Renowned real estate developer and entrepreneur, Dr. Kennedy Okonkwo, has revealed that property prices in Lagos have doubled in under three years, surging from about N45 million to N94 million in some locations.
He made this known in an exclusive interview with Steven Ndukwu, sighted by PUNCH Online on Monday, where he attributed the sharp increase to rising demand, infrastructural development, and the growing interest of investors in the real estate market.
“In Lagos, real estate remains one of the most stable and rewarding asset classes. Despite economic fluctuations, properties in prime locations have continued to appreciate significantly.
“Nigeria is not a country that makes it easy for young people to own homes because of how expensive it is,” he said. “Mortgages come with high interest rates, making it almost impossible for many to afford a house.”
He argued that beyond systemic challenges, poor financial priorities among young Nigerians also contribute to the difficulty in owning property.
“A lot of young people are more interested in luxury than investment. You see someone driving a GLE, carrying a designer bag worth millions, but they have not thought about owning a piece of land,” he said. “It’s not always about the government. It’s about what you do with your money.”
Okonkwo, who has been in the real estate sector for over two decades, emphasised the importance of long-term investment strategies. He revealed that he started his journey in construction and later expanded into renewable energy and electric vehicles, ensuring that his wealth was built on sustainable investments.
“For me, I started with real estate and construction, perfected it, and then diversified into other sectors like renewable energy and electric vehicles,” he explained. “You cannot rely on one stream of income. The key is to start with one, master it, and then expand.”
He stressed the importance of investing in income-generating assets rather than spending active income on non-essential luxuries.
“Don’t spend your active income. Invest in assets that generate cash flow, and use only the profits for your lifestyle,” he said.
Okonkwo also pointed out that strategic collaboration has been instrumental in his success, noting that he partners with experts in the construction, energy, and automobile industries to scale his businesses.
“I am not an architect or an engineer, but I understand business. I bring together the best professionals in construction and development to execute projects,” he said.
Speaking on his latest ventures, Okonkwo disclosed that he recently partnered with CIG Motors to introduce 2,000 electric vehicles into the Nigerian market while also making strides in renewable energy with Citadel Power.
Looking at Nigeria’s economic outlook, he maintained that despite challenges, opportunities remain abundant for those who position themselves strategically.
“Forty years ago, where was Aliko Dangote? Where was Femi Otedola? The economy has always been tough, but people find ways to build businesses. There will always be new billionaires because more money is being made every day,” he said.
Okonkwo encouraged young Nigerians to focus on high-demand industries like real estate, renewable energy, and technology, emphasising that wealth creation requires patience, vision, and discipline.
“More people are being empowered, and opportunities are everywhere. If you can think ahead and make the right choices, you will succeed,” he added.
As his businesses continue to grow, Okonkwo remains committed to developing sustainable housing projects and increasing access to clean energy, positioning himself at the forefront of Nigeria’s evolving business landscape.