Banana Island, Ikoyi Neighbourhood Guide

6th March 2025 | 6 min read

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Banana Island, an ultra-exclusive man-made island in Ikoyi, Lagos, is the pinnacle of luxury living in Nigeria. Home to the country’s elite, high-profile business moguls, celebrities, and expatriates, this affluent enclave is often compared to the likes of Beverly Hills and Dubai’s Palm Jumeirah. If you’re looking for a prestigious address in Lagos, Banana Island is at the top of the list.

History and Development

Banana Island was conceptualized as a high-end residential area to offer world-class infrastructure and security within Lagos. The island was developed by the Nigerian government in partnership with private real estate developers. Its name comes from the unique curved shape resembling a banana, and it spans approximately 1.63 million square meters.

Why Live in Banana Island?

1. Luxury Real Estate

Banana Island boasts some of the most exquisite homes in Nigeria, ranging from lavish mansions to high-end waterfront apartments. Properties here often feature state-of-the-art facilities such as private pools, home cinemas, smart home systems, and rooftop terraces with stunning views of the Lagos Lagoon.

2. Security and Privacy

Security in Banana Island is unmatched, with 24/7 surveillance, controlled access points, and private security patrols ensuring residents’ peace of mind. The exclusivity of the island also makes it a top choice for high-net-worth individuals seeking privacy.

3. Premium Amenities and Infrastructure

Banana Island is a self-sustaining community with excellent road networks, underground electrical systems, and reliable water supply. It also houses:

Luxury hotels & resorts
World-class restaurants
Private marinas and waterfront lounges
Exclusive gyms and wellness centers
International schools & educational institutions
High-end shopping outlets

4. Business and Networking Hub

Aside from being a residential haven, Banana Island is also a prime business district. Several multinational corporations, tech companies, and financial institutions have set up offices here, making it an ideal location for professionals and entrepreneurs.

Top Things to Do in Banana Island

Dine at high-end restaurants and lounges, such as Fusion Lagos and Cilantro.
Relax at private beaches and resorts, offering breathtaking views and serene ambiance.
Engage in fitness and wellness activities at premium gyms, yoga studios, and wellness spas.
Attend exclusive social and networking events hosted within the island’s elite community.
Go yachting or boating along the Lagos Lagoon for a luxurious waterfront experience.

How to Buy or Rent Property in Banana Island

If you’re interested in living in Banana Island, be prepared for premium pricing. Renting a luxury apartment in Banana Island starts from N500,000,000 per year, while purchasing a mansion could range from N2 Billion to over N10 Billion. Working with a reputable real estate agent is essential to navigate the competitive market and secure the best deals.

Conclusion

Banana Island is more than just a neighbourhood; it’s a symbol of status, luxury, and exclusivity. Whether you’re looking for a prestigious place to live, invest, or conduct business, this elite enclave in Ikoyi remains one of the most sought-after locations in Africa. If you dream of an upscale lifestyle in Lagos, Banana Island is where you want to be.