As you would expect, the cost of land in Nigeria varies from place to place and from state to state. Of course the cost of land in Lagos will be more expensive than the cost of land in Oyo state for example. It should be expected also that the cost of land in Lagos, the largest city and major financial centre in Nigeria and Africa as a whole and the cost of land in Abuja the Federal capital of Nigeria will be among the highest in the country.
So how much it will cost you to buy a land in Nigeria will first depend on the state you’re buying from and then where in the state you’re buying from. The ‘where’ factor can greatly influence the price of a land. For example the price of a plot of land in Ibeju Lekki and Lekki Phase 1 can not be compared. While you can still get a plot in Ibeju Lekki for less than one million Naira, in Lekki Phase 1 a plot can be as high as N150million.
There are two strong factors that determines how much a land cost in Nigeria. And they are:
- Title on the land
The Title on a land can influence the price by up to 500%. The reason for this is because acquiring a title for a land is usually time consuming and capital intensive. It can cost up to N10-N20million just to perfect a title on a land. Of course we know that Certificate of Occupancy popularly known as C of O is one of the most important documents a land can have in Nigeria. Therefore, it immediately increases the value of any land.
So if you’re buying a land with C of O as title anywhere in Nigeria, expect the price to be significantly higher than other lands in the same location.
The Best Place to Buy a Land in Nigeria
It honestly depends on your goal for the land and your budget. For investment purpose though, definitely buy a land in strategic places in Lagos.
For more on the cost of land in Nigeria read: