The Real Estate Developers Association of Nigeria (REDAN) has expressed confidence that Nigeria can bridge its housing deficit within the next decade if governments at all levels prioritise faster land titling, improved infrastructure, affordable mortgage financing and stronger collaboration with the private sector.
President of REDAN, Oba Akintoye Adeoye, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja, where he outlined key reforms needed to accelerate housing delivery across the country.
Adeoye, who is also the paramount ruler of Okeigbo in Ondo State, said although REDAN alone cannot eliminate the nation’s housing shortage, the association remains a critical contributor to efforts aimed at reducing the deficit.
According to him, every new housing development contributes to narrowing the gap and improving access to decent accommodation for Nigerians.
“Whatever the size of the shortage, every new building reduces the deficit. REDAN may not close the gap alone, but we remain a major contributor,” he said.
The REDAN president stressed that addressing Nigeria’s infrastructure challenges is fundamental to unlocking large expanses of land suitable for residential development.
He noted that many potentially viable locations remain underdeveloped due to inadequate road networks, unreliable electricity supply and limited access to water and other essential services.
“If we want to bridge the deficit, we must be intentional and pragmatic. We have to close the infrastructure gap first,” Adeoye said.
He also identified delays in land administration processes as a major obstacle to housing development, urging governments to simplify and accelerate the issuance of Certificates of Occupancy (C of O), Rights of Occupancy and other development approvals.
According to him, prolonged approval timelines discourage investors, increase project costs and slow down housing delivery.
“Land titling requires policy attention. Certificates of Occupancy and building approvals should be processed within one to four weeks,” he said.
He lamented that some approvals currently take as long as five years, a period he described as sufficient to complete thousands of housing units in other countries.
“Some approvals take up to five years. That period is enough to complete tens of thousands of housing units elsewhere,” he added.
Adeoye further emphasised the importance of affordable and long-term financing in expanding homeownership and stimulating growth in the housing sector.
He called for access to funding at single-digit interest rates and repayment plans that align with the long-term nature of housing investments.
“We need affordable funding at single-digit interest rates and long repayment periods. Long-term projects cannot be financed with short-term funds,” he said.
He explained that affordable mortgage financing remains essential for many Nigerians who desire homeownership but lack the financial capacity to purchase houses outright.
“Without affordable mortgages, many Nigerians cannot buy houses, regardless of the number built. Mortgage financing is critical to closing the housing deficit,” Adeoye stated.
Commenting on the Federal Government’s Renewed Hope Housing Programme, the REDAN president acknowledged ongoing efforts under the initiative but called for greater commitment to affordability and mortgage support.
“The programme is ongoing, but government should be more intentional, make it more affordable and provide mortgages for beneficiaries,” he said.
Adeoye assured Nigerians that members of REDAN would continue investing in quality housing projects despite prevailing economic and operational challenges in the real estate sector.
He reiterated the association’s commitment to partnering with government and other stakeholders to increase housing supply, promote homeownership and contribute to the nation’s economic development.
