Nigeria’s inflation picture is showing mixed signals as headline inflation continues to slow while food prices rise at a much faster rate.

The National Bureau of Statistics (NBS) reported a 50-basis-point decline in headline inflation to 15.43 per cent in July. At the same time, food inflation climbed from 17.52 per cent to 20.31 per cent.

The latest figures suggest that the easing in overall inflation has not yet translated into lower food costs for households. Food remains one of the largest expenses for many families, making the increase a major concern for household purchasing power.

Building Material Prices Surge as Inflation, FX Crisis Push Construction Costs Higher

Food inflation records sharp monthly increase

Food inflation also recorded a significant month-on-month increase in July.

The rate reached 5.56 per cent, compared with 3.75 per cent in June and 2.98 per cent in May. This marked the strongest monthly increase since the rebasing of the Consumer Price Index.

The year-on-year trend has also moved higher for six consecutive months. Food inflation started the year at 8.9 per cent but has since more than doubled.

The latest increase adds to concerns that food prices could remain a major source of pressure even as other parts of the inflation basket begin to stabilise.

Core inflation offers some relief

Core inflation provided a different picture in July.

The measure fell to 14.97 per cent, its lowest level since January 2025. The decline could support the Central Bank of Nigeria’s assessment that underlying price pressures are gradually becoming more stable.

The Monetary Policy Committee has maintained the Monetary Policy Rate between 26.5 and 27.5 per cent over the past year.

Money balances increased from N117.24 trillion to N133.25 trillion by June, representing year-on-year growth of 13.7 per cent. Private-sector credit also rose from N76.13 trillion to N83.26 trillion during the period.

The August inflation report will provide the MPC with newer data before its September meeting.

Transport costs add to food prices

High transport and energy costs remain important factors behind the food price increase.

Diesel prices have almost doubled since the end of February, according to the report. Diesel is widely used by logistics operators, making changes in its price important for the cost of moving agricultural goods.

Petrol prices have also increased by about 50 per cent since early March. Higher fuel costs can raise the cost of transporting food from farms to wholesale markets and then to consumers.

Insecurity in major food-producing areas has also created supply challenges. Economists, including Centre for Promotion of Private Enterprise Chief Executive Dr Muda Yusuf, have identified insecurity and logistics problems as structural issues affecting food prices.

Heavy rainfall may have added further pressure by making road transport and food distribution more difficult.

State inflation rates show wide gaps

The national inflation figure also hides major differences between states.

Adamawa recorded the highest headline inflation rate in July at 33.03 per cent. Yobe followed with 25.2 per cent, while Anambra recorded 24 per cent.

Nasarawa had the lowest headline inflation rate at 7.9 per cent. Kebbi and Borno followed with 9.1 per cent each.

Food inflation was particularly high in Adamawa, where it reached 51.4 per cent. Katsina recorded 30.8 per cent, while Zamfara posted 30.7 per cent.

The NBS has warned that state-level inflation figures should not be compared directly because household spending patterns vary across locations.

Housing costs face indirect pressure

The continuing rise in food prices also has wider implications for Nigeria’s housing sector.

When families spend more on food and transport, they have less money available for rent, mortgage payments, savings and home purchases. This can make housing affordability more difficult, especially for low- and middle-income households.

Developers also face higher operating costs when fuel, transport and other inputs become more expensive. These costs can affect construction budgets and, ultimately, the prices of new homes.

The July inflation figures therefore present a mixed outlook. While lower headline and core inflation point to improving price stability, rising food costs show that many Nigerians continue to face strong pressure on their household budgets.

The post Nigeria Food Inflation Climbs as Households Face Rising Living Costs appeared first on Housing TV Africa.

Housing affordability in Nigeria’s two largest cities, Lagos and Abuja, is worsening as annual rent increases of up to 20 per cent push accommodation costs further beyond the reach of millions of urban residents.

The Managing Director of Stallion Cardinal Homes, Dr Waliu Adeoye, raised the alarm while assessing the state of Nigeria’s real estate sector in 2026, warning that rising rents, weak mortgage access, and land administration bottlenecks are converging into a full-scale housing strain.

According to Adeoye, rental costs in several parts of Lagos and Abuja now rise by between 15 and 20 per cent annually, compounding hardship for households already battling inflation and stagnant incomes.

He noted that the situation is particularly severe because the majority of urban Nigerians are renters, while landlords continue to demand one to two years’ rent upfront, a practice he described as a major barrier to housing access.

Adeoye said Nigeria’s housing market is at a pivotal moment, driven by a rare alignment of policy reforms spanning taxation, land administration, housing finance, and data infrastructure.

“For the first time in decades, housing-related reforms are advancing simultaneously rather than in isolation,” he said. “The real test is whether these policies will translate into real homes, accessible mortgages, and secure land titles for ordinary Nigerians.”

He pointed to ongoing initiatives such as the Nigeria Tax Act 2025, the Ministry of Finance Incorporated Real Estate Investment Fund, the Land4Growth digital land titling programme, the recapitalisation of the Federal Mortgage Bank of Nigeria, and plans for a National Housing Data Centre as signs of renewed momentum.

Despite these measures, Adeoye warned that Nigeria’s housing deficit continues to widen, growing from an estimated 17 million units a decade ago to about 28 million units today, underscoring the urgency for implementation rather than policy announcements.

On tax reforms, he acknowledged that provisions allowing rent deductions and tax relief across parts of the construction value chain could ease pressure on developers and tenants. However, he argued that the benefits remain limited in practice.

“A rent deduction capped at ₦500,000 offers minimal relief to tenants paying ₦3 million annually, while mortgage tax incentives mean little when mortgage penetration remains below one per cent of GDP,” he said.

Adeoye identified land administration as the most critical structural challenge in the housing sector, noting that fewer than five per cent of land parcels nationwide are formally titled.

He explained that this leaves between $150 billion and $300 billion worth of property as “dead capital” that cannot be used as collateral, transferred securely, or leveraged for housing finance.

While describing the Land4Growth digital titling programme as potentially transformative, he stressed that its success depends largely on transparency and political will at the state level, particularly in protecting tenure rights for residents of long-established informal settlements.

On mortgage financing, Adeoye said Nigeria’s mortgage-to-GDP ratio of about 0.5 per cent highlights how inaccessible home ownership remains. Although the Federal Mortgage Bank offers single-digit interest loans under the National Housing Fund, access is still extremely limited.

“Fewer than 20,000 Nigerians access NHF-backed mortgages each year in a country of over 200 million people,” he said, adding that over 90 per cent of workers operate in the informal economy and remain excluded from formal housing finance.

While supporting discussions around rental regulation, Adeoye cautioned against excessive controls that could discourage private housing supply. He advocated for standardised lease agreements, efficient dispute resolution mechanisms, and targeted tax incentives to encourage long-term affordable rental housing.

Urban analysts say unless policy reforms are matched with sustained political commitment and private-sector collaboration, rising rents in Lagos and Abuja could continue to accelerate in 2026, deepening housing inequality across Nigeria’s urban centres.

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Residents of Ekiti State are grappling with a sharp rise in housing costs as inflation continues to drive rents beyond the reach of many households, sparking fears of a deepening affordability crisis across the state.

Data from the National Bureau of Statistics (NBS) Consumer Price Index indicates that Ekiti recorded one of the highest inflation rates in late 2025, with housing and accommodation expenses emerging as major contributors. Analysts say rent levels in the state now compare unfavourably with those of several neighbouring states, reflecting broader economic pressures and local demand dynamics.

Investigations across major towns show that Ado-Ekiti, the state capital, alongside education-driven communities such as Oye-Ekiti, Ikere-Ekiti and Iyin-Ekiti, are the most affected. These areas continue to experience sustained demand due to population growth, student influx, and limited housing supply.

Current market checks reveal that single-room apartments now attract annual rents ranging from ₦80,000 to ₦150,000, while self-contained apartments cost between ₦200,000 and ₦350,000, depending on location. Two-bedroom flats in prime areas now rent for between ₦400,000 and ₦500,000 per annum, a level many residents describe as unsustainable.

Residents accuse landlords and property agents of exploiting demand pressures to impose arbitrary rent hikes, often without improvements in basic amenities or infrastructure. Several families say they have been forced to relocate to outlying communities, increasing transport costs and daily stress.

Community leaders have warned that failure to address the rising cost of rent could have far-reaching consequences. Chief Joshua Olaoye cautioned that unchecked increases may make Ekiti unaffordable for students, teachers, and essential workers, weakening the state’s appeal as an education hub.

The Vice-Chancellor of the Federal University of Technology and Environmental Sciences (FUTES), Iyin-Ekiti, Professor Gbenga Aribisala, also raised concerns, noting that excessive rent increases in host communities could disrupt academic activities and discourage prospective students. He urged traditional rulers and local stakeholders to intervene before the situation escalates.

Responding to the growing public outcry, the Speaker of the Ekiti State House of Assembly, Adeoye Aribasoye, disclosed that lawmakers have commenced a review of the state’s tenancy and housing regulations. According to him, the exercise aims to strike a balance between protecting tenants and safeguarding the interests of property owners.

Urban planners say the rent surge highlights deeper structural challenges, including rising construction costs, slow housing development, and weak enforcement of tenancy laws. Without coordinated action involving government, developers, and community leaders, they warn that housing affordability pressures may worsen in 2026.

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Two-bedroom apartments remain one of the most in-demand rental property types in Lagos, offering a balance of space, comfort and relative affordability for small families, professionals and shared households.

Across the city, rental prices have surged in recent years, driven by rapid urban expansion, lifestyle shifts and increased economic activity. Demand is particularly strong in neighbourhoods with reliable security, modern infrastructure and easy access to commercial and leisure districts.

According to the Lagos Residential Market Report 2025 by Edala Development, average rents for two-bedroom apartments rose sharply across key locations in 2025. The report ranks the top 10 areas in Lagos where renters paid the highest prices for two-bedroom units, spanning both Mainland districts and premium Island and waterfront neighbourhoods.

While some Mainland locations continue to offer comparatively moderate rents, Island and coastal developments dominate the upper end of the market, reflecting their exclusivity, amenities and proximity to major business hubs.

Gbagada Ranks 10th at ₦2.6 Million

Gbagada emerged as the 10th most expensive area to rent a two-bedroom apartment in Lagos in 2025, with an average annual rent of ₦2.6 million.

Located on the Mainland, Gbagada is a mature residential neighbourhood characterised by a mix of modern apartment buildings, terraces and semi-detached houses. It continues to attract professionals and families seeking relatively affordable accommodation while maintaining convenient access to Lagos’ major business districts.

The report noted that rents for two-bedroom apartments in Gbagada have risen sharply over the past five years, increasing from about ₦600,000 in 2020 to ₦2.6 million in 2025. Actual rental prices vary depending on property type, building quality and amenities, with newer developments and gated estates commanding premium rates.

The full ranking highlights the growing cost of urban living in Lagos and underscores how location, infrastructure and lifestyle offerings continue to shape rental values across the city.

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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.

… Advocacy group urges government to prioritise incentives for developers to develop low-cost housing estates

The Housing Development Advocacy Network (HDAN) has raised strong concerns over the rising cost of rent and agency fees in the Federal Capital Territory (FCT), urging the National Assembly to intervene with urgent legislation to address the growing crisis.

According to HDAN, the FCT is experiencing a worsening housing affordability challenge that disproportionately affects civil servants, artisans, and low- to middle-income earners. Driven by inflation, population growth, and rapid urbanization, housing demand has far outpaced supply, resulting in exorbitant rent levels.

Currently, a self-contained apartment in Abuja costs as much as ₦1 million annually, while a three-bedroom flat attracts as high as ₦3.5 million.

HDAN’s Executive Director, Festus Adebayo, noted that beyond high rents, tenants are forced to bear additional burdens such as agency fees ranging from 20 to 25 percent of annual rent, caution fees, and maintenance charges from quacks. These costs consume a significant share of household incomes, forcing many residents to relocate to distant satellite towns where cheaper accommodation is available.

The consequence, he said, is longer daily commutes, reduced productivity, mounting financial strain, and a decline in overall quality of life.

The group further warned that the absence of rent control mechanisms and effective regulatory oversight has allowed for arbitrary rent hikes and exploitative practices in the property market, worsening inequality and fueling social challenges such as homelessness and the expansion of informal settlements.

To address the crisis, HDAN called on the National Assembly to enact a Rent and Agency Control Bill, while also mandating the Federal Government through the Ministry of Housing and Urban Development to prioritize the development of low-cost housing estates for civil servants and artisans.

The organization also recommended the establishment of an FCT Housing Authority to regulate rent increases and curb excessive agency charges, as well as periodic oversight of housing policies by the House Committee on Housing and Habitat.

In addition, it urged lawmakers to work with the executive arm of government to address the rising cost of building materials, which significantly drives up overall housing expenses.

Adebayo stressed that deliberate action was urgently required to prevent Abuja’s housing market from becoming completely unsustainable.

He described affordable housing as both an economic necessity and a matter of social justice, urging lawmakers to prioritize the issue in order to protect the most vulnerable residents of the FCT.

HDAN is a research-driven, non-profit, volunteer, and non-governmental organization dedicated to promoting affordable housing across Africa. With a membership of over 5,000 professionals spanning various disciplines within the housing and construction industry, HDAN strives to advance sustainable housing solutions throughout the continent.

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The Ebonyi State Government has announced that starting from 2026, house and land agents will no longer be allowed to operate within the state.

Governor Francis Ogbonna Nwifuru disclosed this decision, stating that the activities of agents are largely responsible for the continuous rise in house and shop rents across the state.

He explained that some agents exploit residents by charging as much as ₦500,000 simply to show properties they do not own, thereby worsening the accommodation crisis for citizens.

“The exploitation must stop. From next year, no agent is permitted to collect any money from anyone seeking accommodation in Ebonyi State,” the Governor declared.

The government noted that the ban is aimed at curbing fraudulent practices in the property market, stabilizing rental prices, and ensuring that residents can access affordable housing without unnecessary middlemen charges.

This policy marks a major shift in the state’s real estate sector and is expected to bring relief to tenants and business owners battling with rising rental costs.

Source: Nation’s Curiosity

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Commissioner for Housing, Moruf Akinderu-Fatai, clarified that the housing estate in question has already been fully allocated, describing the online promotion as deceptive. “The advertised estate has been fully allocated, and its purported availability for sale or rent as stated in the online video is therefore a fraudulent act by the agent,” he said.

He stressed that the state government does not authorize or use agents for the sale, lease, or rental of flats within its estates. “Lagos State Government does not engage agents to sell, lease or rent housing units in government-owned housing estates,” he said.

According to Akinderu-Fatai, the Estate Department under the Lagos State Ministry of Housing is the only authorized body to manage outright sales, while allocation under the Mortgage or Rent-To-Own schemes is handled exclusively by the Lagos State Mortgage Board.

He urged members of the public to verify any housing-related offers by contacting the Estate Department directly. “Prospective buyers must conduct proper due diligence before making any payments. Any individual or organisation caught engaging in the criminal act of deception shall be brought to book,” he warned.

Reinforcing the government’s position, the Permanent Secretary of the Ministry, Abdulhafis Toriola, urged all allottees of the Egan-Igando Mixed Housing Estate to take physical possession of their flats without delay. He noted that failure to occupy the units could lead to revocation, as unoccupied flats make the estate vulnerable to encroachment by impostors and fraudsters posing as legitimate agents.

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The resolutions came during Tuesday’s plenary session, following a motion raised by Hon. Sa’ad Olumoh, who decried the unchecked rent hikes plaguing residents across the state. He highlighted Section 37 of the Tenancy Law, which prohibits arbitrary rent increases and outlines legal protection for tenants facing unfair treatment.

“The continuous rise in rent is contributing to the surge in homelessness across Lagos,” Olumoh warned. “We must put a stop to this before it becomes a full-blown crisis.”

Supporting the motion, Hon. Desmond Elliot (Surulere 1) revealed that rent prices in his constituency have soared by 100 to 200 percent, largely due to ongoing infrastructural upgrades. However, he argued that such improvements should not be a license for landlords to exploit tenants. Elliot also called for a review of the law’s two-year rent advance policy, which often includes steep legal and agency fees, making it even harder for average Lagosians to secure housing.

“We cannot ignore the financial pressure this places on our people. It’s unsustainable,” he said.

Other lawmakers echoed similar concerns. Hon. Aro Moshood criticized landlords who hike rents without notice or regard for tenants’ earnings, in violation of the law. He also condemned the rising cases of illegal evictions, calling for tougher enforcement.

“Many minimum wage earners can’t even afford a single room in this city anymore,” Moshood lamented.

Hon. Shabi Adebola added that the state government must play its part by investing more in affordable housing projects, especially for low-income residents.

In his closing remarks, Speaker Mudashiru Obasa acknowledged the complexity of the issue, noting that the rent crisis is intertwined with the rising costs of building materials. He recommended a multi-stakeholder approach involving real estate developers, landlords, and government agencies to find lasting solutions.

“This is beyond just landlords and tenants—it’s about the entire housing value chain,” Obasa said.

The Speaker ordered the Acting Clerk, Abubakar Ottun, to forward the House’s resolution to Governor Babajide Sanwo-Olu for swift implementation. As housing pressures continue to mount in Africa’s most populous city, all eyes are now on the state government to see whether it will act decisively to shield vulnerable residents from further displacement.

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…Say living in suburbs lowers their productivity, self-esteem

For many young professionals across Nigeria’s urban cities, the high cost of accommodation is a serious socio-economic concern.

These young men and women who are starting life find it difficult to afford a somewhat comfortable accommodation for themselves.

In today’s cities, a room self-contained apartment goes for about N1m to N1.5m per annum; while a 2-bedroom flat goes for between N2m and N2.5m.

Most of the youth in this group cannot afford the rent as their monthly salaries fall below N350, 000 a month. With the cost of living impacting negatively on the purchasing power, many of Nigeria’s young professionals are being pushed into the remote areas of the cities where accommodation is within their reach.

This, however, comes with its own hazards – it impacts on their productivity and self-esteem. It also impacts their ability to balance their work-life relationship.

According to a Risevest Cost of Living Report 2024, Nigerians on the average spend between 50 and 60 percent of their annual income on rent.

This figure also shows why young professionals struggle with renting a home in Nigeria. Other factors contributing to high cost of accommodation include rising inflation, stagnant wages, and the housing gap across many of Nigeria’s major cities, with tenants struggling to meet their yearly obligations.

With upfront payment requirements by landlords, poorly-maintained houses and regulated markets; renting has moved from being a mere routine activity for young professionals and has become a significant financial burden.

Another challenge that makes getting decent accommodation an uphill task across Nigeria is the demand for upfront payments of rent by landlords on the back of the trust deficit between property owners and home seekers.

Many of the landlords either demand for one to two years’ rent upfront, while home seekers earn their income on a monthly basis.

According to the Risevest Cost of Living Report 2024, Nigerians who live in suburban or remote areas often spend about 15 to 20 percent of their income on transportation.

The concern for many young professionals is also being exacerbated by the need to shoulder the responsibilities of having to pay rent for their parents.

“I pay my parents rent. They own the house, but all I get is a room. Nothing else is included. Should I just stop paying them,” a 22-year-old professional posted on social media, portraying the struggles of young professionals.

For many like him, family support is also another life-saving mechanism to look up to whenever it’s time for rent renewal.

Family support

“My sister helped me get the place and I was able to get some support too from my family and some friends,” Amaka, an Owerri-based lady, said.

Amaka, a single mother of two, waiting to be mobilised for the National Youth Service Corps (NYSC), said it would have been difficult coping with her rent and taking care of her sons.

“It wouldn’t have been easy for me o. I can’t stop thanking God for his grace. Na him dey run am; I for no know wetin to do,” she said.

Ayobami, a Public Relations (PR) professional, said the struggle with accommodation for young professionals in urban areas is a big issue. According to him, people feel the government needs to regulate house rent, because the government created the problem in the first place.

“The recent spike in rent is a ripple effect of inflation. Yes, agents are a big part of the problem, but landlords will also tell you they feed and maintain the house from the rent,” Ayobami said.

According to him, many of the young professionals also have to deal with a stagnant salary that is not commensurate with the inflation figures of the country.

“Now, a lot of young guys who are planning to start life find it difficult to pay the rent because most of them know that saving up for the first year is even the easiest part now. Renewing the rent is where the main issue is. Who knows what will happen within the next 12 months?”

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