A staggering N18 trillion ($24 billion) is required to revive the over 100,000 abandoned buildings across Nigeria, 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,” reveals that these neglected structures are primarily concentrated in urban centers such as Lagos, Abuja, and Port Harcourt.
The report outlines the financial requirements needed to refurbish these abandoned buildings, which include structural repairs, legal resolutions, and necessary modernizations. It estimates that the total cost will amount to N18 trillion ($24 billion).
However, the report also highlights the potential economic benefits of such an investment, projecting that the rehabilitation could boost Nigeria’s GDP by $200 billion annually. This increase would stem from heightened real estate values, increased business activities, and job creation.
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Structural repairs alone account for 40% of the total budget, with legal resolutions and modernizations each representing 30%. The report also anticipates that leveraging technology in the rehabilitation process could reduce costs by 10-15%, making the venture not only feasible but also profitable.
The report further highlights four iconic abandoned buildings in Nigeria that showcase the vast potential for revitalization. Among them is the NITEL Building in Lagos, once an emblematic tower for Nigerian Telecommunications Limited. The cost of rehabilitating this structure is estimated at N20 billion, with the potential to generate N5 billion in annual revenue and create over 2,000 jobs if transformed into a tech hub.
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Similarly, the Independence Building in Lagos, once the tallest structure in West Africa, requires an investment of N15 billion for restoration. The projected returns include N3 billion in annual rental incomes and 1,500 new jobs, contributing significantly to the growth of Lagos’ business district.
In Abuja, the Federal Secretariat Complex represents another dormant asset, stalled by legal entanglements. The report estimates the cost of revival at N30 billion, with the potential to generate N10 billion in annual revenue and create approximately 3,000 jobs.
The Cocoa House in Ibadan, Oyo State, once the pinnacle of Nigeria’s architectural achievements, has also suffered from years of neglect. The report estimates that restoring this historic 26-story building would require an investment of N10 billion, with the potential to generate N2 billion in annual revenue and create jobs for about 1,000 individuals.
The report concludes that addressing these abandoned structures could collectively generate approximately N150 billion ($200 million) in annual revenue, demonstrating the significant impact strategic investments in neglected infrastructure could have on Nigeria’s economy and job market.