By Obinna Uballa
The oil-rich South-South remains Nigeria’s main revenue source, but fresh opportunities are emerging across other regions as infrastructure projects and structural reforms unlock new real estate and economic frontiers, a new report has revealed.
The Nigerian Residential Market Review 2025, published by Diya Fatimilehin & Co., notes that although the South-South’s dependence on crude oil makes it prone to volatility, renewed investor confidence and large-scale urban renewal projects are transforming cities such as Port Harcourt, Uyo, and Asaba.
“Though its dependence on crude makes it prone to volatility characterised by cycles of boom and bust, renewed investor confidence is transforming cities like Uyo, Asaba, and Port Harcourt, as evidenced by infrastructure and large-scale urban renewal projects,” the report stated.
Major projects in the region include the 23.2 km Ikot Ekaide–Ikot Okoro–Ikot Ibritam Road and the 12.28 km Ikot Ubo–Odot Road in Akwa Ibom; Section 3A of the Lagos–Calabar Coastal Highway in Akamkpa; the 67 km Alesi–Ugep Road in Cross River; and the newly launched 94 km dualised East–West Road in Eleme, Rivers State. Nearing completion in Benin City, Edo State, is a 169-key Radisson Hotel.
Beyond the South-South, the report highlights that each of Nigeria’s six geopolitical zones tells its own story, shaped by culture, economic forces, and infrastructure development.
Lagos remains the country’s real estate epicentre, with Eko Atlantic, Banana Island, Old Ikoyi, and Victoria Island sustaining their dominance as the most expensive places to live. A four-bedroom flat in Ikoyi now commands a sale price of about N1.5bn.
However, nearby states such as Ogun and Oyo are emerging as viable alternatives, leveraging proximity to Lagos, lower entry costs, and available land. Locations like Alalubosa and Iyaganku GRAs in Ibadan, and Laderin Estate and Olusegun Osoba Hilltop in Abeokuta, are drawing interest, with rentals reaching as high as N3m per annum.
The report links this trend to major infrastructure projects, including the Lagos Blue and Red Line Metro Rails, the Lagos–Ibadan Expressway, the 110 km Rashidi Ladoja Circular Road in Oyo, the 71 km Ondo section of the Lagos–Calabar Coastal Highway, and the proposed Fourth Mainland Bridge, Green Line Metro, and Lekki International Airport in Lagos.
In the North-West, home to Nigeria’s second most populous city, Kano, mechanised agriculture and industrial activities are driving fresh residential demand. Cities such as Kano, Kaduna, Zaria, Sokoto, Katsina, and Birnin Kebbi are projected to benefit from both local production and export growth.
Key projects include the N6.4bn Gwaram–Basirka Bridge and 21 mini-grid projects in Jigawa; the 5.5 km Airport Road and Rafin Guza–Hayin Naiya–Kukumake Road in Kaduna; the 25 km Kauru–Pambegua Road, Tundun Biri Road, and a new 300-bed specialist hospital in Kaduna; as well as the Kaduna Millennium City, a joint venture with Qatar Construction Company.
While insecurity and religious tensions have limited activity in some northern areas, demand remains strong in established residential communities such as Barnawa and Ungwan Rimi in Kaduna, Nasarawa GRA and Race Course Road in Kano, and Adau Aliero Housing Estate in Birnin Kebbi. Emerging hotspots include Kamazao and Karji in Kaduna, Gwarzo and Tudun Yola in Kano, and Geese 3 and Sani Abacha Bypass in Birnin Kebbi.
The report concludes that rapid urbanisation, subsidy removal, exchange rate unification, tax reforms, improved regional road networks, and agricultural mechanisation are reshaping Nigeria’s housing demand, pushing activity beyond traditional Tier-1 cities.
“From the bustling streets of Lagos to the rolling highlands of Plateau, Nigeria’s urban landscape is being reshaped by culture, infrastructure and economic reforms,” it said.
