Opened in 2005, The Palms is Nigeria’s first shopping mall of international standards, providing 20,000 square metres of retail space to 69 retail tenants. The mall has a wide range of retail and service outlets, a food court, cinema and a bowling alley.

Prior to the opening of The Palms, shopping in Lagos was almost entirely through outdoor, informal markets. The variety of goods available to consumers was limited to few basic necessities like soap, detergent and shampoo of poor quality, sold at high prices. The Palms mall provides Nigerians with greater access to a number of higher quality products at more reasonable prices.

The Palms mall provides direct employment to approximately 700 Nigerians and has through supply chains created an estimated 5,000 more jobs. The development and the retail tenants of the mall contribute significant tax revenues to the government.

CDC’s fund manager Actis managed the entire development of The Palms mall from concept through to completion. A Health, Safety and Environmental impact study for the project was carried out before construction, and the shopping mall was designed in accordance with the recommendations of that study.

During the planning phase of development, the construction and mechanical and electrical contractors were required to develop plans for safe working as part of their pre-build work. These plans were then implemented during the construction phase and included a permit to work system, regular inspections, and the site being declared a hard hat and safety shoe area.

The Palms mall was sold in 2007 to Actis’ development partner Persianas properties, who are expanding the retail space and adding office and residential space.

1 From year-end 2007, except for when stated otherwise.
2 US$40m invested by Actis. CDC’s investment in Actis Africa Real Estate Fund is US$154m; total fund size is US$154m.
3 2006-2007.