Wealth CreatorsWest Africa

Banana Island: The Most Expensive Neighbourhood in Africa

Banana Island is an artificial island off the foreshore of Ikoyi, Lagos, Nigeria. Its name derives from the curvature of its shape, which resembles a banana.

The island is a planned, mixed development with residential, commercial and recreational buildings. It is also one of the most exclusive and luxurious neighbourhoods in Africa, attracting the rich and famous from Nigeria and beyond.

How Much Does It Cost to Live in Banana Island?

According to a report by Forbes, Banana Island is the most expensive neighbourhood in Nigeria, and one of the most expensive in Africa.

Renting an apartment here can cost between $24,000 to $160,000 per year, depending on the size and location. Buying a property is even more expensive, with prices ranging from $1.3 million to $10 million.

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Some of the factors that make Banana Island so pricey include:-

-The limited supply of land and high demand from wealthy buyers

– The high quality of infrastructure and amenities, such as 24/7 electricity, water, security, and internet- The prestige and status associated with living in the island.

– The scenic views of the Lagos Lagoon and the Atlantic Ocean.

– The proximity to the business and entertainment hubs of Lagos

Who Lives in Banana Island?

Banana Island is home to some of the most influential and successful people in Nigeria and Africa. Some of the notable residents include:

Aliko Dangote: the richest man in Africa and the founder of Dangote Group, a conglomerate with interests in cement, sugar, salt, flour, and oil.

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Mike Adenuga: the second richest man in Africa and the owner of Globacom, a telecommunications company, and Conoil, an oil exploration company.

Folorunsho Alakija: the richest woman in Africa and the founder of Famfa Oil, an oil exploration company.

Davido:, one of the most popular and award-winning musicians in Africa.

P-Square:, a duo of twin brothers, Peter and Paul Okoye.

Linda Ikeji, one of the most famous and influential bloggers in Africa, who runs a popular news and entertainment website, lindaikejisblog.com

What Makes Banana Island Unique?

Banana Island is not just a place to live, but also a place to enjoy and experience. The island offers a variety of attractions and activities for its residents and visitors, such as:

Shopping and dining:The island has several malls, supermarkets, restaurants, cafes, and bars, where one can find local and international brands, cuisines, and products.

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Some of the popular spots include The Palms Shopping Mall, The George Hotel, and Ocean BasketRecreation and leisure:

The island has several parks, gardens, playgrounds, sports facilities, and clubs, where one can relax, exercise, and socialize.

Some of the popular spots include Banana Island Park, Banana Island Golf Club, and Banana Island Boat ClubCulture and art:

The island has several galleries, museums, and theatres, where one can appreciate and learn about the history, culture, and art of Nigeria and Africa. Some of the popular spots include Nike Art Gallery, Freedom Park, and Terra KultureBanana Island is a unique and fascinating neighbourhood that showcases the beauty, diversity, and potential of Nigeria and Africa.

It is a place where dreams are made and lived, and where the best of both worlds meet.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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