Real estate experts have emphasized that private developers alone cannot bridge Nigeria’s estimated 28 million housing deficit without coordinated government intervention, policy support, and sustainable financing mechanisms.
This position was shared during the launch of Shalom Park Estate Condominiums in Lagos, where industry stakeholders highlighted the increasing barriers facing the real estate sector, including skyrocketing construction costs, inadequate infrastructure, and a lack of affordable mortgage options.
Oluremi Oshikanlu, CEO of IFT Realty Limited and developer of Shalom Park Estate, said the financial burden of delivering truly affordable homes is beyond what the private sector can sustain on its own.
“No private investor can deliver low-cost housing without government support,” he said. “From the cost of land to materials and approvals, the system is stacked against affordability. Without long-term, low-interest mortgages and public infrastructure, we can’t close the housing gap.”
He explained that while developers strive to deliver homes, fluctuating prices for essential materials—like cement now priced at over ₦11,000 per bag and a truckload of sand costing ₦165,000—make affordability nearly impossible.
Oshikanlu called for government-led strategies that include making land available, streamlining permit processes, and enabling 30-year mortgage plans at interest rates under 10 percent. He also proposed that developers focus on building structural shells while homeowners complete interiors based on personal budgets and preferences.
“Finishing is personal taste. A door can be ₦50,000 or ₦250,000. Let the buyer decide,” he said.
He further acknowledged the vital role diaspora remittances are playing in real estate investments, with many Nigerians abroad channeling funds into estate developments in previously underdeveloped areas like Epe, Ogbomosho, and Ijebu-Ode. However, he noted that this has also widened the affordability gap for residents at home who struggle under inflation and lending rates exceeding 30 percent.
Oluwatobi Ariremako, Business Development Manager at Shalom Park Estate, echoed similar concerns. He stressed that while private developers bring capital, innovation, and execution capabilities, the scale of Nigeria’s housing deficit requires structured collaboration through Public-Private Partnerships (PPPs).
“The challenges we face—from land acquisition bottlenecks to financing constraints and the cost of off-site infrastructure—can’t be solved by developers alone,” Ariremako said. “The government must play its part by offering land with clear titles, investing in basic infrastructure, and creating an enabling environment for accessible mortgages.”
He added that such collaboration could unlock wider economic benefits beyond housing, including job creation, industrial growth, and increased investor confidence.
Both experts emphasized that solving Nigeria’s housing crisis requires political will, streamlined policies, and a clear commitment to long-term, sustainable urban development. Without this synergy, they warned, the housing gap would continue to widen, leaving millions without secure shelter.
