This call was made during a national conference organized by the Standards Organisation of Nigeria (SON) in collaboration with the Federal Ministry of Industry, Trade, and Investment in Abuja. Themed “Adherence to Standard Practices: Bedrock of Sustainable Development in the Building/Construction Sector,” the conference gathered key players from across the industry to address critical safety and regulatory challenges.

A communique signed by SON Director General, Dr. Ifeanyi Okeke, emphasized the urgent need to reinstate SON’s presence at Nigeria’s ports. Thirteen years ago, a directive was issued to remove the organization from ports to ease business operations, but stakeholders argue that this decision has compromised safety. Without direct oversight at the ports, SON cannot physically inspect and verify construction materials before issuing Nigeria Conformity Assessment Programme (SONCAP) certificates, increasing the risk of substandard materials flooding the market and endangering public safety.

According to SON, the recurring incidents of collapsed buildings stem from non-compliance with established construction standards, the use of inferior materials, and the engagement of unqualified personnel. While Nigeria has adopted several foreign building codes, experts stress that these regulations must be adapted to local environmental and economic conditions to be truly effective. Given the country’s current economic challenges and inflation-driven spikes in construction material prices, adhering to quality standards has become increasingly difficult for developers.

The conference participants strongly advocated for legal enforcement to ensure only certified professionals handle structural designs and construction projects. They recommended that SON enforce stricter certification requirements for all building materials used in Nigeria. Additionally, they called for laws that impose severe penalties on developers, contractors, and clients who fail to comply with safety regulations. A significant proposal from the conference was the mandatory routine integrity testing of buildings, particularly when modifications are made that alter their original structural intent.

Dr. Okeke noted that Nigeria’s rapid urbanization and population growth have placed unprecedented pressure on the construction sector, making quality control more critical than ever. While the demand for affordable housing continues to rise, it is imperative to balance accessibility with safety and sustainability. Despite numerous public awareness campaigns led by SON, many industry stakeholders still lack sufficient knowledge of the standards required for building safe and durable structures.

Another major recommendation from the conference was ensuring that professionals in the building sector operate strictly within their areas of expertise. Contractors, suppliers, and artisans were urged to commit to using only approved materials and strictly adhering to best practices. The participants also emphasized the need for educational institutions to integrate construction safety standards into their curricula to bridge the knowledge gap among future professionals. SON was further encouraged to maintain its active role in international standardization bodies like the African Organisation for Standardisation to align Nigeria’s construction regulations with global best practices.

With the frequency of building collapses posing an ever-growing risk to lives and property, stakeholders insist that immediate government action is necessary. The passage of the National Building Code into law is seen as a critical step toward enhancing construction safety and restoring public confidence in the industry. As discussions continue, the focus remains on the National Assembly to implement decisive policies that will prevent further tragedies and create a safer built environment for all Nigerians.

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This sharp increase, coupled with a dire shortage of available housing, has created a fierce competition where only the highest bidders secure accommodation, leaving many scrambling for alternatives.

The housing shortage has provided landlords and estate agents with an opportunity to exploit the situation. Agents are now charging exorbitant fees for services such as commission, agreements, and maintenance charges, adding further strain on those seeking shelter. The economic hardship gripping the country has only exacerbated the plight of tenants, with many forced to relocate to less desirable and more distant areas in search of affordable housing.

In Lagos, rents for newly constructed one-bedroom apartments in prime locations like Victoria Island, Lekki, and Ikeja GRA now range from ₦1.5 million to ₦3.5 million annually, a staggering increase from ₦600,000 to ₦1.2 million earlier in 2024. Two-bedroom apartments in these areas, which are in high demand but short supply, now cost between ₦5 million and ₦9 million, depending on amenities, while three-bedroom units fetch up to ₦14 million. For those unable to afford these prices, areas like Ayobo, Mowe-Ofada, and Ikorodu have become last resorts, despite the increased commuting costs they entail.

The crisis is no less severe in Abuja, where neighborhoods like Wuse 2, Asokoro, and Gwarinpa have witnessed rents for one-bedroom apartments soar to as much as ₦13 million, depending on size and location. The demand has overwhelmed supply, forcing many to compete for limited options. As a result, landlords in suburban areas have seized the opportunity to hike rents significantly.

One Lagos-based estate agent, Alhaji Sunday Agbabiaka, noted that properties in previously affordable areas like Ipaja and Ayobo have seen rental costs double or triple within a year due to overpopulation and soaring demand. “The demand for accommodation far outweighs the available supply. Landlords know this and are taking advantage of the situation. It’s not unusual to see 10 people competing for a single apartment, which inevitably leads to higher rents,” he explained.

Beyond the issue of demand and supply, rising construction costs have also contributed to the crisis. A landlord in Ikeja, who preferred to remain anonymous, blamed the situation on the escalating prices of building materials, which have made constructing new homes increasingly expensive. “Inflation is driving up costs everywhere, and landlords are using rental income as a way to survive,” he said.

Real estate experts have confirmed that Nigeria’s rental market is in the grips of an unprecedented crisis. Lagos-based surveyor and valuer, Olufemi Oyedele, emphasized that the housing deficit, estimated at nearly 20 million units, is a major driver of the problem. Combined with the high cost of building materials, rents in many parts of Lagos have risen almost threefold in the past year. Oyedele pointed out that even completed buildings often remain vacant due to poor enforcement of laws against abandoned properties. “If there were heavy taxes on abandoned properties, landlords would be incentivized to put them to use, easing the market pressure,” he argued.

Abuja-based real estate practitioner Osilama E. Osilama linked the housing crisis to broader economic challenges. He criticized the federal government for failing to mitigate the effects of fuel subsidy removal, which has triggered inflation across all sectors. “The surge in transportation costs has a domino effect, raising prices for food, building materials, and everything in between. This inflation is eroding the purchasing power of Nigerians, making it harder for them to afford housing,” Osilama explained.

He also condemned the abrupt nature of the subsidy removal, calling for a phased approach to ease the burden on citizens. Additionally, he proposed redirecting funds from ineffective poverty alleviation programs to develop robust public transportation systems, which could offset the rising cost of commuting for those forced to live in distant suburbs.

Experts agree that addressing Nigeria’s housing crisis requires comprehensive reforms. Osilama urged the government to tackle underlying economic issues by promoting job creation and sustainable growth while implementing policies to make housing more affordable. “This isn’t just about building homes; it’s about creating an environment where people can live, work, and thrive without being crushed by the weight of economic hardship,” he said.

As rents continue to climb and the housing shortage deepens, the calls for decisive government action grow louder. Without intervention, the gap between demand and supply will only widen, leaving millions of Nigerians struggling to find and afford a place to call home.

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Traditionally known for their pivotal role in property transactions to ensure legal compliance and documentation, lawyers are now taking a more active interest in the sector, driven by economic pressures and the need for financial stability.

While the legal profession has always been intertwined with real estate, this emerging trend goes beyond the traditional boundaries. Lawyers are not just legal consultants for property transactions; they are now exploring real estate as a lucrative side hustle or even a primary income source. The shift comes as the country grapples with an unpredictable judicial system, extended case timelines, and diminishing earnings from litigation.

Lawyers like Barrister Gerald, who has over two decades of experience, argue that the move isn’t entirely new. Legal practitioners have always been central to real estate dealings, as Nigerian law mandates that property documents like deeds of transfer or conveyance be “franked” by a licensed lawyer. Without a lawyer’s stamp, these documents are void. This statutory requirement ensures that lawyers remain indispensable in the property sector.

Barrister Gerald highlights the financial allure of these transactions, explaining that lawyers earn fees based on the value of property deals. For instance, a transaction worth ₦10 million could yield fees up to ₦1 million. This profitability, combined with the straightforward nature of most property transactions, has made real estate an attractive avenue for legal professionals.

For lawyers like Mr. Icent, who has been in the profession for over a decade, the shift to real estate is less about abandoning traditional practices and more about diversification. He notes that most lawyers view real estate as a complementary venture to enhance their income. Real estate transactions offer significant earnings with relatively less effort compared to prolonged litigation.

“Real estate is profitable. You can close one land deal for ₦100 million and walk away with a substantial amount. It’s a good way to supplement your income without leaving the profession entirely,” Mr. Icent explains. He also emphasizes that this shift doesn’t diminish the importance of core legal practices like contract law or corporate litigation but allows lawyers to balance their portfolios.

For younger lawyers, however, real estate is increasingly seen as a survival strategy. Ms. Ngozi, a former lawyer who transitioned out of the profession, observes that fresh graduates often face daunting financial challenges. Litigation, with its high costs, extended timelines, and uncertain outcomes, offers little stability. In contrast, real estate provides quicker returns and a more predictable income stream.

“Real estate is like the new oil money,” Ms. Ngozi remarks, noting that a single successful property deal can yield fees that far surpass months of litigation work. For many young lawyers, this financial security is far more appealing than the frustrations associated with traditional legal battles.

Despite the opportunities, this trend raises questions about the long-term impact on the legal profession. While seasoned lawyers argue that real estate remains a secondary pursuit, there’s concern that the growing focus on property transactions could lead to a decline in expertise in other critical areas of law, such as criminal or constitutional law.

Moreover, the pivot to real estate reflects deeper issues within Nigeria’s judicial system. Lengthy court processes, allegations of judicial corruption, and waning public trust have led many Nigerians to favor out-of-court settlements. This declining enthusiasm for litigation further pushes lawyers towards alternative income streams like real estate.

However, the foray into real estate isn’t without challenges. Lawyers must navigate a competitive and dynamic property market, maintain their legal acumen, and ensure compliance with regulations. Even as they embrace real estate, the fundamentals of their legal training remain essential.

Barrister Gerald underscores this point, stating, “Real estate transactions are deeply rooted in legal principles. Lawyers bring a unique value to this space because of their training, ensuring that deals are secure and compliant.”

The growing interest in real estate among Nigerian lawyers highlights the profession’s adaptability in a challenging economic landscape. While property transactions offer financial rewards, they also underscore systemic issues within the judiciary that continue to drive legal professionals toward alternative ventures.

As more lawyers explore real estate as a viable income source, the trend reflects a broader desire for stability and prosperity in an unpredictable economy. While the immediate benefits are clear, the long-term implications for the legal field and Nigeria’s justice system remain uncertain. Nonetheless, this shift illustrates how lawyers are redefining their roles to align with the demands of a rapidly evolving economic environment.

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In a significant move, the Federal Executive Council (FEC) last week approved a new $2.2 billion external borrowing plan under the 2024 Appropriation Act financing strategy. Finance Minister Wale Edun, in a post-FEC briefing, disclosed that the plan includes $1.7 billion from Eurobonds and $500 million from Sukuk offerings. He noted that Nigeria’s access to international capital markets signifies approval of President Bola Ahmed Tinubu’s economic policies.

This new borrowing plan is expected to push the nation’s external debt to the projected $45.1 billion mark by the year’s end. However, this decision comes amid rising debt servicing costs.

According to the Central Bank of Nigeria, the country spent $3.58 billion servicing foreign debt in the first nine months of 2024, reflecting a substantial 39.77% increase compared to $2.56 billion in the same period of 2023.

The DMO also reported in October 2024 that Nigeria’s total debt stock had climbed to N134.3 trillion by the close of June. Commenting on this trend, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns over the swelling debt load, citing limited revenue generation and persistent infrastructural shortcomings as key challenges.

The combination of continued borrowing and increasing debt service payments raises questions about the sustainability of Nigeria’s fiscal strategy and its potential long-term impact on economic stability.

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