When I was at THS {Dsc Technical High School}, our class list ran from A all the way to G, and some classes had 50 to 60 students in them. That is a lot of children in one class, every single day, with fees coming in every single term.
Back then I never thought about what that meant. I was a student. Today I am a realtor, and when I picture that school I see something different. I do not just see classrooms. I see a BUISNESS.
THS has been running since 1989. Its name is known, and its classes are already full. Nobody ever told us that the building we sat in every morning could be one of the most profitable pieces of real estate a person can own. That is why I say THS lied to us. Not about the textbooks, but about what was left out.
In this post I am breaking down how much a private school in Nigeria can really make, with real numbers, real staff pay and an honest look at what the income is not. If you are a THS alumnus, you are going to recognise a lot of this. And if you have ever wondered how to own a school yourself, the last part is for you.
Real Estate Is Not Just Land and a Dream Home
Most people hear real estate and think of two things: LAND banking, or building or buying a home to live in. Those are real, but they are only the beginning. Property is also a place where businesses run, and the businesses are where the income is.
A few examples I see all the time:
- Farms: land that earns every season instead of sitting empty
- Lounges and event centres: you own the space and rent it out by the night or by the event
- Shortlet apartments: nightly income instead of one annual rent
- Student hostels: steady demand near universities
- Warehouses: storage space for a growing e-commerce and logistics market
- Schools: the one I want to break down properly today
The pattern is the same everywhere. You own the property, and the property pays you. A school is simply one of the biggest versions of that idea.
The School I Am Using for This Example
To keep it simple, here is the school we are working with:
- Classes A to E at every level, with 40 students per class, so 200 students per level
- Six levels: JSS1 to JSS3 and SS1 to SS3, so 1,200 students in total
- Fees of 100,000 naira per term, across a 3 term year {Students currently pay more than this but lets use this }
- A total of 100 staff, which I break down below
I am being deliberately conservative. A school like THS runs more classes and more students than this, and I only used five classes per level at 40 students each. So treat every figure below as the low end, not the high end. These are my own estimates, not figures published by the school.
How Much a DSC TECHNICAL HIGH School in WARRI Brings In
| Item | Per level | Whole school |
|---|---|---|
| Students | 200 | 1,200 |
| Income per term | ₦20,000,000 | ₦120,000,000 |
| Income per year (3 terms) | ₦60,000,000 | ₦360,000,000 |
That is 360 million naira a year from tuition alone, before any extras like uniforms, books or HOSTEL which pays over 150k having over 300 students, which many schools charge for separately. And remember, that is only five classes per level. The real school is bigger.
Now before anybody starts shopping for land, we need to talk about what it costs to run.
How Many Teachers Does a School Like This Need?
A school with 6 levels and 5 classes per level has 30 classes. If it offers 12 subjects, every one of those subjects has to be taught in all 30.
A teacher handling 3 levels would have 15 classes to cover, which is too heavy. A teacher handling 2 levels has 10 classes, which is workable. That puts the minimum somewhere between 24 and 36 teachers. I am using 40 to give the school room above that.
A school this size needs more than teachers, so here is how I split 100 staff:
- 50 teachers: half newer, half experienced
- 25 non-teaching staff: lab attendants, cleaners, security, drivers and other support
- 15 administrators: principal, vice principal and the office team
- 10 extra hands: room to grow, like lab assistants, a school nurse or extra teachers
The Payroll: What 100 Staff Actually Cost
I used 90,000 naira a month for newer teachers and 120,000 for experienced ones, split evenly across the 40 teachers. Non-teaching staff are at 60,000, the middle of a 50,000 to 70,000 range. Administrators are at 200,000. The 10 extra hands are at 105,000, which is the average teacher pay.
| Role | Headcount | Monthly pay each | Monthly total |
|---|---|---|---|
| Newer teachers | 20 | ₦90,000 | ₦1,800,000 |
| Experienced teachers | 30 | ₦120,000 | ₦3,600,000 |
| Non-teaching staff | 25 | ₦60,000 | ₦1,500,000 |
| Administrators | 15 | ₦200,000 | ₦3,000,000 |
| Extra hands | 10 | ₦105,000 | ₦1,050,000 |
| Total | 100 | ₦10,950,000 |
Payroll comes to 10.95 million naira a month, or 131.4 million naira a year. That is about 36.5 percent of the 360 million naira the fees bring in, and I have kept the headcount generous on purpose.
What Is Left, and What That Number Is Not
360 million naira minus 131.4 million naira leaves about 228 million naira a year. Please do not read that as pure profit. It is the pool every other cost comes out of:
- Electricity, diesel and water
- Building maintenance and repairs
- Learning materials, lab supplies and exam registration
- Insurance, marketing and approvals from your state ministry of education
- The cost of the land and the buildings themselves
But look at what this model assumes. Only five classes per level. A fee of just 100,000 naira a term. A heavy payroll. And a school whose classes are already full, with a name that has stood since 1989. Very few investments let you start from demand that is already proven. That is what makes a school different from guessing on a new business.
Remember the school also generates money from other activities and students staying oncampus pay over 200k
It is still real work, not magic. But it is real money.
What Changes When the School Serves Expatriates
Now think bigger. Schools built for expatriate and international families usually charge far above a typical private school. Costs go up too, but so does the income per student with Charterhouse Lagos paying over ₦20m to ₦30m.
Here is a simple illustration, not a quote from any school. Take 300 students paying 500,000 naira a term. That is 150 million naira a term, or 450 million naira a year. Fewer students, a higher fee, and the whole picture changes.
So where do expatriate families live and work? Around big companies and big projects. That brings me Lagos and environs but let’s use Alaro City as a case study.
Why Alaro City Is on My Radar for Schools
Alaro City is a master-planned city inside the Lekki Free Zone in Ibeju-Lekki, on the Lekki-Epe corridor. It is planned with schools, homes, offices, hotels and healthcare facilities, and it sits close to the deep-sea port and the proposed airport, with multinational companies operating in and around the Free Zone. Where companies go, expatriate staff and their families tend to follow, and families need schools.
That is exactly the kind of location where a well-run school for expatriate families makes sense. And it all starts with commercial land. The right plot, with clean papers, in the right zone, is the difference between a school that fills up and one that struggles.
Where Real Estate Comes In
This is the part THS never taught us. There are three ways to play it:
- Build and run it yourself. You buy the land, build the school and operate it, or hire a manager to do it.
- Build it and lease it. You own the building and rent it to an operator for annual rent, so you earn without running a school.
- Buy an existing school property. An older site that is underused can cost less than building from scratch.
In all three, the land decision comes first. A school needs enough space, good road access and families living nearby, whether that is Alaro City or another growth area across Lagos and Ogun. My guide to the best areas to buy property in Lagos by budget will help you think through location.
And the land has to be clean. A school built on disputed land is a disaster waiting to happen, so run every plot through the process in my land scam verification checklist before any money moves.
My Honest Take
A school is not easy money. It needs approvals from the state ministry of education, good teachers, a good reputation and patience. But the numbers show why serious investors treat schools as seriously as apartments. The owners who win are the ones who get the land right first, then build, or lease to the right operator.
To every THS alumnus reading this: you already know the building. You remember how many of us were packed into those classes. Now do the maths on it.
Frequently Asked Questions
How much does it cost to start a private school in Nigeria?
It depends on the state, the land, the size and the buildings, so any single figure would be a guess. Land and construction are usually the biggest costs, which is why real estate knowledge matters so much here. Tell me your budget and your preferred state and I will tell you what is realistic.
Is a private school in Nigeria profitable?
It can be. In this example a school with just five classes per level brings in 360 million naira a year against 131.4 million naira in payroll for 100 staff. That is gross income, so running costs still come out of what is left.
How many staff does a school like this need?
In this example I used 100: 50 teachers, 25 non-teaching staff, 15 administrators and 10 extra hands. The real number depends on the size of the school and the subjects it offers.
How much do private school teachers earn in Nigeria?
I used 90,000 to 120,000 naira a month in this example, depending on experience. Real pay varies widely by school and state.
Can I buy commercial land in Alaro City to build a school?
Alaro City is a master-planned city, so what you can build depends on plot availability, zoning and approvals. Verify all three before you pay for anything. Message me and I will check what is available and what fits your plan.
Can Dnovaaproperties help me buy land for a school outside Alaro City?
Yes. We sell across Lagos, Abuja, Ogun and Oyo, and every plot goes through our verification process before it reaches a client.
Ready to Own a School Property?
If you are reading this and thinking, I could do this, you are right to. The first step is not the building. It is the land. This is what I do for my clients:
- Find commercial land in Alaro City, or anywhere else in Lagos, Ogun and Oyo that suits a school
- Verify the title and documents before a naira changes hands
- Advise on plot size, location, and whether to build, lease or buy an existing school property
Living abroad? My diaspora guide to buying property in Nigeria walks you through the process.
Tell me your budget and the kind of school you have in mind, and I will tell you honestly what is possible. Message me on WhatsApp and let us get you started.