Insurance occupiers in Lagos typically cluster in Lekki Phase 1 / VI Extension, plan ~220 sqft per seat at high-end fit-out ($430000–640000/sqft), and pay around 80000 NGN/sqft ($60 USD) on Class A.

• Preferred submarket: Lekki Phase 1 / VI Extension.
• Typical fit-out spec: High-end ($430000–640000/sqft).
• Plan ~220 sqft per seat for headcount sizing.
• Class A rent context: 80000 NGN/sqft ($60 USD).
• Typical lease: 2 years with 4 months rent-free.
• Talent depth in Lagos: 74/100.

TL;DR

• Preferred submarket: Lekki Phase 1 / VI Extension.
• Typical fit-out spec: High-end ($430000–640000/sqft).
• Plan ~220 sqft per seat for headcount sizing.
• Class A rent context: 80000 NGN/sqft ($60 USD).
• Typical lease: 2 years with 4 months rent-free.
• Talent depth in Lagos: 74/100.

Where they cluster

Insurance occupiers in Lagos typically anchor in Lekki Phase 1 / VI Extension. Tech, fintech, multinational corporate, professional services.

What they pay

Class A rent in Lagos runs 80000 NGN/sqft ($60 USD) on a 2-year lease with 4 months free. Prime submarkets sit at or modestly above the city index.

Spec and fit-out

Typical insurance fit-out targets high-end specification at $430000–640000/sqft. Branded reception, full client-facing programming, premium furniture, and specialist AV are standard.

Headcount sizing

Plan around 220 sqft per seat blended (workstation + circulation + amenity). A 100-headcount insurance office in Lagos typically targets 22,000 sqft of leasable area.

Talent angle

Underwriting and actuarial talent concentrates near broker districts; long lease durations and conservative escalator structures are typical. Deep banking, oil and gas, fintech, and creative talent. Strong English-language professional base. Strong feed from University of Lagos, Lagos Business School, and Covenant University. Nigeria's tech ecosystem (Flutterwave, Paystack, Andela) anchors deep talent.

Tax and lease context

Headline corporate tax: 30%. USD-pegged or naira leases (USD common for international tenants). 2-3 year terms standard with renewal options. Often payable annually or 6-monthly in advance. Free rent of 3-6 months on a 3-year deal.

Key facts

Frequently asked questions

Where do insurance occupiers lease office space in Lagos?

Most cluster in Lekki Phase 1 / VI Extension. Rent runs ~80000 NGN/sqft ($60 USD) for trophy and prime stock.

What fit-out spec do insurance occupiers run in Lagos?

Typically high-end at $430000–640000/sqft.

How much office space per seat should a insurance occupier plan in Lagos?

Plan ~220 sqft per seat blended. A 100-person team typically takes 22,000 sqft.

What NAICS codes describe the insurance vertical?

Representative NAICS 2022 codes: 524, 5241.

What is the talent index in Lagos?

74/100. Use the city profile for full detail.

Related

• Insurance — global overview
• Lagos — full city profile
• Financial services in Lagos
• Asset management in Lagos
• Investment banking in Lagos
• Legal services in Lagos

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

• CBRE Marketview reports — CBRE
• JLL Office Insight — JLL
• Cushman & Wakefield Marketbeat — Cushman & Wakefield
• Savills World Research — Savills
• Colliers Global Office Outlook — Colliers

Full sources index · Submit a correction

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