ABUJA Abuja is the Federal Capital Territory (FCT) of Nigeria. Act Number 6, of the Federal Government of General Murtala Mohammed, created it on February 5, 1976. With a land mass area of 8,000 square kilometers and a current population of over 7 million, Abuja is the fastest growing city in the country.
Population growth in the city and infrastructural development of the FCT has reached a feverish peak since the formal movement of the seat of Government on December 12, 1991. Abuja is a construction haven, with facilities like effective transportation system, road network, air transportation, power and water supply, sewage and communication system, housing etc still at varying developmental stages.Compared to other states in the federation, Abuja is self-sufficient in terms of infrastructural facilities. Electricity and water supply are more reliable than other parts of Nigeria; transport is fairly easy, and the Abuja airport is the busiest in the nation, after Lagos. Abuja records the lowest rate of crime in the country, with patrol cars visible at different road corners. Housing, is however still grossly inadequate.
With the near population explosion presently being experienced in the city, the housing units provided by the Ministry of the Federal Capital Territory remains insufficient to meet the needs of the residents. It is therefore not surprising that majority of non-government workers stay in the surrounding satellite towns. Business activity in the city is still at a very slow pace. 70 percent of employment opportunities are located in the public sector domain. The sheer number of Federal Government parastatals, agencies and Ministry buildings, will strike a first time visitor to Abuja.The private sector employment is led by service industries, which constitute about 25 percent. Private sector initiatives are in the banking, hotel services, airlines, real estate agencies, hospitals, schools, embassies, media establishments, international organizations, Internet cafes, small and medium scale businesses, trading activities etc.Real Estate industry in Abuja thrives on these favourable factors discussed above coupled with investors’ perception of the city’s potentials and ample room for growth.The major factor responsible for the Real Estate development in the city is the fact that demand for property more than outstrips supply. It is therefore not surprising that Abuja is a realtor’s delight as it houses the most magnificent houses in the country.