2024 started with Nigeria inflation above 30%, that’s a crisis for the construction industry.

Therefore, in this episode, we will assess the impact of the current hyperinflation in Nigeria within the past 4 months, and how this inflation will affect the real estate sector. Offplan in Lagos, Abuja and other popular Nigeria cities will be roasted. In comparison, a ton of reinforcement steel in November 2023 was 480k, compared to 1.2m in Feb 2024.

Consequently, last year projections on offplan delivery is shattered, the impact on high-rise projects in Lekki will be massive. Secondly, developers are already reviewing statutory fees, since most of them have sold their land or houses on contract, statutory fees like development levy is the escape route to break even to match inflation.