Lagos Property Values Have Soared Over 500% in the Last Five Years.

Amid soaring inflation and currency instability, Fatai Asimi explained that land has emerged as a key store of value in Nigeria. With traditional savings eroded by economic volatility, individuals and businesses are increasingly turning to real estate as a reliable investment option. In urban centers like Lagos, property values have surged dramatically—some by over 500% in the last five years—making land ownership an attractive and strategic asset.

However, this shift in land’s economic value has not gone unnoticed by criminal elements. Bandits operating in rural parts of the country are seizing land—not for traditional investment purposes, but as a means of consolidating power and extracting financial gain. These non-state actors are primarily focused on using captured territories to hide from security forces, launch attacks, and extract food or ransom from frightened residents.

Unlike real estate investors who seek long-term returns, bandits exploit rural lands for their strategic advantage. Their goal is not appreciation in value, but dominance, access to resources, and freedom of movement. The seized lands often serve as temporary bases or agricultural points where they can grow food to sustain themselves.

According to him, “But we realize that, objectively, in recent times, land has become a major store of value due to high inflation. Unlike before, when we considered money as the primary store of value, now people invest in real estate. Take Lagos, for instance: in the last five years, properties have appreciated by more than 500%. That makes it attractive. So, I think that’s the point: bandits are grabbing land not as an investment outlet but for financial gain and control—places where they can hide and launch attacks regularly.”

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