From Our Housing Stand (153)
In the conversation about national development, real estate is often treated as a side issue a support act to the “main” economic players like oil, technology, and agriculture.
This must change. If Nigeria is truly serious about lifting millions out of poverty, creating jobs, and building an economy that can stand the test of time, real estate and housing must be placed at the very center of the national agenda.
Real estate is not just about building houses. It is about building communities, economies, and futures. In countries around the world, a strong housing sector has been the backbone of economic growth, providing employment across multiple industries from construction to finance to services and creating the kind of stability that fuels entrepreneurship and innovation. Nigeria cannot be an exception.
Today, Nigeria faces an estimated housing deficit of over 20 million units. This is not just a statistic; it is a national emergency. Behind each number is a family living in inadequate conditions, a young graduate unable to find affordable shelter, a city struggling to provide basic services to overcrowded neighborhoods. The consequences are social unrest, stunted economic potential, and an ever-widening gap between the wealthy few and the struggling many.
Housing development has a unique multiplier effect on the economy. Every house built creates jobs from architects to bricklayers, from engineers to furniture makers. The financial sector benefits from mortgage arrangements. Manufacturing thrives on the demand for building materials. Services like security, landscaping, and maintenance also find new opportunities. Simply put: when housing grows, the entire economy breathes easier.
However, for this sector to realize its full potential, several critical reforms must happen.
First, access to land must be dramatically improved. Land remains the lifeblood of real estate, yet Nigeria’s land administration is mired in bureaucracy, corruption, and inefficiency. The cost of obtaining land titles is exorbitant, and the time taken to secure approvals is often endless. This must change. Government at all levels must embrace digital land registries, simplify processes, and cut down the outrageous fees that discourage investment.
Second, financing must be made accessible and affordable. Mortgage penetration in Nigeria is less than 1% of GDP an embarrassing figure when compared to more developed economies. Banks are reluctant to lend to homebuyers or developers, citing high risks. Yet without access to long-term, low-interest housing finance, the dream of homeownership remains just that a dream. Public-private partnerships must be fostered to provide innovative financing solutions, including rent-to-own schemes, cooperative housing models, and government-backed mortgage guarantees.
Third, and perhaps most urgently, Nigeria must pass the Real Estate (Regulation and Development) Bill, championed by bodies like REDAN (Real Estate Developers Association of Nigeria). The necessity of this Bill cannot be overstated. Currently, Nigeria’s real estate sector operates in an uncoordinated and largely unregulated environment, leaving room for fraudsters, quacks, and unethical developers to flourish to the detriment of genuine investors, honest homebuyers, and the reputation of the industry itself.
The REDAN Bill seeks to establish a robust regulatory framework that promotes order, transparency, and accountability across the sector. It aims to protect the interests of all stakeholders developers, buyers, financiers, and government regulators by setting clear standards and guidelines for property development and sales.
With the Bill in place, cases of fraudulent land sales, abandoned projects, and substandard buildings will drastically reduce. Investor confidence will rise. Ethical practices will become the norm rather than the exception.
If Nigeria is to attract the billions of dollars in domestic and foreign investments that the real estate sector is capable of absorbing, a clear, credible legal framework like the REDAN Bill is absolutely essential. It is the foundation upon which a modern, thriving housing sector must be built.
Fourth, affordable housing must move from rhetoric to reality. While luxury apartments and high-end estates dot the skylines of major cities, the average Nigerian cannot afford even the most basic decent home. There must be deliberate government incentives including tax breaks, infrastructure support, and subsidies to encourage developers to focus on affordable and social housing projects. Housing should not be a privilege of the rich; it must be a right accessible to all hardworking Nigerians.
Fifth, we must recognize that real estate is an instrument of social stability. A nation where millions are locked out of decent shelter is a nation vulnerable to social unrest, insecurity, and political instability. Homeownership gives people a stake in their society. It instills pride, encourages civic responsibility, and fosters economic independence. The question of housing, therefore, is not just economic; it is existential.
Real estate developers themselves have a role to play. Beyond profit, there must be a commitment to professionalism, ethics, and innovation. Fly-by-night operators and unscrupulous developers have done grave damage to the sector’s reputation. Self-regulation, peer review, and strict enforcement of ethical standards must become the norm. Here again, the Real Estate (Regulation and Development) Bill will provide the necessary structure to uplift industry standards.
Technology must also be embraced. Smart cities, green buildings, and digital platforms for property management are no longer futuristic ideas they are today’s reality. Nigeria must not lag behind. Sustainable construction practices, energy-efficient housing designs, and environmentally conscious urban planning must be encouraged.
The dream of every Nigerian family owning a decent, affordable home should not remain a distant hope. It should be an achievable goal within the lifetime of this generation. Government policy, private sector investment, and community action must come together in one powerful movement to make this dream a reality.
Housing is human dignity. Housing is economic growth. Housing is national security. It is time Nigeria stops treating real estate as a sideshow. It is time to recognize that in the bricks and mortar of homes lies the true foundation of a prosperous, stable, and inclusive nation.
