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Lagos hotel room rates hit N205,534 as supply lags

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Average hotel room rates in Lagos have climbed to a record N205,534, a sign of how quickly business and corporate travel is returning to Nigeria’s commercial capital, even as new hotel supply lags. Data from Estate Intel’s Lagos Real Estate Development Pipeline Report 2025/2026 shows demand rebounding faster than the city’s ability to add rooms.

The report showed average daily rates more than doubled from N83,105 in 2023 to N205,534 by October 2025, the highest level on record. The research firm said the increase was driven by renewed corporate activity, improved connectivity to key business districts, and delays in delivering new high-quality hotel projects following years of construction setbacks.

The document noted that Lagos’ hospitality performance highlights how quickly demand has recovered relative to supply, particularly in prime business locations.

“Average daily rates in Lagos are currently as high as they have ever been, supported by business and corporate travel and constrained supply following several years of delayed hotel deliveries,” the report stated.

Hotel occupancy in the over 20 million population state stood at 66.7 per cent as of October 2025, according to data cited in the report, with expectations that occupancy will stabilise in the high-60 per cent to low-70 per cent range over the coming years.

The city’s hospitality demand continues to be anchored by business travel, supported by proximity to the international airport and improved accessibility across major commercial hubs such as Victoria Island, Ikoyi, and Ikeja.

While leisure travel remains a smaller component of demand, the steady return of conferences, corporate meetings, and regional business travel has helped sustain both occupancy and pricing power for hotel operators.

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Lagos currently has an estimated 10,728 hotel keys, with an additional 3,709 keys in the development pipeline, making it the largest hospitality pipeline market in West Africa by volume. However, the report indicated that more than one-third of planned hotel projects are on hold, reflecting lingering challenges such as high construction costs, foreign exchange volatility, and cautious capital deployment.

As a result, the pace of new hotel completions has lagged earlier projections, helping to keep the market broadly balanced despite rising demand.

“An uncertain business environment in recent years has limited the delivery of new hotel stock and pushed completion dates further out,” Estate Intel said. “This has supported pricing as demand has returned faster than supply.”

Major branded projects in the pipeline include developments under global hotel chains, though only a limited number are expected to reach completion in the short term.

The report also highlights growing competition between traditional hotels and the expanding short-let apartment market, particularly in prime districts. The influx of short-let units has increased supply options for travellers and corporates, putting pressure on some operators.

Anecdotal evidence from December suggests mixed performance across short lets, with some operators reporting weaker occupancy while others continue to see steady demand. Despite this competition, traditional hotels have largely maintained strong performance due to their focus on corporate clients and branded service offerings.

Broader economic backdrop

The rebound in hotel rates comes amid improving macroeconomic conditions. Capital importation into Nigeria rose to $7.3bn in 2024, the highest level in three years, while inflation has shown signs of stabilisation following the rebasing of the consumer price index. The International Monetary Fund revised Nigeria’s 2025 GDP growth forecast upward to 3.9 per cent, supporting expectations of continued economic recovery.

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Following the rebasing of GDP data, real estate services now contribute 13.36 per cent of Nigeria’s GDP, underscoring the sector’s growing importance to the economy and reinforcing investor interest in hospitality and other property assets.

Estate Intel said the outlook for Lagos’ hospitality market remains positive, with limited near-term supply expected to keep the sector balanced even as demand improves.

“We anticipate a more bullish environment for hotels as the economy continues to recover, particularly given the limited delivery of high-quality stock over the next few years,” the report said.

While operators may face increasing competition from short-let accommodation and rising operating costs, the firm expects Lagos’ role as Nigeria’s commercial capital to continue underpinning hotel demand, keeping room rates elevated in the medium term.

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My customers taught me Yoruba – London trader, ‘Olakunle Oshodi’

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You are an Iraqi based in London, United Kingdom, how did you learn to speak Yoruba?

I trade at Woolwich Market. That is where I work and where I started meeting many Nigerian customers, especially Yoruba people.

Many of the Nigerians I met at the market spoke Yoruba when they came to buy things from me. At first, I did not understand what they were saying, so I became curious and started asking them to interpret the words they used. That was how I gradually started learning Yoruba from my customers.

What do you sell?

I used to sell pepper and fruit, but now I sell cosmetics and hair. My business has changed over time, but I have continued interacting with many Yoruba customers at the market. Through those interactions, I have also continued learning the language.

How did you first become interested in the Yoruba language?

About 95 per cent of my customers are Yoruba. Whenever they came to buy things, they would speak Yoruba to me. Instead of just listening to them, I started asking questions whenever I heard words I did not understand. I would ask them what the words meant, and that was how I learnt little by little.

The more I listened to them, the more interested I became. I started enjoying the language because I think Yoruba is a sweet language. That was what encouraged me to keep learning it.

What do you like about the Yoruba language?

I like the way the language sounds. For me, it is an interesting language, and because I hear my customers speak it regularly, it became easier for me to pick it up. I also like the way Yoruba people communicate with me when they come to the market.

How did you get the name “Olakunle Oshodi”?

Oh, one of my customers gave me the name. She is a lovely person, and she is Yoruba. She said the name was good for me, and that was how I got the name “Olakunle Oshodi.”

Do you have any family connection to Nigeria?

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No, I don’t have any family connection to Nigeria. I have never even been there. My connection with Yoruba came through my customers and the people I have met at the market.

How long have you been learning Yoruba?

It has been about three years. I can speak it because I really like the language, so it has not been that hard for me. I have been learning mainly through my customers and through everyday conversations at the market.

What made you decide to speak Yoruba with your customers?

Basically, I just wanted to learn. You know, Yoruba people joke with you and laugh with you. They want happiness, and they are not fake. That is why I love them.

When they come to the market, there is always a lot of interaction. They joke, laugh, and make you feel comfortable. So, for me, learning the language became a way of connecting with them better.

Yoruba people are lovely. Even when wahala comes sometimes, they are still just lovely. I enjoy the way they joke and laugh with you. They want happiness, and that is something I really like about them.

Being around them has also helped me learn more about the language because I speak Yoruba almost every day with my customers. The more I interact with them, the more I learn.

Has speaking Yoruba affected your business?

Yes, it has made the business grow. Speaking Yoruba has helped me connect with my customers better, and I believe that has been good for my business.

When customers realise that I can speak their language, it creates a different kind of relationship. We can joke together, laugh together, and communicate more easily.

How do customers react when they realise that you can speak Yoruba?

They are shocked, and they laugh. I see them happy, and I laugh with them. Sometimes, you can see that they did not expect a white man to speak Yoruba, so their reaction is usually one of surprise. Most of the time, they are not expecting it at all, especially when they first hear me respond to them in Yoruba.

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I enjoy seeing their reaction because you can immediately see the happiness on their faces. Sometimes, they will look at me again as if they are trying to confirm whether I really understand what they are saying. It is always a funny and enjoyable moment for me.

Speaking Yoruba also makes the interaction more relaxed. Instead of just being a customer-and-trader relationship, we can joke together, laugh together, and have a better conversation. I enjoy that connection with them. I laugh with them because it makes the interaction more enjoyable, and I am happy when I see that they appreciate my effort to speak their language.

What goes through your mind when customers are surprised by your Yoruba?

I just enjoy the moment. They are shocked and laughing, and I see that they are happy. So, I laugh with them. For me, it is a nice experience because it shows that they appreciate the fact that I am trying to speak their language.

Has speaking Yoruba helped you gain your customers’ trust?

Yes, 100 per cent. I’m always with them. I spend a lot of time interacting with my customers at the market, so speaking Yoruba has helped me become closer to them. When I speak their language, they know that I am making an effort to understand them and communicate with them in a way that makes them comfortable.

I am not just there to sell something to them; I enjoy being around them and having conversations with them. That connection is important to me.

Have you ever had a funny experience while speaking Yoruba?

Yes, I have. They say, “Ah-ah!” when I speak. They are usually surprised when they hear me speaking Yoruba, and that reaction can be funny.

Sometimes, they cannot believe what they hear. They will react with “Ah-ah!” because they did not expect me to speak the language.

Even though sometimes wahala can come, it is still just lovely being around them. My experience with them has been positive, and they have also played an important role in helping me learn the language.

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Do you think your customers have also enjoyed teaching you Yoruba?

Yes, because most of what I know came from interacting with them. When they speak Yoruba and I do not understand a word, I ask them what it means. That is how I learn.

It has been a gradual process. I listen, ask questions, and then try to use the words when I speak to them. I enjoy the learning process.

What are you looking forward to about visiting Nigeria?

As I said earlier, I have never been to Nigeria, but I have plans to go. I have not had the opportunity to visit yet, even though I have developed such a strong interest in the Yoruba language and culture.

I have a plan to go. I have never been there before, so I would like to experience the country and meet more people. I have learnt Yoruba mainly from people in London, so visiting Nigeria would allow me to experience the language and culture differently.

What does Yoruba culture mean to you?

I love the culture. I love Yoruba natives. My connection with Yoruba has grown through the people I meet and the language I have learnt from them. Even though I have never been to Nigeria, I have developed a love for the culture through my customers and the people around me.

What would you like Yoruba people to know about your connection with their language?

I want them to know that I love all of them, and I want to learn more of the language if I can. I speak well, but I only need time. One day, they will see. I want them to know that my interest in Yoruba is genuine. I did not learn it because somebody forced me to; I learnt it because I met Yoruba people, I enjoyed being around them, and I fell in love with the language.

Source: punchng.com

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Tax reform has reduced burden on low-income earners — Revenue board

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The Joint Revenue Board has said Nigeria’s tax reform has reduced the burden on low-income earners and eliminated multiple nuisance taxes.

The Executive Secretary of the JRB, Olusegun Adesokan, stated this while giving an overview of the progress recorded one year into the implementation of the tax reform.

In a post obtained from the board’s X handle on Friday, Adesokan spoke at the 160th meeting of the JRB in Kaduna State, with the theme, “One Year of Reform: Assessing Progress and Addressing Challenges.”

He said the reform had also provided relief for low-income earners and micro-scale businesses, contrary to concerns that it had increased the tax burden.

“Addressing the misconception that the tax reform has increased taxes, the reform has rather reduced the tax burden on low-income earners, eliminated multiple nuisance taxes while providing reliefs for low-income earners and micro-scale businesses,” he said.

Adesokan said 18 state Houses of Assembly had domesticated the model harmonised taxes and levies law, which was designed to address overlapping and multiple taxation across the country.

According to him, the legislation had reduced more than 50 collection items previously administered by states and local government areas to nine sub-heads.

He added that the law had also abolished cash collection and the mounting of roadblocks for revenue collection.

The Executive Secretary said the measures had recorded significant progress in harmonising taxes and levies across the subnational governments.

The JRB, Nigeria’s apex body for revenue administration, convened the meeting to assess progress under the new revenue regime, identify gaps, and address emerging challenges.

The meeting was declared open by the Kaduna State Governor, Senator Uba Sani, who said the reform had expanded opportunities for domestic resource mobilisation and strengthened the country’s capacity to finance development.

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Sani urged the JRB to identify bottlenecks affecting revenue collection, institutional weaknesses creating friction between revenue authorities and taxpayers, and opportunities for technology to improve efficiency in revenue administration.

He said, “The objective of the reform should not be simply to collect revenue; it should be to build a tax system in which compliance becomes easier, enforcement becomes more intelligent and voluntary compliance becomes a norm.”

The Executive Secretary appreciated Governor Uba Sani for hosting the 160th JRB meeting and for his consistent support of the tax reform initiative. He particularly commended the governor for nominating a member of the Board and outgoing Executive Chairman of Kaduna State Internal Revenue Service, Mr Jerry Adams, as his running mate for the 2027 gubernatorial election.

Sani expressed his delight with the tax reform, stressing that apart from eliminating duplication of taxation, it has enhanced revenue generation.

He observed that the national tax revenue has so far risen to N21.6 trillion since President Bola Tinubu introduced tax reform in 2026.

According to him, the nation’s revenue was  approximately ₦10.1 trillion in 2023,  ₦21.6 trillion in 2024, and about ₦36.8 trillion in 2025.

In his opening remarks, JRB Chairman, Dr Zacch Adedeji, represented by the Executive Director, Finance and Corporate Services, Nigeria Revenue Service, Muhammad Abubakar, said the meeting was a call for revenue authorities to take stock of the progress made, address identified gaps and confront emerging challenges.

He said the ultimate measure of the reform’s success must be improved revenue mobilisation, greater compliance, a better taxpayer experience, and stronger contributions to national development.

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Source: punchng.com

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Rivers oil tragedy: 37 die from toxic fumes

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About 37 persons have reportedly died after inhaling fumes from a petroleum product at a jetty in Okrika Local Government Area of Rivers State.

The incident occurred on Thursday at the Okari Jetty in the Okrika Mainland area, where youths from Okrika and neighbouring communities had reportedly gathered to load a petroleum product from an illegal tapping point.

Many others were said to be missing following the incident, which occurred in the mainly coastal community.

A source in the community told our reporter that more than 100 persons had stormed the jetty with locally made boats while a vessel was anchored at the riverside to load petroleum products.

The source said trouble started while the youths were loading the product, as a strong smell suddenly saturated the air, causing several of them to collapse.

“Many of them collapsed into the river, while others who managed to escape the scene had serious respiratory disorders and were being treated at the hospital.

“As I speak to you, over 37 bodies were identified as Okrika people, while six others were yet to be identified and many are still missing,” the source, who pleaded anonymity, said.

The Youths and Environmental Advocacy Centre also confirmed the incident, saying its network of youth volunteers and human rights defenders in the Niger Delta had reported that no fewer than 37 persons suspected of involvement in illegal oil activities died after inhaling what was locally referred to as “Indorama fuel.”

The Executive Director of YEAC-Nigeria, Dr Fyneface Dumnamene, said in a statement that the incident occurred at about midnight on Thursday at the Okari Jetty.

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“According to the report, no fewer than 37 persons suspected to be oil thieves died after inhaling what is locally called ‘Indorama Fuel.’

“Many others are still missing. The incident occurred during the illegal loading of the product into a ship at a tapping point,” he said.

Dumnamene said the victims had connected a pipe to a tapping point on a pipeline that transported petroleum products from the Indorama Eleme Petrochemical through the Port Harcourt Refinery to vessels that reportedly came every two weeks to load products for export.

He added that the youths inhaled the product while a vessel was loading and they were simultaneously loading it into their waiting boats from the illegal tapping point.

“This led to the death of not fewer than 37 persons. Many are still missing, and some corpses have been seen floating on the river but have not yet been recovered,” he stated.

Dumnamene called on the National Oil Spill Detection and Response Agency to immediately conduct a joint investigation visit to the site of the incident.

He also urged the company that owned the vandalised facilities to provide adequate security for its pipelines to prevent a recurrence.

The YEAC-Nigeria boss condemned the alleged sabotage, warning youths to stay away from oil and gas infrastructure because of the dangers associated with high-pressure pipelines.

He also called for alternative livelihood opportunities for youths in the Niger Delta, including the establishment of modular refineries and the legalisation of artisanal refining.

When contacted, the spokesperson for the Rivers State Police Command, Blessing Agabe, confirmed the incident and said the victims were reportedly attempting to steal crude oil.

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Agabe, an Assistant Superintendent of Police, said no official complaint had been lodged with the command but added that an investigation had commenced.

“The suspects reportedly died in the process of attempting to steal crude oil. However, no official complaint has been received in connection with the incident at this time.

“Investigation is ongoing to establish the circumstances surrounding the incident and ascertain the facts,” the police spokesperson stated.

However, the Commander of the Civilian JTF in Okrika LGA, Igwe Godswill, gave a different account of the incident, saying the victims had gone to scoop petroleum products that had spilled into the river when they were allegedly overwhelmed by fumes from a vessel loading products at the jetty.

Godswill described the incident as tragic, saying most of the victims were youths searching for means of livelihood amid a lack of employment opportunities.

“It is so pathetic that this incident is happening in our community. These are young guys who have gone to search for their daily bread, only for the fumes from the fuel that was pumped to kill so many of our youths under the bridge.

“Many of them were choked to death. These are not criminals or anything, but they went out in search of their daily meal. I am advising the community, the leaders and every other person that we need legitimate jobs in the community.

“These things are risky, but when you cannot feed your children, most times, those risky jobs become the only option,” Godswill stated.

He explained that the victims had gone to scoop petroleum products floating on the water when they were overcome by fumes from a vessel loading petroleum products at the jetty.

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Godswill, however, said about 10 bodies had been recovered, adding that only some of the victims could be identified because of the condition of their remains.

He said, “We saw about 10 of them. Four were still unrecognisable, while four persons were identified. The rest could not be identified because their bodies were badly damaged and their faces were severely affected.”

The Civilian JTF commander called on the Rivers State Government, community leaders and other relevant authorities to create employment opportunities for youths in the area to discourage them from engaging in dangerous activities.

“I am calling on the relevant authorities, community leaders, the chairman and every other person to look into this. It is not enough to stop them because, yes, it is a risky job, but they should create jobs for the youths so that everybody will have something to eat.

“Something that can put food on the tables of these young men, the youths and every other person. I can tell you for free that it will not just stop because when that source is the only livelihood, people will still go there.

“Even as of yesterday, people still went there, despite the fact that we had confirmed that people had died from the same activity. So, we are calling on the leaders to look into it and see how they can create job opportunities, especially for the youths,” Godswill added.

Source: punchng.com

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