‘How we can solve housing deficit’
Real estate developers have renewed calls for stronger government support and closer collaboration to tackle the housing deficit, particularly in Lagos. They urged government to expand access to affordable mortgage
Real estate developers have renewed calls for stronger government support and closer collaboration to tackle the housing deficit, particularly in Lagos.
They urged government to expand access to affordable mortgage financing through institutions as Federal Mortgage Bank of Nigeria, noting this would enable more Nigerians to own homes.
Chairman of Real Estate Developers Association of Nigeria in Ogun State, Dr. Adeniyi Adeyemi, spoke during unveiling of three housing projects by his firm, Dealclinchers Homes, in Lagos: Glorious Ville Court in Ikeja GRA, Amazing Grace Court 2 in Ogudu, and Iyanu Court in Opebi, Ikeja.
Adeyemi, managing director, said although private developers are committed to bridging the housing gap, structural challenges limit their capacity to deliver affordable housing at scale.
He identified access to land as a major constraint, noting that the high cost and limited availability of suitable land remain significant barriers.
According to him, government intervention through provision of land at reduced rates would ease costs and encourage mass delivery.
The chairman also highlighted financing as a critical challenge, stressing the need for low-interest, single-digit funding options.
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He said without affordable financing, developers often transfer rising construction costs to buyers, making housing less accessible.
Adeyemi noted existing mortgage frameworks are largely inaccessible to developers at the early stages of projects, thereby restricting access to capital.
In addition, he said bureaucratic bottlenecks is a major impediment. Delays in obtaining approvals, securing title documents, and dealing with multiple regulatory agencies, he said, increase costs and extend project timelines.
He called for improved coordination among government agencies to streamline processes and eliminate duplication of responsibilities.
On the role of private sector in addressing this deficit, Adeyemi advocated stronger Public-Private Partnerships.
He explained that such arrangements would allow the government to provide land, while developers contribute financing and technical expertise.
“This model can significantly reduce the cost of housing delivery and fast-track the development of new communities,” he said.
Adeyemi maintained that addressing the housing deficit requires a collaborative approach, with the government creating an enabling environment for private sector participation.
According to him, policies that ensure affordable land, accessible financing, and reduced bureaucracy will empower developers to scale up housing delivery and help close Nigeria’s housing gap.
