Socio-Economic and Regulatory Challenges of Uncompleted Building Projects in Commercial Hubs: Evidence from Lekki and Victoria Island in Eti-Osa LGA

The high incidence of uncompleted building projects in Lagos State poses significant challenges to urban development, safety, and investment sustainability. This study examines the socio-economic and regulatory factors contributing to the abandonment of building projects in the rapidly growing commercial hubs of Lekki and Victoria Island within the Eti-Osa Local Government Area. Using a mixed-method research approach, including structured interviews with stakeholders, field surveys, and document analysis, the study identifies key risk factors such as insufficient project funding, inflation, regulatory bottlenecks, weak enforcement of building codes, and land acquisition disputes. Findings reveal that more than 40% of abandoned projects in the study area were initiated by private developers who failed to meet planning approval conditions or suffered mid-project financing shortfalls. The study recommends a comprehensive review of planning approval processes, enforcement of regulatory penalties, and the establishment of a public–private monitoring framework to ensure sustainable development in commercial zones.