Nigeria is one of the largest economies in Africa and has produced some of the wealthiest individuals on the continent. The country’s rich cultural heritage and abundant natural resources have attracted both local and foreign investors.
As a result, Nigeria is home to a number of billionaires and millionaires who own properties in some of the most exclusive neighborhoods in the country.
The Nigerian city is among African metropolises that have seen some of the highest growth in the number of millionaires on the continent.
In this article, we will explore some of the places where the richest people in Nigeria live.
Banana Island, Lagos State: Banana Island is a man-made island located in Lagos State, and it is regarded as the most affluent area in Nigeria. It is a billionaires’ paradise populated by the country’s richest and most well-known families, who savor its quiet, peaceful atmosphere far from the clamor and crowds of Lagos, the country’s largest city and financial center.
The cost of land in Banana Island is astronomical, with the average cost of a square meter of land in this area ranging from N1.3 million to N5 million. A 500-square-meter plot of land in Banana Island can cost upwards of N650 million.
Ikoyi, Lagos: Ikoyi is another affluent area in Lagos State, and it is home to many wealthy individuals and expatriates. The area is known for its high-end real estate, fine-dining restaurants, and luxury hotels. Some of the wealthiest individuals reside in Ikoyi.
The average cost of land in Ikoyi is also very high, with a square meter of land in this area costing between N1.1 million to N2 million. A 500-square-meter plot of land in Ikoyi can cost upwards of N575 million.
Asokoro, Abuja: The Asokoro area is an attractive, highly developed phase 1 district in the Federal Capital Territory (FCT) Abuja. It is an exclusive, upper-class neighborhood that houses many important local and international institutions.
Embassies and state house lodges are scattered all around the neighborhood. Nigeria’s Presidential complex known as “Aso Villa” and the Economic Community of West African States (ECOWAS) Secretariat are both found in the district.
The cost of land in Asokoro is also high, with a square meter of land in this area ranging from N180 thousand to N1 million. A 500-square-meter plot of land in Asokoro can cost upwards of N90 million.
Maitama, Abuja: The Maitama district is a leafy Abuja phase 1 area located directly to the north of the Abuja city center. It is highly developed and is one of the most sought-after neighborhoods in Nigeria along with Asokoro. Accordingly, it plays host to plenty of the country’s wealthiest individuals.
Some of Abuja’s best shops, restaurants, and clubs can be discovered in the neighborhood. Many prominent landmarks are also in Maitama’s vicinity, including Millennium Park and the IBB Golf Club. Others include the well-known Farmers Market, the Amusement Park, and Traffic Bar. The area enjoys excellent infrastructure and can be described as a playground for the rich and famous.
Many of Nigeria’s luxurious 5-star hotels, including Transcorp Hilton Abuja, are sited here. Various international establishments also have offices in the district, such as the British Council. A number of foreign embassies are similarly located in the area.
The average cost of land in Maitama is also very high, with a square meter of land in this area ranging from N300,000 to N1.5 million. A 500-square-meter plot of land in Maitama can cost upwards of N199 million.
Victoria Island, Lagos: Victoria Island, Lagos’s biggest business district, is now becoming its live, workplace center named after the then Queen Victoria of the United Kingdom. Victoria Island is an affluent neighborhood located in the heart of Lagos Island.
It is one of the most popular business districts in Africa and it’s also the financial center of Lagos state. Victoria Island is an exclusive neighborhood with most company headquarters located here, and it combines both upper-class and a lot of upper-middle-class residents due to proximity to companies.
It’s a beautiful environment with a lot of beautiful places, restaurants, stores, malls, and bars.
The average cost of land in Victoria Island is also high, with a square meter of land in this area costing between N664,000 to N2 million. A 500-square-meter plot of land on Victoria Island can cost upwards of N332 million.
Lekki, Lagos: Upper-middle-class Nigerians, celebs, and startup founders reside in the Lekki axis. Additionally, it is where many of the last Nigerian generals and senior government officials retired. Some of the most opulent homes in Lagos are located along the Lekki Phase 1 to Jakande axis, for example, Nicon Town, Victory Park, Lekki Phase 1, Pinnok, UPDC, Goshen, etc.
The community has grown a lot in terms of expansion and development and is a place in Lagos that offers fantastic job opportunities, reliable government support, high-quality private schools, top-notch medical facilities, shopping complexes, and recreational facilities.
The cost of land in Lekki is also high, with a square meter of land in this area ranging from N331,000 to N1.5 million. A 500-square-meter plot of land in Lekki can cost upwards of N165 million.
Nicon Town, Lagos: Nicon Town is known for its luxury and class occupied by high-income earning individuals. It consists of excellent infrastructure, is very well organized, and given quality finishing.
The cost of land in Nicon Town is also high, with a square meter of land in this area ranging from N500,000 to N2 million. A 500-square-meter plot of land in Nicon Town can cost upwards of N250 million.
Old GRA, Port Harcourt: Old GRA is one of the most exclusive residential places in the city of Port Harcourt. Home to several government and federal agency buildings, this area was formerly reserved for senior government officials only. The rules have, however, changed, as non-government officials are now allowed to reside there if they wish to.
It is a highly secure area with exotic architectural structures, well-paved motorable roads, and other basic social amenities for your comfort. There is a significant presence of influential politicians in the district, causing the cost of properties in the area to be quite high.
The cost of land in Old GRA is also high, with a square meter of land in this area ranging from N188,000 to N300,000. A 500-square-meter plot of land in GRA can cost upwards of N94 million.
There are many other affluent neighborhoods in Nigeria, and it is impossible to mention all of them in one article. However, some other notable areas where wealthy individuals reside include:
- Abuja: Wuse II, Jabi, Gwarinpa, and Asokoro extension
- Lagos: Ikeja GRA, Oniru Estate, Chevron Drive, and Osborne Foreshore Estate
- Port Harcourt: New GRA and Trans-Amadi
- Kaduna: Barnawa, Government Reserved Area (GRA), and Malali
- Kano: Nassarawa GRA, Dala GRA, and Gwale GRA – Katsina: Government Reserved Area (GRA), and New Layout
- Enugu: Independence Layout, GRA, and Thinkers Corner
- Anambra: Awka GRA, Nnewi, and Onitsha GRA
- Abia: Umuahia GRA and Aba GRA
- Oyo State: Bodija Estate, Agodi GRA, and Ikolaba
- Ogun State: Ibara GRA in Abeokuta
- Ondo State: Alagbaka GRA in Akure and Ijapo Estate in Ondo City
- Ekiti State: GRA in Ado-Ekiti and Adebayo Area
These areas are also known for their high-end real estate, luxury amenities, and excellent infrastructure, and they attract a significant number of Nigeria’s wealthy residents.
Finally, Nigeria is home to some of the wealthiest individuals in Africa, and they own properties in some of the most exclusive neighborhoods in the country. These areas are known for their high-end real estate, luxury amenities, and excellent infrastructure.
From the man-made island of Banana Island in Lagos to the leafy district of Maitama in Abuja, the cost of land in these areas is astronomical, but it is a small price to pay for the privilege of living among the elite.
As Nigeria’s economy continues to grow and attract investors, it is safe to say that the list of exclusive neighborhoods where the wealthy reside will keep expanding. Nonetheless, these neighborhoods remain the most sought-after areas in the country, offering a glimpse into the lavish lifestyle of the country’s richest citizens.
Note: The land prices here were provided by content partners and may not reflect the actual market value of the land at the time of purchase or negotiations. It is only included here for the purposes of this article and should not be taken as an investment decision or guide. This article is written purely as part of Naiametrics “infotainment” pieces.
The land price information here is wrong.