Eko Atlantic City, the ultra-modern metropolis built on reclaimed land from the Atlantic Ocean along Lagos’ Victoria Island coastline, has firmly retained its position as Nigeria’s most expensive residential address, both in property sales and rental values.

Designed as a premium urban enclave with world-class infrastructure, the city has become the preferred destination for multinational corporations, high-net-worth individuals, and investors seeking exclusivity, security, and modern urban living.

Land prices in Eko Atlantic currently average about ₦4.1 million per square metre, significantly higher than other elite locations in Lagos. By comparison, land in Banana Island sells for roughly ₦3.0 million per square metre, Ikoyi for ₦2.2 million, Victoria Island for ₦1.5 million, and Lekki Phase 1 for about ₦1.1 million per square metre.

The premium pricing reflects the city’s extensive infrastructure, including an eight-lane central boulevard, multiple internal bridges, underground utility systems, advanced drainage, and green spaces defined by more than 30,000 trees. The 10-square-kilometre city is modelled after New York’s Manhattan skyscraper district, offering a carefully planned environment rarely found elsewhere in Nigeria.

These advantages come at a steep cost for residents. Renting an apartment in Eko Atlantic now costs more than purchasing a three-bedroom bungalow in many Lagos mainland neighbourhoods.

Annual rent for a studio apartment in the city averages about ₦14.2 million. A one-bedroom apartment costs approximately ₦20.9 million per year, while a two-bedroom apartment goes for about ₦26.6 million. Three-bedroom apartments command rents of roughly ₦35.3 million per annum, placing them well beyond the reach of most middle-income earners.

Market data from Edala Development’s Lagos Residential Market report shows that Eko Atlantic’s rental rates significantly exceed those of other prime island locations, including Banana Island, Ikoyi, Victoria Island, and Lekki Phase 1.

In Banana Island, where rental prices have risen sharply over the past five years, a studio apartment rents for an average of ₦5.1 million per annum. One-bedroom apartments go for about ₦10 million, two-bedroom units for ₦15.5 million, while three-bedroom apartments rent for around ₦27.5 million annually.

According to Samuel Olatunde, co-founder and chief operating officer of Edala Development, Banana Island’s rental market has experienced sustained growth driven by strong demand for luxury living and heightened security.

“Between 2020 and 2025, rental values for family-sized homes increased significantly,” Olatunde said. “A three-bedroom apartment that rented for ₦11 million in 2020 now goes for about ₦27.5 million, while four-bedroom homes have risen from ₦18 million to ₦30.5 million.”

He explained that luxury properties with waterfront views often attract premium rents, while factors such as quality of finishing, modern fittings, and smart home technology increasingly influence final rental prices in high-end neighbourhoods.

Ikoyi’s rental market also reflects its status as one of Nigeria’s most prestigious residential districts. Data from Edala Development indicate strong and consistent rental growth between 2020 and 2025, underpinned by limited supply and steady demand.

A one-bedroom apartment in Ikoyi, which rented for an average of ₦2 million in 2020, now commands about ₦8 million annually, representing a 300 percent increase over five years. Two-bedroom apartment rents rose by about 150 percent within the same period, while three-bedroom apartments—popular among families—now rent for an average of ₦25.5 million, up from ₦8.5 million in 2020.

Olatunde noted, however, that actual rental values in Ikoyi and similar locations vary widely depending on factors such as the age of the building, architectural design, property type, and amenities. Prices differ markedly between block apartments, high-rise towers, terraces, semi-detached houses, and penthouses.

As Lagos continues to evolve as Africa’s leading commercial hub, Eko Atlantic City stands out as a symbol of luxury urban development—one that underscores both the opportunities and widening affordability gap within Nigeria’s real estate market

The post Eko Atlantic City: What It Really Costs to Rent and Live in Nigeria’s Most Expensive Neighbourhood appeared first on Housing TV Africa.

The federal government’s plan to relocate the Bank of Industry (BOI) headquarters to Eko Atlantic City, Lagos, is generating scrutiny from analysts and industry stakeholders.

Critics question the move, highlighting that BOI already maintains substantial offices in Lagos, Abuja, and 33 states across Nigeria.

The relocation, announced last week by Senator John Enoh, Minister of State for Industry, Trade and Investment, received approval from the Federal Executive Council for the design and construction of a new headquarters at Eko Atlantic. The project aims to serve as a central hub for BOI’s expanded financing of industrial growth, SMEs, and export-oriented manufacturing.

BOI at a Glance

Established from a merger of the Nigerian Industrial Development Bank (NIDB) and the Nigerian Bank for Commerce and Industry (NBCI), BOI is Nigeria’s oldest and largest development financing institution (DFI). It supports large, medium, and small-scale projects across sectors such as agro-processing, creative industries, healthcare, renewable energy, and solid minerals, operating from 33 offices nationwide.

In 2024, the bank disbursed ₦510.9 billion to nearly 1 million beneficiaries, including 10,208 farmers who received ₦2.7 billion through agricultural support programs. Under its Rural Area Programme on Investment for Development (RAPID), the bank also provided financial support to 93 micro and small-scale enterprises in rural areas.

Why the Move Sparks Criticism

Eko Atlantic City, a privately funded, 10 million square meter coastal city on Victoria Island, is rapidly attracting major corporations like FirstBank, MTN, Shell, and TVC. While it promises modern infrastructure, land costs range between $1,500 and $3,000 per square meter, making construction of a new BOI headquarters potentially hundreds of millions of dollars in investment.

Analysts argue that the relocation is unnecessary and economically imprudent. BOI already has a 12-storey tower in Abuja, partially leased to other organizations, and a spacious head office in Marina, Lagos. Critics suggest that funds intended for this “vanity project” could be better used to finance SMEs and support industrial growth.

“Every naira going into another structure is money not going into productive work. BOI’s priority should be funding manufacturers and industrial infrastructure, not constructing a new headquarters,” said public affairs analyst Udom Owodiong.

Others note that the relocation may set a precedent for other government DFIs, such as the Bank of Agriculture (BOA) and Nigeria Export-Import Bank (NEXIM), potentially escalating costs for taxpayers without corresponding economic benefit.

Efforts to obtain comments from BOI management regarding the project were unsuccessful at press time.

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Miziara, a small Lebanese village of 6,000 people overlooking the Mediterranean, symbolizes the deep ties between Lebanon and Nigeria. Many from Miziara have emigrated to Nigeria, where the Lebanese community now numbers between 30,000 and 100,000. Many Lebanese-Nigerians, including fourth-generation families, proudly call Nigeria home.

The village’s main street is named after Gilbert Chagoury, Miziara’s most famous son and benefactor. Pierre Daaboul, Deputy Mayor of Miziara, described him as “like a godfather” due to his significant investments in local infrastructure and education. Daaboul adds, “About 80 percent of the village works in Nigeria because they make much more money there.”

Born in Nigeria in 1946 to Lebanese parents, Gilbert Chagoury studied briefly in Lebanon before returning to Nigeria, where he founded The Chagoury Group in 1971. The group is now a major Nigerian conglomerate with interests in construction, real estate, agribusiness, and hospitality. Notable projects include Eko Hotels and Eko Atlantic City; a massive land reclamation project designed to protect Lagos from coastal erosion.

The Chagoury Group is also building the 700 km Lagos-Calabar Coastal Highway, a key infrastructure project. While some have questioned the contract awards, government officials highlight the company’s expertise and capacity.

Chagoury’s ties to Nigeria haven’t been without controversy, notably linked to the late General Sani Abacha. He denied wrongdoing, paid fines, and returned funds to Nigeria.

Beyond business, Chagoury is a philanthropist and art lover, honored by the Pope and France for his contributions. His donations include a priceless tapestry to the Louvre and significant COVID-19 relief efforts in Lagos.

Though his roots are in Lebanon, Nigeria is where Gilbert Chagoury has made his mark, building a legacy of business success and cultural connection that bridges two continents.

By: Simbo Olorunfemi
Source: Proshare

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