Rising cost of real estate due to inflation in Nigeria

In Nigeria, inflation is driving up construction and rental costs at an unprecedented rate — with building expenses increasing by 300% and rental prices soaring by over 200%. Architects, developers and prospective homeowners face daily uncertainty, while low- and middle-income families struggle to secure housing. Through the voices of developers, tenants and market experts, this report explores how skyrocketing costs are impacting housing access and what this means for the future of Nigeria’s real estate. Watch the full video for a closer look at the human and economic consequences of an unregulated market under inflationary strain. Journalist: ANNABELLE AYANGBADE

Publications

Economy 4 April 2024

Pierre Dandjinou, ICANN Vice-President in charge of Africa

Since 14 March 2024, some West African countries have been experiencing difficulties accessing the Internet. A breakdown has occurred in the device that handles data traffic, causing inconvenience in several sectors. To find out more, our correspondent Euloge Aïdasso met Pierre Dandjinou, former UNDP Regional Adviser, Founding President of the Internet Society of Benin and ICANN Vice-President responsible for Africa. ICANN - Internet Corporation for Assigned Names and Numbers.

Economy 20 March 2024

James Mackay, Executive Chairman of the Energy Council of South Africa

The South African economy showed limited growth in 2023, expanding by 0.6% compared to 1.9% in 2022, due in part to logistical challenges at Transnet affecting exports and a concerning energy crisis leading to frequent power cuts. These issues are expected to influence the outcome of the upcoming general election in May. James Mackay, Executive Chairman of the Energy Council of South Africa, discussed the country's energy crisis in Johannesburg.

Economy 8 March 2024

Wilson Erumebor, Senior Economist & Manager at The Nigerian Economic Summit Group

Nigeria's economy grew by 3.46% in the last quarter of 2023, surpassing analysts' expectations of 2.54%. The growth was driven mainly by the oil sector, which saw a remarkable increase in production by over 12% following a three-year slump. Despite this positive development, Nigeria still struggles with significant economic challenges. We turn to Wilson Erumebor, Senior Economist at the Nigerian Economic Summit Group, to delve into this mixed outlook.

Economy 6 March 2024

Africa at the Paris International Agricultural Show

Transformation of commodities, exports, and free trade: these were the main concerns of African exhibitors at this sixtieth edition of the Paris International Agricultural Show.

Economy 22 February 2024

Aly Tounkara – Executive Director of the Center for Security and Strategic Studies in the Sahel

The Economic Community of West African Countries, ECOWAS, is currently facing a crisis after the recent announcement of Mali, Niger, and Burkina Faso to leave the organisation. Aly Tounkara joined us for this edition from Bamako in Mali to discuss the consequences of this crisis.

Economy 8 February 2024

Koree, the solution to the shortage of coins in Central Africa

The Koree application was created by a young Cameroonian entrepreneur to enable consumers to retrieve their change on their mobile phone. The app offers a solution to the coin shortage that has been affecting Central Africa for some time now.

Economy 6 February 2024

NJ Ayuk, President of the African Energy Chamber

Access to electricity remains at the forefront of daily concerns in Africa. A report by the International Energy Agency showed that several countries on the continent experienced blackouts and load shedding last year. To discuss these challenges and the continent's prospects, we spoke to NJ Ayuk, President of the African Energy Chamber, in Johannesburg.

Economy 12 January 2024

Growing strawberries in Cameroon: a challenge taken up by local producers

Cultivated for a long time in the West, strawberries are attracting more and more economic interest from young agricultural entrepreneurs in Africa. Since 2019, Fraisen, a Senegalese start-up, has set itself the mission of creating and supporting an African network of strawberry producers. In Cameroon for example, the production of this red fruit in soilless cultivation is growing, as our journalist Maxime Farrel Bounya found out.

Economy 9 January 2024

Toyin Akinosho, publisher, Africa Oil Plus Gas Report – the new African Energy Bank

This year, we will see the official establishment of the new African Energy Bank. Its mission: to help the continent take advantage of its rich reserves of 125 billion barrels of oil and more than 60,000 billion cubic feet of gas as Western investments turn away from fossil fuels. Afreximbank, with other financial institutions, will contribute to the seed capital of the new institution which should bring together producing countries, national companies and investors from the continent, as well as international funds.