Property valuation professionals have warned that persistent insecurity, inflation, exchange rate volatility, and other economic shocks are making it increasingly difficult to determine accurate property values across Nigeria. They say the growing uncertainty is affecting investment decisions, mortgage financing, insurance assessments, and overall confidence in the real estate market.

According to experts, property valuation depends heavily on stable market conditions and reliable transaction data. However, security challenges in several parts of the country, coupled with rising construction costs and fluctuating economic indicators, have significantly altered market behaviour, making traditional valuation methods more difficult to apply.

Estate surveyors and valuers explained that insecurity has forced many investors and residents to relocate from affected communities, reducing demand in some areas while increasing pressure on safer urban centres. These migration patterns have created uneven property price movements, making it harder to establish fair market values for residential, commercial, and industrial properties.

The professionals also pointed to inflation and the depreciation of the naira as major factors driving up the cost of land acquisition, building materials, labour, and infrastructure development. As construction costs continue to rise, replacement values for existing buildings have increased, requiring valuers to regularly adjust their assessments to reflect prevailing market realities.

Industry stakeholders noted that banks, insurance companies, developers, and investors rely on accurate property valuations when making lending, investment, taxation, and compensation decisions. They warned that inaccurate valuations could expose financial institutions and investors to unnecessary risks while affecting the credibility of Nigeria’s real estate market.

To address these challenges, valuation experts called for improved access to reliable market data, stronger collaboration among industry professionals, and wider adoption of technology-driven valuation systems. They argued that better data collection and standardised valuation practices would improve transparency and help the industry respond more effectively to changing economic conditions.

The stakeholders further urged government authorities to strengthen security, stabilise the macroeconomic environment, and support policies that encourage investment in the housing and real estate sectors. They maintained that restoring investor confidence is essential to improving market stability and ensuring more accurate property valuations.

Experts believe that while economic uncertainty may continue to influence the property market in the short term, stronger institutions, better market information, and sustained economic reforms will enhance valuation accuracy and support long-term growth in Nigeria’s housing and real estate sector.

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Nigerian households are increasingly postponing plans to buy homes and vehicles as persistent cost-of-living pressures continue to squeeze disposable incomes, according to a new report by Credit Direct. The report highlights growing financial strain on consumers as inflation and rising living expenses reshape spending priorities across the country.

According to the findings, many households are focusing more on essential expenses such as food, transportation, healthcare, and education, while major purchases like residential properties and automobiles are being deferred. The trend reflects the broader impact of economic challenges on consumer confidence and long-term financial planning.

The report noted that rising inflation, elevated borrowing costs, and declining purchasing power have significantly reduced the ability of many Nigerians to commit to large capital expenditures. As a result, households are adopting more cautious spending habits and prioritising immediate needs over long-term investments.

Analysts say the slowdown in demand for homes and vehicles could have implications for sectors such as real estate, construction, automotive sales, and consumer lending. They noted that weaker household purchasing power often leads to reduced investments in high-value assets and slower growth across related industries.

The findings also underscore the challenges facing developers and businesses that rely heavily on consumer spending. Industry stakeholders believe improving economic stability, easing inflationary pressures, and expanding access to affordable financing will be critical to restoring consumer confidence and stimulating demand for homes and other major assets.

The report comes at a time when policymakers and businesses are exploring strategies to cushion the effects of rising living costs and strengthen household financial resilience amid Nigeria’s evolving economic landscape.

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Nigeria households face renewed cost of living squeeze as rising prices continue to put pressure on consumer spending and household budgets across the country.

Despite signs of moderation in some economic indicators, many Nigerians are still grappling with elevated costs of essential goods and services. Food, transportation, energy, and housing-related expenses remain significant burdens for households already facing reduced purchasing power.

Economic analysts note that while inflation trends have shown periods of improvement, the impact of previous price increases continues to affect consumers. Many families are spending a larger share of their income on necessities, leaving less room for savings and discretionary spending.

The pressure on household finances has also influenced consumer behaviour. Nigerians are increasingly prioritising essential purchases, seeking lower-cost alternatives, and adjusting spending habits to manage rising living expenses.

Businesses are also feeling the effects of weaker consumer demand. Retailers and service providers report changing purchasing patterns as consumers become more cautious about spending amid economic uncertainty.

Experts attribute the continued strain on households to a combination of inflationary pressures, currency fluctuations, energy costs, and broader economic adjustments that have affected prices across multiple sectors of the economy.

Food inflation remains a major concern, particularly for low- and middle-income households. Rising costs of agricultural production, logistics, and distribution have contributed to higher prices for many staple food items.

Housing and transportation costs have also remained significant contributors to household expenditure. In major urban centres, many residents continue to face challenges related to rent, commuting expenses, and utility costs.

Economists suggest that sustained improvements in inflation management, productivity growth, and economic stability will be important in easing pressure on households over the long term. They also stress the need for policies that support income growth and strengthen consumer purchasing power.

As economic conditions continue to evolve, households are expected to remain focused on financial resilience and careful spending decisions while navigating ongoing cost-of-living challenges.

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President Bola Ahmed Tinubu has defended the removal of fuel subsidy and the unification of Nigeria’s foreign exchange market, saying the policies were necessary to prevent a looming fiscal collapse and deeper economic instability.

Speaking during his third anniversary nationwide address, the President said Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies, amounting to over ₦4 trillion in 2022 alone.

He also disclosed that the existence of multiple foreign exchange windows created opportunities for arbitrage and speculative trading, which he said drained more than ₦8 trillion from the economy within three years through rent-seeking activities.

According to Tinubu, the economic situation required urgent and decisive reforms to stabilise public finances and prevent a broader national crisis.

“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis,” he said.

The President acknowledged that the reforms have triggered inflationary pressures and increased the cost of living for Nigerians, but maintained that they were essential to restoring macroeconomic stability.

He added that the policy direction has improved government revenues and strengthened confidence in the economy, despite short-term economic hardship.

Tinubu said the decision to prioritise long-term national stability over immediate political convenience was necessary to secure Nigeria’s economic future.

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Real estate developers across Nigeria are facing increasing pressure as worsening economic conditions tighten profit margins, delay projects, and force major changes in housing delivery strategies.

This was revealed in a 2026 real estate market outlook released by the Managing Director of Legendary Foreshore, Victor Ameh, who warned that inflation, foreign exchange volatility, and limited access to structured financing have created one of the sector’s toughest operating environments in recent years.

According to the report, rising construction costs remain one of the biggest challenges confronting developers.

Nigeria’s dependence on imported building materials has exposed the housing sector to severe foreign exchange fluctuations, with changes in the value of the naira significantly increasing project costs.

The report noted that many developers who priced projects months or years earlier are now struggling with massive cost overruns, making several developments financially unsustainable before completion.

As a result, some firms have been forced to suspend construction activities, reduce project scope, or reconsider delivery timelines.

Persistent inflation has also continued to drive up the prices of cement, steel, fittings, labour, and other construction inputs, placing additional pressure on developers already battling unstable exchange rates.

However, developers are finding it increasingly difficult to transfer rising costs to buyers due to worsening affordability challenges in the housing market.

The report identified affordability as the most critical factor shaping Nigeria’s real estate sector in 2026.

While property development costs continue to rise, the purchasing power of Nigerians has weakened significantly amid the broader cost-of-living crisis.

With households spending more on food, transportation, energy, and other necessities, fewer Nigerians can afford expensive rents, mortgages, or high-end property investments.

This trend has led to slower property sales, reduced demand, and weaker absorption rates, especially in the mid- and high-income housing segments.

“Developments that are not aligned with real income levels will struggle, no matter how premium the branding,” the report stated.

Analysts believe the situation reflects a structural shift in Nigeria’s housing market, where future success will depend largely on developers’ ability to align pricing, housing designs, and financing models with the realities of consumer income levels.

Stakeholders also warned that without deliberate government intervention to improve access to affordable financing and stabilise construction input costs, Nigeria’s real estate sector may experience prolonged stagnation.

The report further stressed the need for innovative housing solutions, flexible payment systems, and sustainable financing frameworks capable of supporting both developers and homebuyers amid ongoing economic uncertainty.

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Fuel prices may decline in the coming days as global crude oil prices continue to fall following ongoing peace talks between the United States and Iran, raising optimism in global energy markets.

Oil prices dropped from about $111 last week to $97 per barrel on Monday morning, signalling a sharp reversal after months of volatility driven by geopolitical tensions in the Middle East.

Oil Price Decline Follows Diplomatic Progress

Brent crude had previously hovered between $103 and $105 per barrel, supported by fears surrounding the conflict between the United States and Iran.

However, renewed diplomatic engagement and reports of progress in peace talks have triggered a significant market correction, with prices sliding to $97.48 per barrel.

Analysts say the decline reflects expectations that the Strait of Hormuz, a key global oil transit route, may soon reopen under a potential US–Iran agreement.

Impact of Middle East Conflict on Oil Prices

Crude oil prices had surged above $100 per barrel after tensions escalated between the United States and Iran in late February.

At the peak of the crisis, prices crossed $115 per barrel, causing ripple effects across global fuel markets.

In Nigeria, petrol prices rose from around N830 per litre to about N1,300, while diesel and aviation fuel also recorded sharp increases, putting pressure on households, transport operators, and airline companies.

Nigeria Watches as Global Prices Decline

With crude prices now trending downward, market observers say there is growing speculation that fuel prices in Nigeria could ease if the decline continues.

There are also expectations that the Dangote Petroleum Refinery and other downstream operators may review pump prices in response to global market movements.

US–Iran Talks Show Signs of Progress

US President Donald Trump recently stated that the Strait of Hormuz would be reopened as part of a proposed agreement involving the United States, Iran, and several Middle Eastern countries.

He said discussions with global partners were ongoing and described the talks as “orderly and constructive”.

Trump also noted that final details of the agreement were still being negotiated, but progress had been made toward a possible resolution.

Iran Confirms Negotiation Progress

Iranian authorities confirmed that discussions with the United States are advancing, although they stressed that a final agreement is not imminent.

According to Iran’s Foreign Ministry spokesperson, Esmail Baqai, both sides have reached understanding on several issues, but formal signing of an agreement remains uncertain.

Strategic Importance of the Strait of Hormuz

The Strait of Hormuz, through which nearly 20 per cent of global oil supply passes, remains central to global energy stability.

Any reopening of the waterway under a peace deal is expected to ease supply concerns and further push oil prices downward.

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The Central Bank of Nigeria’s (CBN) monetary policy decisions continue to shape financial market conditions, as the apex bank maintains a tight stance aimed at stabilising the naira while inadvertently slowing credit expansion and business growth.

Although exchange rate stability remains a key priority, analysts say the prolonged high-interest-rate environment is creating significant pressure on corporate lending and economic activity.

CBN Holds Rates at 26.5% Amid Inflation Concerns

Following its Monetary Policy Committee (MPC) meeting, the CBN maintained the Monetary Policy Rate (MPR) at 26.50 percent, signalling a pause in its aggressive rate-hiking cycle.

Investment analysts at Meristem Securities Limited warn that this decision reinforces a “higher-for-longer” interest rate environment, which will continue to restrict access to credit across sectors of the economy.

Credit Conditions Remain Tight for Businesses and Households

According to analysts, the elevated interest rate level is making borrowing increasingly expensive for both businesses and individuals.

Many firms are now delaying expansion plans, capital projects, and operational investments due to high financing costs.

Households are also reducing borrowing, especially for discretionary spending, as loan repayments become less affordable.

Meristem analysts noted that:

“High cost of borrowing is expected to keep credit creation relatively weak as both lenders and borrowers remain cautious amid still-tight financial conditions.”

Banks Shift Focus to Treasury Income

While the tight monetary environment is slowing lending, it is benefiting commercial banks in other ways.

Banks are expected to record stronger earnings from:

• Government securities
• Treasury bills
• Repriced interest-bearing assets

However, analysts say credit growth will remain weak as risk-averse lending behaviour continues across the financial system.

This means bank profitability is likely to rely more on fixed-income investments than traditional loan expansion.

CBN Defends Tight Monetary Policy

CBN Governor Olayemi Cardoso defended the decision to maintain a restrictive monetary stance, saying exchange rate stability remains essential to controlling inflation.

He noted that recent inflation increases were driven largely by external shocks and described them as temporary.

According to him:

“The centrepiece of our toolkit is ensuring that our foreign exchange rate remains stable.”

Liquidity Flows Into Government Securities

With limited credit expansion in the real economy, excess liquidity is increasingly moving into safer government instruments such as Treasury bills and bonds.

Analysts expect continued strong demand at bond auctions, even as yields remain elevated due to inflationary pressures and government borrowing needs.

Outlook for Investors

Market analysts advise investors to adopt a cautious and selective strategy in the current environment.

They recommend focusing on:

• Strong, defensive stocks
• Companies with stable earnings
• Firms with reliable dividend payouts

In fixed-income markets, continued demand for government securities is expected to support liquidity flow.

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The Nigeria Labour Congress (NLC) Lagos State Council has called for a significant increase in the state’s minimum wage, proposing a new benchmark of N225,000 amid rising inflation and economic hardship.

The demand was announced by the council’s chairperson, Funmi Sessi, during the 2026 Workers’ Day celebration held at Mobolaji Johnson Arena.

Current Wage No Longer Sustainable — NLC

According to the union, the existing N85,000 minimum wage has lost its value due to persistent inflation and the rising cost of living.

Labour leaders noted that workers are struggling to afford essential needs, including:

Food

Housing

Transportation

Healthcare

Education

The union warned that without an urgent wage adjustment, workers will remain under severe financial pressure.

Inflation Erodes Workers’ Purchasing Power

The NLC linked its demand to Nigeria’s inflation rate, currently estimated at about 15.38%, which has driven up the prices of goods and services.

The union stressed that the rapid increase in living costs has significantly weakened workers’ purchasing power, making it difficult for many households to stay afloat.

Call for Industrial Harmony

Labour leaders argued that revising the wage structure would not only improve workers’ welfare but also help maintain industrial peace.

They urged the Lagos State Government to act promptly to avoid potential labour disputes.

Security Concerns Also Raised

Beyond economic issues, the union highlighted growing insecurity as a threat to productivity and worker safety.

The NLC called on both federal and state authorities to strengthen security measures to protect lives and sustain economic activities.

Government Commended for Infrastructure Projects

Despite its concerns, the union acknowledged ongoing infrastructure development in Lagos, including investments in:

• Rail transportation
• Road networks
• Urban mobility projects

These initiatives, according to the NLC, contribute to economic growth and improved living standards.

Background: Previous Wage Adjustment

The Lagos State Government approved the current N85,000 minimum wage in October 2024 under the administration of Babajide Sanwo-Olu.

The policy, implemented in November 2024, aimed to cushion the effects of inflation. However, labour leaders now argue that economic realities have outpaced the adjustment.

Wage Pressure Rising Nationwide

Recent data shows that minimum wage levels vary across Nigerian states, reflecting differences in fiscal capacity and cost of living.

However, inflation and economic challenges are driving similar wage demands across the country as workers push for better compensation.

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The Nigerian naira extended its losing streak on Tuesday, closing at ₦1,383 per dollar amid renewed pressure in the foreign exchange market and a continued decline in external reserves.

Data from the Central Bank of Nigeria (CBN) shows the currency weakened from ₦1,369/$ recorded a day earlier, reflecting sustained volatility in the FX market.

Naira Weakens Further

Intraday trading saw the naira fluctuate between ₦1,367.5/$ and ₦1,385/$, with a simple average rate of ₦1,380.19/$.

Tuesday’s close marks the weakest level since early April and highlights a steady depreciation trend in recent sessions. On a week-on-week basis, the currency has also weakened compared to last week’s closing rate of ₦1,350.99/$.

External Reserves Continue to Drop

Pressure on the naira is being compounded by a decline in Nigeria’s external reserves.

CBN data shows reserves fell to $48.38 billion as of April 27, 2026, down from $48.51 billion recorded on April 21 — a drop of approximately $124 million within one week.

The decline reflects ongoing FX interventions by the apex bank as well as external debt obligations.

Global Factors Add Pressure

The naira’s performance is also being influenced by global market conditions.

The US dollar remained firm ahead of a policy decision by the Federal Reserve, with investors seeking safe-haven assets amid geopolitical tensions in the Middle East.

The dollar index hovered around 98.57, while other major currencies such as the euro and pound traded within narrow ranges. The Japanese yen also remained weak near key psychological levels.

FX Market Struggles Persist

Nigeria’s foreign exchange market has remained under pressure despite intermittent stabilisation efforts by monetary authorities.

Persistent demand for foreign currency, limited inflows, and continued reserve drawdowns have combined to weigh on the naira.

Market sources indicate that restrictions on Bureau De Change (BDC) operators’ access to the official FX window remain in place, limiting liquidity in the retail segment.

CBN Maintains Optimistic Outlook

Despite the recent decline, CBN Governor Olayemi Cardoso has downplayed concerns, stating that the drop in reserves should not trigger panic.

The apex bank maintains that external reserves could rise to $51 billion by the end of 2026 as part of its broader macroeconomic stabilisation strategy.

Outlook Remains Fragile

The simultaneous weakening of the naira and decline in reserves underscores ongoing fragility in Nigeria’s FX fundamentals.

While global dollar strength continues to exert external pressure, domestic challenges such as supply constraints and demand imbalance remain key drivers of currency volatility.

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Manufacturers across Africa have raised concerns over escalating energy costs, warning that continued pressure on production expenses could weaken industrial output and trigger widespread economic consequences.

The Secretary of the Pan-African Manufacturers Association, Segun Ajayi-Kadir, said the situation is becoming increasingly critical as most industries depend heavily on petroleum products for electricity generation, logistics, and packaging materials.

He noted that the surge in energy prices has significantly increased production costs, leading to higher prices of industrial goods and weakening consumer demand.

According to him, if the trend continues, consumers may eventually reach a limit where they can no longer afford goods, leaving manufacturers with unsold inventory and exposing some industries to collapse.

Ajayi-Kadir explained that disruptions in global shipping routes have further worsened the situation by increasing import costs and delaying the delivery of raw materials, machinery, and intermediate goods needed for production.

He also highlighted the link between rising global oil prices and currency depreciation, noting that higher crude oil prices increase demand for the U.S. dollar, weakening African currencies and further raising import costs.

He warned that the ongoing instability could also affect the agricultural value chain, particularly through disruptions in fertilizer supply, which would increase food production costs and strain agro-processing industries.

“Sustained constraints in fertilizer availability are likely to increase agricultural production costs and reduce the supply of raw materials for food processing industries across the continent,” he said.

Ajayi-Kadir called on African governments to prioritise industrial resilience by developing domestic refineries and strategic oil reserves to reduce exposure to external shocks.

He stressed the need for stronger backward integration, regional manufacturing networks, and improved local value chains to reduce dependence on imported inputs.

He also urged governments and private sector stakeholders to invest more in renewable energy, gas infrastructure, and regional power integration to ensure stable and affordable energy for industries.

In addition, he recommended expanding local production of fertilizers, petrochemicals, steel, and industrial chemicals to reduce vulnerability to global supply disruptions.

Ajayi-Kadir further emphasised the importance of improving transport infrastructure, including ports and logistics systems, to reduce trade costs and enhance competitiveness.

He concluded by urging stronger patronage of locally made products, saying this would help stabilise industrial production amid global economic pressures.

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