The incredible mega-city set to become the 'Dubai of Africa' with luxury homes

's most populous city, and one of the wealthiest, is seeing rapid growth and one developer believes it could one day rival as a destination for high earners looking for sleek, luxurious . Akintola Oladejo, CEO of Prestigious Homes Ltd, has developments and projects in a number of the more commercially viable parts of Lagos, Nigeria.

These include Banana Island, Victoria Island as well as in the neighbouring city of Lekki, reported last year. The African business publication, based in Cape Town, compares the three locations to some of Dubai's most sought after neighbourhoods, Palm Jumeirah, Business Bay, and Dubai Marina, and Oladejo says renowned developers associated with the UAE city have had a big impact on his vision for in Lagos. However, while Oladejo is looking to build a luxurious domestic alternative to Dubai, he also says he's keen to establish high-yield investments catering to Nigerians wanting to invest back in the country.

"Diaspora investors are increasingly interested in buying homes in Lagos due to affordability and cultural significance," he said at the time.

He claims his developments will also be an opportunity for people now living outside the country eager to invest in one of the continent's largest economies.

The outlet pointed to completed developments like La Vida estate, a gated community with 40 units, Casa Branco a luxurious three-property building with a swimming pool, and Sutherland Court with its 13 units of 4-bedroom terraces as exemplifying his "commitment to excellence".

Oladejo says he's also seeking to address issues around affordability and financing with zero-interest payment plans for off-plan properties, which he says is "similar to strategies employed by Dubai developers", in a move he hoped would make "luxury living accessible to more people".

Lagos reached "megacity" status under UN guidelines in 1995, when the total city population boomed to more than 10 million.

Today, the city is thought to be sixth most populated megacity on the planet. An estimated 20 million residents live within the roughly 1,200 square miles of the city, with an annual growth rate of 6%.

Oladejo's drive to emulate the rapid rise of Dubai's property market comes as Nigeria's cities are looking to quickly expand to accommodate the population growth, including major project like a vast coastal development under construction on Victoria Island.

The urban influx seen in major cities like Lagos, Abuja, and Port Harcourt has seen the demand for residential and commercial property soar, as per .

However, despite the push to attract investment with valuable developments in some areas,.

Many of its residents live in informal settlements with limited access to clean water, electricity, and sanitation.

High levels of traffic and public transport systems struggling to keep up with demand have also been an issue, though officials have been working on solutions to manage the city's rapid expansion, including Lagos Rail Mass Transit system to improve transportation, and new housing developments to accommodate the rising population.

However, experts have warned that major investments in infrastructure and city planning are needed to avoid Lagos facing serious challenges as it grows.