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Lamudi, Top Real Estate Agents Speak On Market Trajectory for 2015

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The real estate sector in Nigeria promises to be at its all time high this year, following the expressions of top agents in the country. In a bid to provide indepth understanding of what the real estate market for 2015 may hold, Lamudi Nigeria conducted a survey among selected top real estate agents in Nigeria.

Apparently, the agents believe that the impact of the electioneering and the devaluation of the Naira will be felt in the market in the beginning of the year, however, the market will definitely appreciate towards the last half of the year.

Here are their predictions for the sector in 2015.

Tope Ayodele, MD, Covenant Real Estate, said “At first quarter, the purchasing power of people will be low.  Because of the Naira devaluation the market is presently unpredictable but in the short run the market will boom. The second quarter there will be a considerable rise but unpredictable because of oil price and elections”

Emeka Agu, MD, Emeka Agu & Co, said, “We are hoping we have a stable country, with a stable State business will boom and thins will kick off!”

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Lawal Olaide Tresvant, Business Development, Efficacy Homes Limited “2015 is going to be a wonderful year! Because of the elections period there might not be much cash, but we have a wonderful package for our clients: very affordable housing and new investments as low as N10million”

To Bala Ishaku, Beverly & Sam, “The first quarter is going to be slow for residential but there shall be more interest in the commercial as new businesses are coming up. Elections is a factor but the flip side is there is a lot of trading in property; people selling in the high hand and developers looking to buy. It will kick up after the elections even though the purchase power will be low”

Also, Kola Ashiru-Balogun, MD, ARM Properties “The first Quarter is going to be dull because of elections. We foresee only 6 months of activities. It’s going to be a tough year but the demand is still there! People will reduce the price of their property to create a semblance of sales. The office demand will remain strong. Business is not as sensitive as people (households). But there would not be quality Class A space this will only be in 2016.”

Emmanuel Akpa, MD, Emma Akpa & Co said it will be good, “because some any upscale properties are coming such as: Rainbow town in Port Harcourt, Atlantic City or Lakowe in Lagos and Centinary City in Abuja as well as some new residential building on Gerard road, Ikoyi.”

Bosu Okusaga, Managing Partner, Babajide Okusaga, said, “We will witness stability in property transactions especially in the price until the middle of the year. In the fourth quarter things will start to kick off. Real estate will the best place to invest as interest rates will not be attractive thus people won’t go to banks also the price will be more realistic.”

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Anthony Iraoya, Managing Partner, Pius Omeife and Co “The market is bright especially in Abuja. Politicians are selling properties to get fund but after Election they will start reinvesting. The market will be booming as the oil and gas crisis will be temporary. With 2 million housing deficit in Nigeria the demand is very high the only issue are the prices. If you build affordable homes before you market it they are off the market!”

Ayodele Thomas, MD, KingsCourtRealtors, also said “Due to uncertainty in the global economy as a result in fall in oil prices and slow demand from America and China. I foresee a bit of slowdown in real estate development in Nigeria, especially in luxury real estates, as a result of scarcity of funds. Investors’ sentiments are likely to change in terms of real estate investment.

“However, I see a boost in the rental market, and especially in the middle range housing. Other areas to watch out for are retail and recreational developments. Real estate opportunities will be driven in 2015 by new opportunities in middle income areas, especially around the Lekki-Epe Axis. Is 2015 a good year to invest? Yes, better to get in when prices are bottoming up than when rising. With the low demand in real estate in 2015 and scarcity of funds, prices will have to come down in 2015.

“We will however, see an upward shift from the 3rd to 4th quarter of this year. 2016 will be a golden year for Real Estate”.

Mr Motunde Aladeitan, head of Practice, Motunde Aladeitan & Associates also reiterated that”…The first quarter will be Dull as a result of the election, value will be static as reality of the crash in Naira will have its toil. Appreciation will improve only when there is trust on the economy…”

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Mr Gbenga Odusiga (Partner), Gbenga Odusiga & Co.. noted that “…Activities in real estate market for residential properties  in Abuja will improve by the middle of 2015,rents will not necessarily increase because supply and demand will be at equilibrium owing to the near completion of various on-going  estates developments especially the mass housing & request for purchase of estate plots…”

And to Fola Obabiyi, managing partner, Bosiva Realtors, Real Estate and Property Consultancy…. “The property market in 2015 as regards Abuja, the F.C.T. Promises to be an exciting one, though it is starting rather on a slow note due to a lot of economic factors such as the devaluation of the Naira and non payment of civil servants salary knowing fully well that the major workforce in the F.C.T are the Civil servants.

“But it would definitely pick up in the coming months because it is an election year, new politicians would be sworn in into various offices and they are coming with a retinue of aides and of course their families. This means houses that are in the market both for lease and for sale would be occupied by these people. But if the after election violence can be avoided, then the property business promises to be exciting this year

Mr Fergus Esezobor, partner, Sheffieldoaks Real Estate Solutions, said “Another factor why the property market is slow is because of the outcome of the election, would be investors are waiting to know what would be the aftermath of the election before investing, they don’t want to invest now and find out that they have to leave their investments and relocate to their states because of the violence that might erupt after the general elections…”

“…The industry has achieved exponential growth over time given the existing rapid rate of urbanization and high property rates. My first instinct is that it is election year, most buyers and sellers’ perception of the market is negative. So, i expect properties to remain fairly consistent throughout the year. I do not see a big dip in values or a rapid increase in the market values. What i predict is a very small gain more than likely to occur throughout the year…”

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Engr. Ayodele Ogunlana, Baocam and Truss LTD “…As we go into the year 2015, prices of properties both for sell and lease are likely to remain stable throughout the year; we might witness a little dip in the prices of luxurious properties across the nation; ardently more in the Federal Capital Territory.  With the dwindling oil prices and the recent devaluation of the Naira amidst the prevailing economic situation, fewer cash would be available for Government in the state and federal levels to investment in the real estate sector.

“However, I perceive that more Public Private Partnerships (PPP) would be entered into this year compared to the presiding year, as the stake holders would be more confident to deal, knowing that the Public Official would have at least four years in the case of Governors and President to be in office.

“In general, most of the real estate transactions to be done this year would be post February 14th  presidential election, with a sharp rise after a successful May 29th Democracy day…”

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NLNG, NCDMB Boost Engineering Research with Innovation Centre

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NLNG and the Nigerian Content Development and Monitoring Board (NCDMB) have commenced the construction of a research and innovation centre at Rivers State University, aimed at strengthening indigenous capacity in computer and electrical engineering.

The NLNG Research and Innovation Centre for Computer and Electrical Engineering (RICCEE), which was inaugurated yesterday, is the company’s largest Human Capital Development Institutional Strengthening project to date.

The centre is expected to provide specialised training, advanced research facilities and technological solutions for challenges in Nigeria’s energy and industrial sectors.

It will also house a professorial chair and operate as a research and development centre where industry-focused solutions, particularly for NLNG, can be developed and potentially commercialised.

Speaking at the groundbreaking ceremony, NLNG’s Managing Director and Chief Executive Officer, Adeleye Falade, described the project as a strategic investment in the country’s future and evidence of the company’s commitment to sustainable human capital development.

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Falade, who was represented by NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall, said the facility would improve the university’s ability to produce highly skilled professionals while ensuring that research responds to industry needs.

He said the centre would also help bridge the gap between academic knowledge and practical industry requirements by creating opportunities for researchers and professionals to work together on innovations with commercial and developmental value.

Felix Omatsola Ogbe, the Executive Secretary of NCDMB, represented by the Director, Capacity Building, Abayomi Bamidele, said the project marked an important step in advancing the Board’s Human Capital Development objectives.

According to him, the centre is part of the Board’s Institutional Strengthening Programme, which seeks to build lasting partnerships with higher institutions through infrastructure that supports teaching, research, innovation and practical skills development.

Ogbe challenged the centre to emerge as a hub for discovery, creativity and technological advancement, where students can develop innovative ideas, researchers tackle real-world problems and industry can find reliable research and development partners.

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The Vice-Chancellor of Rivers State University, Prof. Isaac Zeb-Obipi, said the project aligned with the institution’s 2026–2030 strategic plan, particularly its focus on research collaboration, innovation and entrepreneurship.

“We envisage the Centre as a world-class hub where researchers and students can develop practical solutions to engineering and technological challenges, where university-industry collaboration can flourish, and where innovative ideas can be transformed into useful products, technologies and services,” he said.

The centre will occupy about 9,336 square metres within the university and include specialised laboratories for electronics and signal processing, robotics and embedded systems, software engineering, and digital forensics and cybersecurity.

The facility will also feature solar energy provisions, energy-efficient lighting and other environmentally responsible systems designed to reduce operating costs and support reliable research activities.

RICCEE is one of NCDMB’s Institutional Strengthening Projects designed to improve learning institutions through modern infrastructure, research facilities, technical equipment and training aligned with industry needs.

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NITDA Seals Strategic Deals with Goose FL and Fireflies AI to Power $1 Trillion Digital Economy Vision

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In a significant step toward expanding Nigeria’s tech footprint on the global stage, the National Information Technology Development Agency (NITDA) has signed strategic Memoranda of Understanding (MoUs) with Canadian tech companies Goose FL and Fireflies AI.

NITDA Seals Strategic Deals with Goose FL and Fireflies AI to Power $1 Trillion Digital Economy Vision

The signings took place during the Nigeria–Canada Investment Forum and the Nigeria Investment Economic Conference in Toronto, Canada, witnessed by NITDA’s Director-General, Kashifu Inuwa Abdullahi.

The strategic partnership centers on three core pillars designed to accelerate the nation’s digital roadmap:

  • Expanding Financial Inclusion: Developing innovative technology solutions to broaden access to digital financial services and create sustainable economic opportunities for underserved communities.
  • Deploying Local AI Infrastructure: Establishing indigenous Artificial Intelligence infrastructure and services to strengthen Nigeria’s internal capacity to build, manage, and benefit from AI technologies locally.
  • Building a Stronger Digital Economy: Driving long-term economic growth through strategic global partnerships, technology transfer, innovation, and digital capacity development.

This international collaboration directly aligns with President Bola Ahmed Tinubu’s vision to grow Nigeria into a $1 trillion economy by 2030, anchored by innovation, digital technology, and human capital development.

By forging key global ties, NITDA continues to position Nigeria as a rising leader in the digital economy, ensuring that emerging tools like AI deliver real, tangible value for local citizens and businesses.

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Anambra Seeks Digital Inclusion in Rural Communities

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Anambra State Government says it is exploring partnerships with the Federal Government and other stakeholders to extend digital connectivity to underserved rural communities across the state.

The Managing Director and Chief Executive Officer of the Anambra State ICT Agency, Mr Chukwuemeka Fred Agbata, disclosed this during a virtual media engagement with journalists on Thursday.

Agbata said rural connectivity remained a major challenge because telecommunications operators were often reluctant to invest heavily in communities where network deployment might not be commercially viable.

He said the state was willing to explore opportunities to leverage Federal Government infrastructure and the Universal Service Provision Fund (USPF) to extend connectivity to underserved communities.

“We understand what digital inclusion means because we are dealing directly with these communities,” Agbata said.

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According to him, the objective is to ensure that rural residents are not excluded from the benefits of digital government and the wider digital economy simply because of where they live.

Agbata said the effort formed part of the state’s broader digital transformation agenda, which is targeting deeper digitalisation of government services and a more digitally enabled business environment by 2030.

He said the second phase of the agency’s digital transformation agenda would focus on e-governance, digital infrastructure, smart government and the use of emerging technologies to drive development.

“My core vision is that we would have digitised every single government entity in Anambra State,” he said.

The ICT boss said the digital transformation agenda would extend beyond government ministries, departments and agencies (MDAs) to businesses and residents across the state.

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He said the agency was already developing websites for government MDAs and transforming them from mere information platforms into channels for delivering government services.

“We are building websites for all the MDAs. We are also automating them to be able to carry out services and give government support and government services through their websites,” he said.

Agbata said the initiative would reduce the need for citizens to physically visit government offices to access basic services.

He said the Smart Anambra platform had already demonstrated growing demand for remote access to government services.

According to him, the platform recorded about 14,000 visits between July 9 and July 29, averaging approximately 700 visits daily, despite limited publicity.

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He said the data indicated that residents were interested in accessing government services online, including applications, permits and identification-related processes.

“What the data is already showing us is that we really need to build a system that allows people to actually get government services remotely,” Agbata said.

He explained that the objective was to allow residents to initiate processes online, complete forms remotely and only visit government offices where physical presence was eventually required.

This, he said, would reduce the time and cost citizens spend travelling to Awka or other government offices to access services.

Agbata said services in areas including hospitals, schools and other government processes were being connected to Smart Anambra.

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Anambra Targets 2030 for Digital Government

Agbata said the state’s 2030 target was to deepen the digitalisation of government services and create an environment where businesses could increasingly operate within the formal digital economy.

He said the agency was working with the Ministry of Commerce to promote the formalisation of businesses, particularly SMEs and businesses operating in major markets.

“One of the biggest challenges that we have is that SMEs are not formalised enough,” he said, adding that the agency was exploring partnerships to address the challenge.

The ICT agency boss said the transformation would be gradual because major government initiatives required the necessary approvals and resources.

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On the possibility of making Anambra completely paperless, Agbata disclosed that the State Executive Council was already operating a paperless system.

He, however, said the entire civil service might continue to operate a combination of digital and paper-based processes for some time because of the complexity of government operations.

“What might happen is a dual situation,” he said, adding that selected MDAs could be used as pilots for deeper digital transformation.

Agbata also disclosed that the Anambra State ICT Agency had commenced the deployment of a locally trained artificial intelligence (AI) system to automate its operations and explore applications in governance, revenue management and public-sector productivity.

He explained that the agency did not develop a frontier large language model from scratch because of the huge computing and financial resources required.

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Instead, he said, it adopted an open-source model, modified it and was training it for specific local use cases.

“We have started doing our own local AI system. It is an open-source system, so we didn’t build our own frontier model. We basically looked at open source and modified it, and we are training it,” Agbata said.

He said the system had already been deployed to automate the agency’s operations end-to-end.

“We have used it to automate our agency end-to-end. Everything that we do now is currently automated,” he said.

Agbata said the agency was exploring how the model could be applied across other areas of government to improve productivity, address revenue leakages and strengthen governance.

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He said the AI initiative formed a major part of what he described as the agency’s “2.0” phase following his reappointment by Gov. Chukwuma Soludo.

According to him, the second phase would build on achievements in infrastructure, capacity development, e-governance and smart government while placing greater emphasis on AI and emerging technologies.

Agbata also said the state’s free public Wi-Fi initiative remained operational, stressing that the programme was introduced before the electioneering period.

“The free Wi-Fi didn’t start as a political thing, a campaign thing. It started way before the campaigns,” he said.

He explained that the strategy was adjusted during the campaigns to enable residents to follow the governor’s activities and participate in live engagements while on the move.

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According to him, existing Wi-Fi locations, including facilities at the state Secretariat, remain operational, although occasional downtime occurs, particularly during periods of adverse weather.

“There are downtimes now and then because with the rains and all of that, these things have their uptime and their downtimes, but it is still very much available,” he said.

He disclosed that there were currently no plans to establish additional Wi-Fi locations, noting that existing sites were still providing services.

Agbata said the state would continue to develop digital skills and education programmes, including Smart Schools and other capacity-development initiatives.

He also called for stronger collaboration among government, technology companies, telecommunications operators, local technology manufacturers and other stakeholders to accelerate the state’s digital transformation.

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He cited the procurement of about 2,000 computers supplied by indigenous technology company, Zinox, as an example of the state’s engagement with local technology providers.

Agbata said the agency would remain open to partnerships capable of supporting Anambra’s technology agenda.

He said the ultimate objective was to build an Anambra where residents and businesses could increasingly interact with government digitally, while technology becomes a central driver of economic development across the state.

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