Real Estate Investment from a Project Management Perspective
CategoriesReal Estate

Building Wealth in Lagos

Real estate investing has long been a cornerstone of wealth creation, and in a dynamic city like Lagos, the opportunities are immense. In a recent presentation to the Nigerian Society of Engineers, Lagos Branch, Mr Jibunoh highlighted the transformative potential of real estate investing in Lagos, offering insights that are both educational and actionable for industry stakeholders.

Lagos: A Hub of Opportunity

Lagos is not just Nigeria’s economic powerhouse; it is also one of Africa’s fastest-growing cities. Ranked as the 19th best city to visit in the world by Time Out magazine in 2024, Lagos boasts a vibrant economy, a thriving real estate market, and a GDP that contributes over 20% to Nigeria’s total GDP. The city’s real estate sector has even displaced oil and gas as Nigeria’s third-largest sector, with a projected market value of $2.61 trillion by 2025.

Areas like Lekki, Victoria Island, and Ikoyi have emerged as real estate hotspots, with the Lekki corridor being hailed as the fastest-growing real estate hub in West Africa. With developments such as the Lekki Free Trade Zone, a new airport, and a seaport, the region represents a blank canvas of endless potential.

Best Practices in Real Estate Investing

To harness the growth potential of Lagos’ real estate market, investors must adopt best practices that ensure sustainability and value creation. Here are some key principles:

  1. Planning, Quality, Management, and Maintenance:
    Successful real estate projects begin with meticulous planning and a commitment to quality. Effective project management ensures that resources are optimized, timelines are met, and budgets are adhered to. Post-construction, a robust maintenance culture is essential to preserve the value of the asset.
  2. The 3Cs: Competence, Character, and Courage:
    These core values are non-negotiable for professionals in the real estate sector. Competence ensures technical expertise, character builds trust, and courage drives innovation and resilience in the face of challenges.
  3. Collaboration and Stakeholder Management:
    Real estate development is a collaborative effort involving multiple stakeholders, including government agencies, developers, architects, engineers, contractors, and end-users. Respect for each stakeholder’s role and contribution is critical to achieving successful outcomes.

The Role of Project Management in Real Estate

Project management is the backbone of successful real estate development. It transforms raw materials into valuable assets by adding value at every stage of the process. At APD Project Management Limited, we emphasize the importance of the following project management principles:

  • Scope Definition and Feasibility Studies: Clearly defining the project scope and conducting thorough feasibility studies ensure that the project aligns with market demands and financial goals.
  • Stakeholder Management: Effective communication and collaboration with all stakeholders are essential for smooth project execution.
  • Procurement and Operations: Strategic procurement and efficient operations management minimize costs and maximize efficiency.
  • Handover and Maintenance: A seamless handover process and a focus on long-term maintenance ensure that the asset continues to deliver value.

Our APD Academy reinforces these principles through training programs that emphasize management skills, emotional intelligence, and practical experience.

The Benefits of Real Estate Investing

When best practices are followed, real estate investing yields significant benefits:

  1. Wealth Creation: Real estate is a tangible asset that appreciates over time, providing long-term financial security.
  2. Economic Growth: The real estate sector drives economic growth by creating jobs, stimulating demand for construction materials, and contributing to GDP.
  3. Community Development: Well-planned real estate projects enhance the quality of life for residents and contribute to the development of sustainable communities.
  4. Passive Income: Rental income and Real Estate Investment Trusts (REITs) offer opportunities for passive income generation.

The Future of Real Estate in Lagos

The future of Lagos’ real estate market is bright, but it requires a commitment to excellence and sustainability. By prioritizing education, urban planning, and public-private partnerships, we can address challenges such as housing deficits and infrastructure gaps.

At APD Project Management Limited, we are committed to driving this transformation. Our expertise in project management ensures that every project we undertake delivers maximum value to investors, stakeholders, and the community.

Conclusion

Real estate investing in Lagos offers unparalleled opportunities for wealth creation and economic growth. By adopting best practices and leveraging project management principles, we can unlock the full potential of this dynamic market.

The History of Construction in Nigeria
CategoriesConstruction

The Evolution of Architecture in Nigeria

In a recent presentation at the Ato Annual Lecture Series #12, our Managing Director shared invaluable insights into the evolution of modern architecture, engineering, and construction in Nigeria. His presentation highlighted the pivotal role of COSTAIN, a major player in the industry, and its connection to the National Development Plan era (1970-1985). This period, marked by a strong Naira exchange rate, high-quality resources, low competition, and affordable material costs, laid the foundation for Nigeria’s built environment.

Construction in Nigeria

COSTAIN and the National Development Plan Era (1970-1985)

The National Development Plan era was a transformative period for Nigeria’s construction industry. With a stable Naira exchange rate and a focus on infrastructure development, the country witnessed the construction of iconic projects such as the Niger Bridge, Port Harcourt Oil Refinery, and NECOM House—the tallest building in West Africa at the time. COSTAIN, a leading construction firm, played a central role in this era, delivering high-quality projects that symbolized Nigeria’s economic growth and modernization.

The Environment, Development, and Impact (EDI) framework helps us understand the factors that drove this success. During this period, Nigeria’s social, financial, and governance structures were aligned with national development goals. The emphasis on unity, merit, and order, coupled with a democratic governance approach, enabled efficient project implementation. The oil boom further fueled investment in infrastructure, making this era a golden age for the construction industry.

The Foundational Years: 1970-1980

The 1970s were foundational for Nigeria’s construction industry. The Nigerian Enterprises Promotion Decree (NEPD) of 1977 encouraged indigenous participation, allowing firms like COSTAIN to thrive. This period also saw the rise of local partnerships and the transfer of technical expertise from international firms to Nigerian professionals. Mr Andy Jibunoh’s father, for instance, became a majority shareholder in COSTAIN West Africa, providing opportunities for Nigerians to gain exposure to large-scale projects.

The industry’s success during this time was driven by professionalism, quality, and patriotism. These values remain essential for firms like APD Project Management Limited as we strive to deliver excellence in every project.

The Military Years: 1980-2000

The 1980s and 1990s, often referred to as Nigeria’s “dark ages,” saw a decline in GDP growth and infrastructure development. Many projects initiated during the National Development Plan era were abandoned, and the construction industry faced significant challenges. COSTAIN, once a symbol of Nigeria’s progress, struggled as the economy deteriorated.

Despite these challenges, this period taught valuable lessons in endurance, resilience, and entrepreneurial spirit. Andy Jibunoh’s experience managing the NECOM House refurbishment after a devastating fire in 1983 exemplifies the industry’s ability to adapt and persevere. These lessons continue to inspire firms like APD Project Management Limited to overcome obstacles and deliver results.

The Civilian Years: 2000-2024

The return to civilian rule in 1999 marked a new era of growth for Nigeria’s construction industry. GDP began to recover, and foreign investments returned, particularly in telecommunications and real estate. The private sector played a crucial role in driving development, with firms like APD Project Management Limited leading the way.

During this period, APD contributed to high-profile projects such as the Shell Estates and the Federal Secretariat in Port Harcourt. By embracing corporate governance, partnerships, and collaborations, the firm set a standard for excellence in the industry.

The Present and Future: Building on Best Practices

Today, Nigeria faces new challenges, including high inflation, security threats, and a need for urban renewal. However, the lessons from the past provide a roadmap for the future. By prioritizing development planning, strengthening institutions, and fostering public-private partnerships (PPPs), we can achieve sustainable growth.

Key solutions include:

  • Education and National Orientation: Aligning educational standards with development goals to build a skilled workforce.
  • Urban Planning and Zoning: Creating sustainable cities through thoughtful design and regulation.
  • Collaboration and Advocacy: Leveraging partnerships to drive innovation and social responsibility.

Conclusion: A Call to Action

The history of Nigeria’s architecture, engineering, and construction industry is a testament to the power of resilience and innovation. As APD Project Management Limited continues to lead in the industry, we must draw inspiration from the best practices of the past—professionalism, quality, and patriotism—while embracing the opportunities of the future.

By prioritizing responsible development, fostering collaborations, and investing in technical manpower, we can contribute to a brighter future for Nigeria’s built environment.

Get in touch

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+234 812 814 2168

6th floor Church house 29 Marina rd. Lagos

about us

We have over 25 years’ experience in local construction market and 3 years as a Project Management Firm.

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