What ₦1M Can Get You in Different Nigerian Cities
BY: Landnest Homes And Properties
BY: Landnest Homes And Properties
Friday, November 7, 2025
November 7, 2025
Introduction
Once upon a time, ₦1 million was considered a major financial milestone in Nigeria. Families celebrated when someone saved that much; businesses thrived on such capital. But with inflation, rising living costs, and skyrocketing property prices, ₦1M no longer carries the same weight.
In Lagos or Abuja, ₦1M might barely cover a year’s rent for a modest apartment. Yet in Ibadan or Ogun State, that same amount can secure land in developing areas, setting the foundation for future wealth.
This article explores what ₦1M means across Nigeria’s real estate and rental landscape, and why location determines whether it vanishes in rent or grows into property ownership.
Lagos: Where ₦1M Barely Covers Rent
Lagos is Nigeria’s commercial hub, but it is also one of the most expensive places to live.
Rent Reality
A self-contained apartment in the mainland (Yaba, Surulere, Ikeja) rents for ₦800,000–₦1.2M annually.
On the island (Lekki Phase 1, Ikoyi, Victoria Island), ₦1M won’t even cover a year’s rent for a standard 1-bedroom apartment.
Land Prices
Bare plots in Ikorodu, Badagry, or Epe already range from ₦2M–₦10M.
In Lekki or Ajah, prices exceed ₦20M per plot.
In Lagos, ₦1M mostly disappears into annual rent or a fraction of property costs. It rarely secures actual ownership.
Introduction
Once upon a time, ₦1 million was considered a major financial milestone in Nigeria. Families celebrated when someone saved that much; businesses thrived on such capital. But with inflation, rising living costs, and skyrocketing property prices, ₦1M no longer carries the same weight.
In Lagos or Abuja, ₦1M might barely cover a year’s rent for a modest apartment. Yet in Ibadan or Ogun State, that same amount can secure land in developing areas, setting the foundation for future wealth.
This article explores what ₦1M means across Nigeria’s real estate and rental landscape, and why location determines whether it vanishes in rent or grows into property ownership.
Lagos: Where ₦1M Barely Covers Rent
Lagos is Nigeria’s commercial hub, but it is also one of the most expensive places to live.
Rent Reality
A self-contained apartment in the mainland (Yaba, Surulere, Ikeja) rents for ₦800,000–₦1.2M annually.
On the island (Lekki Phase 1, Ikoyi, Victoria Island), ₦1M won’t even cover a year’s rent for a standard 1-bedroom apartment.
Land Prices
Bare plots in Ikorodu, Badagry, or Epe already range from ₦2M–₦10M.
In Lekki or Ajah, prices exceed ₦20M per plot.
In Lagos, ₦1M mostly disappears into annual rent or a fraction of property costs. It rarely secures actual ownership.
Abuja: ₦1M Equals a Year’s Rent in the Outskirts
Nigeria’s capital city is known for order and infrastructure, but affordability is another story.
Rent Reality
In central districts (Wuse, Maitama, Asokoro), ₦1M covers only a few months of rent for 2- or 3-bedroom flats.
In outskirts like Kubwa, Lugbe, or Gwagwalada, ₦1M can secure a modest 1-bedroom or self-contained unit for a year.
Land Prices
In central Abuja, plots cost tens of millions.
In satellite towns, prices start from ₦2.5M–₦5M.
₦1M in Abuja keeps you housed for a year but is insufficient for property acquisition.
Port Harcourt: ₦1M for Rent or Small Commercial Spaces
Port Harcourt is an oil-rich city with high living standards but also rising costs.
Rent Reality
Decent 2-bedroom apartments in middle-class areas cost ₦700,000–₦1.2M annually.
In upscale zones, ₦1M barely makes a dent.
Commercial Spaces
₦1M may rent a small shop or office space in less central markets.
Land Prices
Plots start around ₦3M–₦6M in suburban areas, far above ₦1M.
In Port Harcourt, ₦1M has limited use: short-term accommodation or minor business rent.
Kano: ₦1M Still Has Modest Purchasing Power
Kano remains relatively affordable compared to Lagos or Abuja, though prices are rising.
Rent Reality
Decent 2-bedroom apartments: ₦400,000–₦800,000 annually.
₦1M can comfortably pay rent for a year and cover service charges.
Land Prices
Peripheral areas sometimes offer plots from ₦1M–₦2.5M.
In central Kano, land costs much more.
In Kano, ₦1M can still stretch further, covering housing rent and, in some suburbs, part of land ownership.
Abuja: ₦1M Equals a Year’s Rent in the Outskirts
Nigeria’s capital city is known for order and infrastructure, but affordability is another story.
Rent Reality
In central districts (Wuse, Maitama, Asokoro), ₦1M covers only a few months of rent for 2- or 3-bedroom flats.
In outskirts like Kubwa, Lugbe, or Gwagwalada, ₦1M can secure a modest 1-bedroom or self-contained unit for a year.
Land Prices
In central Abuja, plots cost tens of millions.
In satellite towns, prices start from ₦2.5M–₦5M.
₦1M in Abuja keeps you housed for a year but is insufficient for property acquisition.
Port Harcourt: ₦1M for Rent or Small Commercial Spaces
Port Harcourt is an oil-rich city with high living standards but also rising costs.
Rent Reality
Decent 2-bedroom apartments in middle-class areas cost ₦700,000–₦1.2M annually.
In upscale zones, ₦1M barely makes a dent.
Commercial Spaces
₦1M may rent a small shop or office space in less central markets.
Land Prices
Plots start around ₦3M–₦6M in suburban areas, far above ₦1M.
In Port Harcourt, ₦1M has limited use: short-term accommodation or minor business rent.
Kano: ₦1M Still Has Modest Purchasing Power
Kano remains relatively affordable compared to Lagos or Abuja, though prices are rising.
Rent Reality
Decent 2-bedroom apartments: ₦400,000–₦800,000 annually.
₦1M can comfortably pay rent for a year and cover service charges.
Land Prices
Peripheral areas sometimes offer plots from ₦1M–₦2.5M.
In central Kano, land costs much more.
In Kano, ₦1M can still stretch further, covering housing rent and, in some suburbs, part of land ownership.
Ibadan: ₦1M Can Still Buy Land
Ibadan is one of Nigeria’s most affordable big cities and has become a magnet for investors priced out of Lagos.
Rent Reality
A 2-bedroom apartment in Bodija or Akobo rents for ₦400,000–₦700,000.
₦1M can cover one to two years’ rent for most families.
Land Prices
In outskirts like Egbeda, Ido, and Olodo, plots are still available from ₦800,000–₦2M.
Well-planned estates on the edges of the city offer land between ₦1M–₦3M.
In Ibadan, ₦1M can realistically buy land in growing suburbs, giving investors ownership instead of just temporary shelter.
Ogun State: ₦1M Opens the Door to Property Ownership
Ogun is Lagos’ closest neighbor, and many Lagos workers now live there while commuting.
Rent Reality
Self-contained or mini flats: ₦300,000–₦500,000 annually in Abeokuta and Mowe.
₦1M can cover rent for two years in many parts of the state.
Land Prices
In Mowe, Ofada, or Shimawa, plots start from ₦900,000–₦2M.
Close to Lagos, like Agbara or Ibafo, prices rise higher but still offer opportunities.
In Ogun, ₦1M is powerful, it can buy a plot in strategic locations with growth potential.
Ibadan: ₦1M Can Still Buy Land
Ibadan is one of Nigeria’s most affordable big cities and has become a magnet for investors priced out of Lagos.
Rent Reality
A 2-bedroom apartment in Bodija or Akobo rents for ₦400,000–₦700,000.
₦1M can cover one to two years’ rent for most families.
Land Prices
In outskirts like Egbeda, Ido, and Olodo, plots are still available from ₦800,000–₦2M.
Well-planned estates on the edges of the city offer land between ₦1M–₦3M.
In Ibadan, ₦1M can realistically buy land in growing suburbs, giving investors ownership instead of just temporary shelter.
Ogun State: ₦1M Opens the Door to Property Ownership
Ogun is Lagos’ closest neighbor, and many Lagos workers now live there while commuting.
Rent Reality
Self-contained or mini flats: ₦300,000–₦500,000 annually in Abeokuta and Mowe.
₦1M can cover rent for two years in many parts of the state.
Land Prices
In Mowe, Ofada, or Shimawa, plots start from ₦900,000–₦2M.
Close to Lagos, like Agbara or Ibafo, prices rise higher but still offer opportunities.
In Ogun, ₦1M is powerful, it can buy a plot in strategic locations with growth potential.
The Lesson: Location Determines the Power of ₦1M
In Nigeria today, ₦1M has become too small to secure property in most major cities. But in Ibadan and Ogun, it remains enough to buy land and begin building wealth.
This shows the importance of choosing where to invest. Instead of spending ₦1M annually on rent in Lagos or Abuja, smart investors redirect that same amount into land in Ibadan or Ogun, where appreciation is accelerating.
Conclusion
₦1M is no longer the milestone it once was. In Lagos, Abuja, or Port Harcourt, it barely secures a year’s rent. But in Ibadan and Ogun, it can still open the door to property ownership, making it one of the smartest ways to redirect money into something lasting.
The difference between temporary rent and lasting investment lies in location and planning. The earlier you move into growth zones like Ibadan and Ogun, the better your returns will be.
At Landnest, we help clients turn ₦1M into property ownership opportunities in Ibadan, Ogun, and other fast-growing regions. With flexible payment plans and verified documentation, we make property investment accessible.
The Lesson: Location Determines the Power of ₦1M
In Nigeria today, ₦1M has become too small to secure property in most major cities. But in Ibadan and Ogun, it remains enough to buy land and begin building wealth.
This shows the importance of choosing where to invest. Instead of spending ₦1M annually on rent in Lagos or Abuja, smart investors redirect that same amount into land in Ibadan or Ogun, where appreciation is accelerating.
Conclusion
₦1M is no longer the milestone it once was. In Lagos, Abuja, or Port Harcourt, it barely secures a year’s rent. But in Ibadan and Ogun, it can still open the door to property ownership, making it one of the smartest ways to redirect money into something lasting.
The difference between temporary rent and lasting investment lies in location and planning. The earlier you move into growth zones like Ibadan and Ogun, the better your returns will be.
At Landnest, we help clients turn ₦1M into property ownership opportunities in Ibadan, Ogun, and other fast-growing regions. With flexible payment plans and verified documentation, we make property investment accessible.
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LET’S GET IN TOUCH
The Ultimate Real Estate Investment Provider
Discover the unthinkable return of investment on real estate. We are committed to making this journey a seamless experience for you.
Visit Us at
Head Office:
No 2, Dele Adetoro Street, Bodija Ibadan.
Branch Office:
Suite 101 Block C, Akord Shopping Mall, Along Lekki_Epe, Expressway Bogije, Ibeju-Lekki, Lagos State.
EFCC via its Special Control Unit Money Laundering (SCUML)
We are also accredited by the Real Estate Developers Association of Nigeria (REDAN)
Registered with Corporate Affairs Commission, Nigeria (RC:7080017)
© LandNest Homes & Properties. 2024.
LET’S GET IN TOUCH
The Ultimate Real Estate Investment Provider
Discover the unthinkable return of investment on real estate. We are committed to making this journey a seamless experience for you.
Visit Us at
Head Office:
No 2, Dele Adetoro Street, Bodija Ibadan.
Branch Office:
Suite 101 Block C, Akord Shopping Mall, Along Lekki_Epe, Expressway Bogije, Ibeju-Lekki, Lagos State.
Registered under EFCC via its Special Control Unit Money Laundering (SCUML)
We are also accredited by the Real Estate Developers Association of Nigeria (REDAN)
Registered with Corporate Affairs Commission, Nigeria (RC:7080017)
© LandNest Homes & Properties. 2024.
LET’S GET IN TOUCH
The Ultimate Real Estate Investment Provider
Discover the unthinkable return of investment on real estate. We are committed to making this journey a seamless experience for you.
Visit Us at
Head Office:
No 2, Dele Adetoro Street, Bodija Ibadan.
Branch Office:
Suite 101 Block C, Akord Shopping Mall, Along Lekki_Epe, Expressway Bogije, Ibeju-Lekki, Lagos State.
EFCC via its Special Control Unit Money Laundering (SCUML)
We are also accredited by the Real Estate Developers Association of Nigeria (REDAN)
Registered with Corporate Affairs Commission, Nigeria (RC:7080017)
© LandNest Homes & Properties. 2024.
LET’S GET IN TOUCH
The Ultimate Real Estate Investment Provider
Discover the unthinkable return of investment on real estate. We are committed to making this journey a seamless experience for you.
Visit Us at
Head Office:
No 2, Dele Adetoro Street, Bodija Ibadan.
Branch Office:
Suite 101 Block C, Akord Shopping Mall, Along Lekki_Epe, Expressway Bogije, Ibeju-Lekki, Lagos State.
EFCC via its Special Control Unit Money Laundering (SCUML)
We are also accredited by the Real Estate Developers Association of Nigeria (REDAN)
Registered with Corporate Affairs Commission, Nigeria (RC:7080017)
© LandNest Homes & Properties. 2024.