Stakeholders in Nigeria’s built environment sector say the country must deliver at least 550,000 new housing units every year for the next decade to address its growing housing deficit.
The position was highlighted at the 2026 Professional Development Workshop organised by the Association of Town Planning Consultants of Nigeria in Lagos.
Housing Demand Driven by Urban Growth
Presenting a paper on urban property trends, real estate expert Samson Agbato explained that population growth, infrastructure expansion, and investor activity are shaping housing demand across major cities.
He noted that land acquisition driven by future value expectations—rather than immediate development—has become a dominant force in Nigeria’s urban markets.
“Nigeria needs at least 550,000 new homes annually for the next ten years,” he said, adding that speculative land banking is now a key investment strategy.
Infrastructure Fuels Land Speculation
Agbato pointed to emerging corridors where infrastructure projects are planned but not yet delivered, noting that these areas attract intense investor interest.
He cited Ibeju-Lekki as a prime example, where major projects such as the Dangote Refinery and Lekki Deep Seaport have significantly increased land values over time.
According to him, investors who anticipated these developments early have recorded substantial returns.
Rising Costs, Affordability Concerns
However, he warned that speculative practices come with consequences, including inflated land prices, delayed development, and reduced affordability for average Nigerians.
Agbato also linked rising construction costs to macroeconomic factors, particularly the removal of fuel subsidy, which has increased transportation and material costs.
With inflation at 33 percent and high interest rates, mortgage financing remains largely inaccessible, forcing many buyers into cash-based property transactions.
Urban Planning Critical to Market Stability
In his remarks, the National President of the Nigerian Institute of Town Planners, Dr Ogbonna Chime, emphasised the role of structured urban planning in shaping property values and ensuring balanced development.
He said effective planning determines how infrastructure, land use, and market forces interact within cities.
Call for Strategic Collaboration
Chairman of ATOPCON Lagos, Bello Akinwale, described the workshop as a platform for strategic engagement, stressing that town planning professionals play a central role in building sustainable and resilient communities.
He noted that as Nigeria continues to urbanise rapidly, coordinated planning and policy execution will be essential to meeting housing demand and maintaining orderly development.
