What are the main challenges facing property developers in Nigeria?
There are many challenges facing developers but the most obvious ones are: expensive building materials, high cost of land, processing of title costs, high interest rates by banks, lack of adequate funding and some of the government’s policies. 3) Which, would you say, are the areas in Nigeria that have the most potential for successful property development? The areas that have the most potential will be: i. Lagos (Lekki, Victoria Island, Ikoyi, Ikorodu, etc.) – because it is a business district and the commercial nerve centre of Nigeria. ii. Abuja – it is the seat of power. iii. Port Harcourt – for its oil riches. It is a very variable location and will improve when the problem of militancy is solved. iv. Ogun State – its proximity to Lagos makes it the next spot for development. A lot of development is already going on as we speak. v. Kwara State – this state is fast opening-up because of the state government’s resolve to transform the area into a business district. Land is being pro
