Inside Festac Town’s ₦10 Billion Real Estate Makeover: From 1977 Glory to 2025 Revival
Festac Town, built in 1977 to host the Second World Black and African Festival of Arts and Culture, was once Nigeria’s most modern estate. Over time, poor maintenance, rising crime, and unplanned development eroded its appeal.
In 2025, Lagos State is injecting ₦10 billion into a revitalization plan that aims to restore Festac’s prestige and make it a prime investment hub again.
What’s Changing
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Infrastructure Renewal: 32 roads are being resurfaced with modern drainage
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Housing Upgrades: 2,000 old blocks are being refurbished to modern standards
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Security Overhaul: New police posts, CCTV, and estate gates are being installed
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Water & Power: Solar-powered street lights and borehole upgrades
The Numbers Investors Need
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Expected Post-Renovation Value: ₦45 million (projected +28%)
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Current Average 3-Bed Rent: ₦1.2 million/year
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Projected Rent After Works: ₦1.6 million/year
Why Festac’s Revival Matters
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Location Advantage: Direct link to Apapa port, Alaba market, and Mile 2
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Historic Appeal: First planned festival town in West Africa
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Potential ROI: 20–30% appreciation within 18 months post-renovation
My Take
Festac’s revival is not just cosmetic. Upgraded infrastructure, improved security, and renewed planning controls will reposition it as a middle-class haven and rental hotspot.
Early investors who buy before the project finishes will capture the biggest gains.
