LAND BANKING

Turning ₦1.5 Million into ₦15 Million
In 2022, an investor bought a plot in Ibeju-Lekki, Lagos, for ₦1.5 million. By 2024, the same land was valued at ₦15 million, thanks to nearby infrastructure projects like the Dangote Refinery and the Lekki Deep Sea Port. According to Vanguard, this ten-fold increase shows how quickly strategic land banking can pay off when development catches up.

Land banking—buying undeveloped land and holding it until its value rises—has become one of Nigeria’s smartest real-estate plays. As cities expand and infrastructure projects reach the suburbs, once-quiet outskirts are turning into tomorrow’s prime real estate.

Why Land Banking Works

It’s a long-term strategy built on patience and timing. You buy early in a developing corridor, hold through infrastructure growth, then sell or develop once the area matures. There’s no need to manage buildings or tenants—just land that quietly gains value as population and demand spread outward.

Abuja: New Corridors Emerging

Abuja’s outskirts are rapidly changing. Areas like Lugbe, Kuje, and Gwagwalada are growing as new roads and housing projects extend the city’s reach. A few years ago, plots here sold for under ₦2 million; today, many go for ₦6 million–₦10 million depending on proximity to key roads and estates. With government focus on satellite towns and transport links, investors who buy now are likely to benefit from future integration with the city center.

Lagos: The Expansion Frontier

Lagos remains the heartbeat of land banking. The growth axis has moved from Lekki to Ibeju-Lekki and Epe, where major projects are reshaping value. Land in Epe that cost ₦500,000 per plot a few years ago now goes for ₦5 million–₦8 million. Affordable entry prices, proximity to the Free Trade Zone, and multiple large-scale developments make these areas the new frontiers for long-term investors.

Port Harcourt: Under-the-Radar Growth

Though less publicized, Port Harcourt’s outskirts—like Igwuruta, Oyigbo, and Rumuokwurusi—are benefiting from industrial expansion and planned road projects. Land there is still relatively affordable, typically ranging from ₦3 million–₦10 million, offering early investors a strong position before large developers move in.

Smart Land-Banking Tips
 • Verify documents: Always confirm the C of O or deed of assignment.
 • Follow infrastructure: Growth follows roads, ports, and power lines.
 • Buy from reputable sources: Avoid “bush sales” with unclear ownership.
 • Think long-term: Real gains often appear after 3–5 years.

A Decade-Long Payoff
A Lagos investor who bought land for ₦1 million over a decade ago sold it for ₦32 million, earning more than 3,000% in returns. (Zylus Group, 2024). These real-world wins prove that, with patience and proper due diligence, today’s empty plots can become tomorrow’s fortunes.

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