Grapevine

$24bn needed to revive abandoned buildings – Report

It stated, “The financial effort required to refurbish these abandoned structures is immense, estimated at around N18tn ($24bn). Costs envelop structural repairs, legal resolutions, and requisite modernisation.

“However, returns on these investments are promising, possibly enhancing GDP by $200bn annually due to increased real estate value, heightened business activities, and job opportunities

“Costs envelop structural repairs, legal resolutions, and requisite modernisation. However, returns on these investments are promising, possibly enhancing GDP by $200bn annually due to increased real estate value, heightened business activities, and job opportunities.”

The report noted that structural repairs constituted 40 per cent of the budget.

It added, “Legal resolutions, accounting for 30 per cent, highlight the significant financial burden of addressing legal and regulatory issues. Similarly, modernisation also represents 30 per cent of the costs.