you for your support to me in particular.

 

 

 

 

“You stood by me when I was Chief of Army Staff in a very difficult period, the time of the Boko Haram rampage and it was a period that was volatile, uncertain, complex and of course ambiguous environment and times as well. The environments were charged with so much opposition and mischief that is within the sociopolitical environment and within the geographical environment of the northeast also was tensed with the various attacks that have been going on in this area but you stood by me and supported me and together, we succeeded.” He adds.

 

The Betara of Biu equally applauded the Theatre Commander Major General Wahidi Shuaibu, the other components as well as troops for their resilience and sacrifice.

 

 

 

 

Commodore MB Teidi (Retd), President of the Association, reflected on the journey that began over four decades ago. “Let me take a moment to reflect on the journey that has brought us to this moment. The history of NDA 29th Regular Course started on 3rd January 1981 when 155 young men reported for military training at the Nigerian Defence Academy. Most of us received the Presidential Commission and thereafter were posted to various services in the Nigerian Army, the Nigerian Navy and the Nigerian Air Force to pursue their Military career, while some opted out of the training to pursue their next best destined options.

 

 

 

 

 

“The inaugural meeting of this association was initiated by Major TY Buratai when most of the members were on Staff Course at the Command and Staff College Jaji. It was not until 2014 after the burial of one of our course mates, that the idea of a formal body with a constitution was muted. Since then the association has enjoyed consistent yearly meetings in line with its constitution.”

 

The event brought together former colleagues from across the services and the business community, including serving military personnel such as Major General Wahidi Shuaibu, Theater Commander, Operation Hadin Kai, and the Air Component Commander.

 

The reunion demonstrated the strong bonds and camaraderie forged during their military careers. As they reminisced about their past experiences, they celebrated their achievements and the progress made in the fight against insurgency.

 

 

 

 

The 29th Regular Combatant Course of the Nigerian Defence Academy is no doubt, a shining example of the power of friendship and service to the nation. As they look to the future, they continue to stand together, committed to their objectives and to the development of the nation.

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Economic Hardship: Pro-Democracy Group Hails Kalu,  Reps Over Salary Slash

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Economic Hardship: Pro-Democracy Group Hails Kalu,  Reps Over Salary Slash

*Economic Hardship: Pro-Democracy Group Hails Kalu,  Reps Over Salary Slash

 

 

The Socialist Movement of Africa (SMA) has commended the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, for advocating for a 50% salary cut among lawmakers to support the government’s efforts in addressing the economic hardship facing Nigerians.

 

Economic Hardship: Pro-Democracy Group Hails Kalu,  Reps Over Salary Slash

 

In a statement signed by its President, Dr. Apex Segun, the group also applauded the House for their collective decision to donate their salaries to alleviate the suffering of Nigerians.

Segun said this selfless act demonstrates their commitment to the well-being of the people and their willingness to make sacrifices for the greater good.

Recall that the Green Chamber, on Thursday, on the recommendation of the Deputy Speaker, agreed to slash their salaries.

Kalu said: “This government is doing its best, but one year is not enough to address the challenges of this country. I want to plead with our colleagues to sacrifice 50 per cent for six months.”

In reaction, Segun said in a time of economic uncertainty, it is heartening to see leaders like Kalu putting the needs of the people above their own.

He said the actions of the Deputy Speaker and his colleagues embody the spirit of patriotism and democracy.

“The Socialist Movement of Africa (SMA) is thrilled to express its deepest admiration and appreciation for the exemplary leadership and selflessness displayed by the Deputy Speaker and the entire membership of the House,” he said.

“Their recent decision to donate 50% of their salaries for six months to support the government’s efforts in addressing the economic situation in the country is a testament to their commitment to the welfare of Nigerians.

“In a time when the country is grappling with the challenges of the high cost of living, food scarcity, unemployment, and other economic hardships, the House has shown that they are truly representatives of the people.

“Their willingness to make sacrifices and put the needs of the people above their own is a beacon of hope in these trying times.

“We commend the Deputy Speaker for his patriotic leadership in advocating for this noble cause. His selfless act is a shining example of what it means to be a true leader.

“The House has shown that they are a body of compassionate and empathetic leaders who are willing to take bold steps to address the challenges facing the nation.

“We applaud the House for their collective decision to put the needs of the people above their own. In these trying times, the SMA urges all public officers and indeed Nigerians to emulate the example of the Deputy Speaker.”

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