At least N18tn ($24bn) is required to revive abandoned buildings in the country, according to a report by Digital Experience Technology Limited.
The report, titled “Reviving Nigeria’s Hidden Assets: Strategic Framework for the Rehabilitation of Abandoned Buildings”, noted that as of 2023, Nigeria was estimated to have over 100,000 abandoned buildings concentrated heavily in urban centres, like Lagos, Abuja, and Port Harcourt.
It stated, “The financial effort required to refurbish these abandoned structures is immense, estimated at around N18tn ($24bn). Costs envelop structural repairs, legal resolutions, and requisite modernisation.
“However, returns on these investments are promising, possibly enhancing GDP by $200bn annually due to increased real estate value, heightened business activities, and job opportunities.
“Costs envelop structural repairs, legal resolutions, and requisite modernisation. However, returns on these investments are promising, possibly enhancing GDP by $200bn annually due to increased real estate value, heightened business activities, and job opportunities.”
