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  Nigeria’s Niger Delta region is famous for being the country’s most oil-rich area (by a great margin). Thanks to the petroleum industry that’s developed in and around it, the major cities there have drawn in workers from elsewhere in Nigeria, as well as from across the world. These people are employed in the oil industry, as well as commercial concerns that have sprung up at its periphery.
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As a result, the demand for residential and corporate real estate has increased over time. Investors in the housing and commercial property markets are diving in. They’re buying up land and completed structures, and selling or renting out buildings they’ve constructed in the region. A number of cities have emerged as favourites for these investors. We’ll explore five of them in this article.

Port Harcourt

Port Harcourt is widely recognized as the centre of Nigeria’s petroleum industry. That’s basically because many of the organizations in the industry are headquartered there. But it does more than play host to oil companies. There’s a vibrant commercial sector, as well as a number of manufacturers. The top locations for real estate investors in Port Harcourt include Ada George Road, Peter Odili Road, Old GRA, and New GRA. Most recent estimates put the population of the city at over 3 million. We can expect this number to increase substantially in the coming years.

Calabar

As the political and economic nerve centre of Cross River State, Calabar boasts an interesting history. Decades before Nigeria gained its independence from the British, it was a chief administrative centre for the colonial government of the Southern Protectorate. These days, it has the reputation of being one of the country’s most livable cities. Some of its more fashionable neighbourhoods are the Federal Housing Estate, State Housing Estate, Calabar Golf Estate, Green City Estate, and Flourish Gardens Estate.
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Uyo

With more than a million inhabitants, Uyo is the capital of Akwa Ibom State. Besides regularly sitting atop the list of the cleanest urban locations in Nigeria, it is home to several interesting sites. The Ibom Plaza, Ibom Tropicana Entertainment Center, National Museum of Colonial History, the Amalgamation House, and the Godswill Akpabio International Stadium are a few that come to mind. Choice residential districts include the GRA, Ewet Housing Estate, Osongoma Estate, Abak Road, and Atiku Abubakar Road.

Asaba

Located on the banks of the Niger River, Asaba occupies a strategic position on a vital route linking the South West and South East. It is also just West of Onitsha, with nothing but the Niger separating both cities. As a result, it has risen above its status as a state capital and is now a hotspot for real estate investors and developers. While much of the activity in this sector remains centred within the capital territory, land purchases and construction is starting to take place in the towns and villages on its outskirts. We can expect the greater Asaba conurbation to stretch farther in the coming years, as more people move into it and land becomes less available at the core.

Benin City

The ancient city of Benin has a long history. At one point, it was the capital of an empire that stretched deep into the Niger Delta and as far west as what is now Togo. Today, it powers Nigeria’s rubber industry and makes a modest contribution to the country’s oil industry too. Just as is the case with Asaba, a lot of the new real estate development in the city is happening on its outskirts. The rapid growth in Benin’s population is fueling this trend; it’s gone from being inhabited by just over a million persons in 2006, to currently being home to almost 2 million residents.
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Final Words

The Niger Delta region has more going for it than just oil. Its real estate market holds a lot of promise. The influx of new settlers, the continuing growth of its indigenous population, and the existence of numerous business concerns in the area combine to make an investment in its real estate worth the effort. It will be interesting to see how the region’s property market evolves in the near future. Featured Image Source: The Guardian NG
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This article was first published on 17th April 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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