Every industry runs in cycles. No matter the sector, the pattern is the same. It begins with the first stage which is the emerging phase, then the advancing phase, before the final phase which is the declining phase.

In the emerging phase, things are raw, unstructured, and full of risk. Systems are weak. Regulations are few. Access to finance is difficult. That’s where Nigerian real estate is today. You can’t walk into a bank and raise capital on land the way you would in developed economies, because the industry has not matured into full regulation.

The advancing phase is different. This is where systems click into place, mortgage works, government institutions provide frameworks, funding becomes available, and the risks reduce.
Then comes the decline phase, where an industry slows, saturates, and reinvention becomes necessary.
If you understand this cycle, you’ll know how to position yourself in the present and prepare for the future.

Dr. Smith Ezenagu is the Chairman of Esso Group, a diversified conglomerate shaping real estate, finance, education, and media. Dr. Smith Ezenagu is recognized as a real estate & investment mogul, life coach, and private equity expert. He leads Esso Group and its subsidiaries: Esso Properties (awarded Nigeria’s Most Innovative Real Estate Company in 2024 and recognized as the best real estate company in Nigeria), Esso School of Enterprise (the leading institution equipping entrepreneurs), and Esso Capital (delivering smart, trusted financial solutions across Nigeria).