Retail Construction Cost Planning: Akure, Nigeria

Akure retail cost planning using the World Bank ICP 2021 national construction price-level index of 72.8, plus a GeoNames-based local comparable-search shortlist.

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Last updated September 15, 2026 · National screening observation from the [World Bank ICP 2021 API](https://api.worldbank.org/v2/sources/90/country/NGA/classification/PX.WL/series/1501200/time/YR2021/data?format=json) and [ICP data documentation](https://www.worldbank.org/en/programs/icp/data); locality and population from the [GeoNames NG dump](https://download.geonames.org/export/dump/NG.zip) (CC BY 4.0 snapshot 2026-08-26, GeoNames ID 2350841). The PLI is not a city cost/m² rate, current escalation series or tender estimate.

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Direct answer

For early retail construction cost planning in Akure, the World Bank ICP reports a 2021 Nigeria construction price-level index of 72.8, with the world equal to 100. This is a national comparison—not a Akure NGN/m² rate or tender estimate—so replace it with current local evidence before budgeting or procurement. The observation covers construction across Nigeria in 2021; it does not measure a Akure market basket or current retail tenders. GeoNames 2350841 records the locality at 7.2526, 5.1931, with snapshot population 730,000. That ranks Akure 19 of 50 listed places, while Ado-Ekiti is the nearest listed peer at about 41 km. Use these facts only to plan the comparable search. Obtain current local rates on a consistent area basis, then reconcile scope, taxes, fees, contingency and escalation. Retain the source, base date and reviewer when local evidence replaces the screening ratio.

Content and cited inputs reviewed by Scott Barrington, Harth founder and architectural technology specialist · Published 2026-08-26 · Updated 2026-09-15.

What does the 72.8 construction index mean?

The World Bank ICP 2021 construction PLI for Nigeria is 72.8, compared with a world benchmark of 100. It is a national spatial price comparison assembled for the 2021 reference year. It does not say that retail work in Akure costs 0.728 times a current world rate.

Which Akure inputs are known?

The reproducible locality point is 7.2526, 5.1931 (GeoNames 2350841). Its snapshot population is 730,000, ranked 19 of 50 listed places; GeoNames classifies it as a first-order administrative seat in administrative area 48. These facts shape the local comparable search, not the price.

What must a project estimate add?

For a Akure retail project, reconcile shell condition, tenant fit-out, servicing, trading constraints and landlord works. Use a consistent gross-floor-area basis and record the following before reliance.

Estimate field	Screening record	Project requirement
National context	ICP 2021 PLI 72.8	Retain only as dated cross-country context
Local NGN/m² rate	Not supplied	Current comparable with named source and base date
Area and scope	Gross floor area; scope unresolved	Measurement standard, specification and procurement route
Additions	Not supplied	Taxes, fees, site work, contingency and escalation
Review	Automated source and arithmetic QA	Qualified local cost review

Akure comparable-location search screen

This shortlist is computed from the checked GeoNames snapshot. Distance and population help prioritize where to request comparables; neither is used as a cost multiplier.

Listed place	Great-circle km from Akure	Snapshot population	Admin area
Ado-Ekiti	41	435,000	54
Ondo	43	375,000	48
Ilesa	65	325,000	42
Ikare	69	465,000	48
Ile-Ife	74	560,000	42
Abeokuta	204	735,000	16
Oyo	154	736,072	32
Bauchi	614	693,700	46

Price-level normalization worksheet

For a validated reference rate R from a country with construction PLI P, the transparent screening calculation is R × (72.8 ÷ P). At P = 100 the dimensionless ratio is 0.728; no world cost rate is asserted. Keep the reference rate's currency, base date, area basis and scope attached.

Input	Recorded value	Release condition
Target national PLI	72.8 (World = 100, 2021)	Screening context only
Reference construction PLI P	User-supplied from the same ICP classification/year	Must match reference rate country
Validated reference rate R	User-supplied	Named source, currency, date, area and scope
Local Akure adjustment	Not asserted	Replace with current local comparable evidence
Result status	Screening normalization	Not a budget, quote or tender estimate

Sources and method

National screening observation from the World Bank ICP 2021 API and ICP data documentation; locality and population from the GeoNames NG dump (CC BY 4.0 snapshot 2026-08-26, GeoNames ID 2350841). The PLI is not a city cost/m² rate, current escalation series or tender estimate.

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Frequently asked questions

Does the 72.8 index give a retail cost per m² for Akure?

No. 72.8 is the World Bank ICP 2021 national construction price-level index for Nigeria, with the world equal to 100. It is a cross-country screening statistic, not a Akure NGN/m² rate, escalation index, quote or tender estimate.

How should a Akure retail estimate replace this screening benchmark?

Collect current Akure comparables on a consistent gross-floor-area basis, reconcile shell condition, tenant fit-out, servicing, trading constraints and landlord works, and state base date, currency, taxes, fees, site work, contingency and escalation. A qualified local cost professional should review the resulting project estimate.

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