This week in Real Estate
NHM brings you the most important real estate stories of the week.
Latest News
NATIONAL NEWS
The Central Bank of Nigeria (CBN) has cut its benchmark interest rate by 50 basis points to 27%, marking its first rate cut of 2025. The move aims to ease inflation, stimulate growth, and unlock opportunities for Nigeria’s housing and real estate sector, from more affordable mortgages to improved financing for developers.
LAGOS
The Federal Airports Authority of Nigeria (FAAN) is facing renewed legal pressure from AIC Limited, the company founded by the late business magnate Harry Akande, over disputed land within the ongoing ₦712 billion expansion of Lagos’ Murtala Muhammed International Airport.
ABUJA
The River Park Estate issue highlights recurring challenges in Abuja’s land administration, including expired lease agreements, irregular development approvals, and disputes between government and private developers. For investors and policymakers, the case underscores the importance of due diligence, compliance with regulatory processes, and the need for ongoing reforms in land governance to reduce uncertainty in Nigeria’s capital city real estate market.
World News
All News
NITP President Urges Dialogue on Demolition of 170 Estates Along Lagos Coastal Highway
The President of the Nigerian Institute of Town Planners (NITP), Dr. Chime Ogbonna, has called on the federal and Lagos State governments to pursue dialogue and collaboration in addressing the proposed demolition of 170 estates along the Lagos-Calabar Coastal Highway corridor.
Lagos Halves Minimum Land Requirement for Estate Development
The Lagos State Government has reduced the minimum land size requirement for estate development from 10,000 square metres to 5,000 square metres, a move aimed at easing housing delivery.
Wike to Launch 12 New Road Projects, Commissions Two in Abuja
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, will on Thursday, 18 September 2025, flag off the construction of 12 new road projects across Abuja and commission two completed access roads.
Lagos State Government to Begin Night Repairs on Ozumba Mbadiwe Road
The Lagos State Government will commence night-time repair works on Ozumba Mbadiwe Road from Monday, 15 September to Sunday, 21 September 2025.
Benue State Launches 1,080-Unit Eco-City Housing Estate in Makurdi
The Benue State Government has launched the construction of a 1,080-unit housing estate in Makurdi, a project designed to reduce the city’s housing deficit and provide more affordable accommodation options.
Lagos Promises Building Approvals Within 10 Working Days
Lagos State has pledged to issue planning permits within 10 working days once applicants meet all requirements, in a move aimed at improving efficiency and restoring investor confidence in the state’s real estate sector.
Nigeria to Build Africa’s First Underwater Tunnel Linking Lagos, Calabar, Sokoto, and Badagry Highways
The Federal Government has unveiled plans to construct a 2.9-kilometre underwater tunnel in Lagos, a project that would mark the first of its kind in Africa.
FESTAC Renewal Begins as FHA Launches Major Infrastructure Projects
The Federal Housing Authority (FHA) has commenced large-scale rehabilitation works in FESTAC Town, signalling the beginning of a long-anticipated regeneration programme aimed at restoring one of Lagos’s most iconic housing estates.
FG Reserves NNPCL Road Contracts Below ₦20 Billion for Local Firms
The Federal Government has directed that all Nigerian National Petroleum Company Limited (NNPCL) Tax Credit road projects valued below ₦20 billion be awarded exclusively to indigenous contractors,
Lagos Evictions Displace Over 30,000 Residents, Drawing Rights Concerns
More than 30,000 residents of Oworoshoki in Lagos have been displaced following large-scale demolitions by state authorities