Nigeria is sited in West Africa, South of the Sahara Desert. It is located just above the equator bordering the Gulf of Guinea. The country’s importance to the West African sub-region cannot be over emphasized as it accounts for 45% of the regions GDP.
The country runs a democracy styled after the American system, with a President, Vice President, Senate, House of Representatives State Assemblies, Governors of States etc.
Indeed in 2007 another election was held and a new president sworn in.
The climate is tropical, with 2 main seasons, rainy / wet season – April – October and the dry season November – March.
The Nigerian economy is driven primarily by the presence of crude oil which is our main export and this accounts for nearly 90% of the country’s foreign exchange earnings – $40bn in 2005. Efforts are being made to diversify the economy by the present government.
The population is put at over 100 million people and a census that was completed in March 2007 confirms this.
Of this population (2001 estimates) the age strata is broken down as follows 0-14, 3.71%, 15 – 64, 53.47%, 65 years and above – 2.82%.
As a result of the dynamic oil driven and deregulated economy, the huge population and what these numbers represent in terms of a market for goods and services, virtually all the major commercial organizations are present or represented in Nigeria in one way or the other. – Shell, Mobil, Chevron, Total, Samsung, Peugeot, LG, Hyundai, Halliburton, Hilton, Sheraton.
In fact the telecommunications and petroleum industries account for about 50% of the number expatriates coming into Nigeria.
With the foregoing,, it goes without saying that Nigeria is a major investment destination currently with real estate investments being one of the stops. The huge population of over 100 million must be housed.
There are within Nigeria many real estate investment, destinations, Calabar, Cross Rivers States, Kano, Kano State, Enugu, Enugu State etc, but the 3 primary locations which I will focus on are Lagos, Port Harcourt and to a lesser extent Abuja.
These will be examined in terms of their residential and commercial possibilities, whilst tourism and recreational real estate will be discussed generally as regards the entire country. Read more… »