Lagos State Deputy Governor, Obafemi Hamzat, has advised young people, particularly those at the early stages of their careers, to make housing decisions based on their income and financial capacity rather than rushing to secure independent accommodation.

Hamzat gave the advice on Thursday during a question-and-answer session on Nigeria Info FM, while responding to concerns over how a 22-year-old earning ₦100,000 monthly could afford a self-contained apartment or mini-flat costing about ₦1 million in annual rent.

The deputy governor said young Nigerians should not feel pressured to move out and rent their own accommodation immediately after getting a job if their earnings cannot comfortably support the cost.

He explained that living with parents, relatives or other family members was consistent with traditional living arrangements in Nigeria and could provide young workers with an opportunity to establish themselves financially before taking on higher housing expenses.

“Don’t let us misunderstand ourselves as a people. We are cultural people. Do you understand? So, if I start work as a young person and I’m not married, a lot of us live with our parents. A lot of us live with our cousins,” Hamzat said.

He also referenced living arrangements in countries such as Turkey, where young people may remain with family members or share accommodation while building their financial independence.

According to him, there is nothing wrong with starting with modest accommodation and upgrading as income increases.

“So, if you don’t start from the top self-contained, you don’t start from the top. You start from the average depending on,” he said.

Hamzat Sets 40% Rent Benchmark

Hamzat also advised workers against committing an excessive share of their earnings to accommodation.

He said spending more than 40 per cent of one’s income on rent was too high because workers still needed to cover food, clothing, transportation and other essential expenses.

“In fact, if you spend more than 40 per cent of your income on rent, it is too high because you must eat, you must buy clothes, you must do transportation,” the deputy governor said.

He encouraged young people to consider affordable housing options while developing a culture of saving and gradually improving their housing situation as their financial capacity grows.

Lagos Promotes Mortgage Financing

Beyond the issue of rental affordability, Hamzat said the Lagos State Government was promoting mortgage financing as an alternative route to homeownership.

He explained that purchasing a property through a single upfront payment was beyond the reach of many Nigerians, making mortgage financing necessary for expanding access to homeownership.

According to him, the Lagos State mortgage board was established to provide financing options to residents who can demonstrate their ability to repay.

“But, you know, the challenge is we cannot continue to buy houses the way we buy rice and yam. Do you understand? So, we must buy properties using a mortgage, and that’s why we have a mortgage board in Lagos,” Hamzat said.

LASRRA Identification to Support Mortgage Assessment

Hamzat also explained how the Lagos State Residents Registration Agency (LASRRA) identification system could support the mortgage process.

He said the system could help establish a resident’s identity, address and place of employment, information that could assist lenders in assessing an applicant’s ability to repay a housing loan.

“So, that’s why we said people must have LASRRA number, so we can know that, okay, you live in Lagos. This is where you live. This is your address. This is where you work. So that there is a credit bill that checks everything that says, okay, you can pay,” he said.

₦7m Property Example

Using a ₦7 million property in Bisedi as an example, Hamzat explained how mortgage financing could allow a prospective homeowner to spread the cost of the property over several years.

He said a buyer could make an initial payment of 10 per cent, equivalent to ₦700,000, and repay the outstanding balance over a 10-year period.

“So, if a flat in Bisedi, which is seven million naira, you pay 10 per cent with 700,000, and over 10 years, you are able to pay monthly,” he said.

Hamzat added that the monthly repayment would depend on the buyer’s income and ability to repay.

“Some people pay 25,000 monthly or 35,000, whatever it is, depending on your income,” he said.

According to him, mortgage financing provides residents with an alternative to paying the full purchase price at once, which many prospective homeowners may not be able to afford.

“That is the way to go because we know that a lot of people will not be able to afford to pay a one-shot deal,” he said.

Hamzat Urges Young People to Start Small

The deputy governor encouraged young Nigerians to begin with housing they can afford while developing a consistent savings culture and working towards eventual property ownership.

He said young workers should not feel that they must immediately secure expensive accommodation when they are just starting their careers.

“But the bottom line is, like I said, the culture of ability to save, so that if people see that you can save money, then I can give you a property.

“It doesn’t have to be, if you are a young person, you can start with one bedroom or even a self-contained, like you explained,” he said.

Housing Affordability Linked to Income

Hamzat acknowledged that housing affordability cannot be separated from the wider economic environment.

He stressed the need to improve residents’ earning capacity so that more Nigerians can afford decent accommodation and eventually own homes.

“What is important is we must also build our economy in such a way that people earn better, you understand, so that everybody can be uplifted, and that is the bottom line,” he said.

He added that reducing the cost of goods and services would also help residents manage their incomes and make more sustainable housing decisions.

“The cost of buying things is what we need to fix first, and then when we fix that, which is what the Federal Government is doing now, then we’ll be able to talk a lot more about other pillars that stop on top of that,” Hamzat said.

The post Lagos Deputy Governor Urges Young Workers to Consider Living With Parents Over High Rent appeared first on Housing TV Africa.

… Advocacy group urges government to prioritise incentives for developers to develop low-cost housing estates

The Housing Development Advocacy Network (HDAN) has raised strong concerns over the rising cost of rent and agency fees in the Federal Capital Territory (FCT), urging the National Assembly to intervene with urgent legislation to address the growing crisis.

According to HDAN, the FCT is experiencing a worsening housing affordability challenge that disproportionately affects civil servants, artisans, and low- to middle-income earners. Driven by inflation, population growth, and rapid urbanization, housing demand has far outpaced supply, resulting in exorbitant rent levels.

Currently, a self-contained apartment in Abuja costs as much as ₦1 million annually, while a three-bedroom flat attracts as high as ₦3.5 million.

HDAN’s Executive Director, Festus Adebayo, noted that beyond high rents, tenants are forced to bear additional burdens such as agency fees ranging from 20 to 25 percent of annual rent, caution fees, and maintenance charges from quacks. These costs consume a significant share of household incomes, forcing many residents to relocate to distant satellite towns where cheaper accommodation is available.

The consequence, he said, is longer daily commutes, reduced productivity, mounting financial strain, and a decline in overall quality of life.

The group further warned that the absence of rent control mechanisms and effective regulatory oversight has allowed for arbitrary rent hikes and exploitative practices in the property market, worsening inequality and fueling social challenges such as homelessness and the expansion of informal settlements.

To address the crisis, HDAN called on the National Assembly to enact a Rent and Agency Control Bill, while also mandating the Federal Government through the Ministry of Housing and Urban Development to prioritize the development of low-cost housing estates for civil servants and artisans.

The organization also recommended the establishment of an FCT Housing Authority to regulate rent increases and curb excessive agency charges, as well as periodic oversight of housing policies by the House Committee on Housing and Habitat.

In addition, it urged lawmakers to work with the executive arm of government to address the rising cost of building materials, which significantly drives up overall housing expenses.

Adebayo stressed that deliberate action was urgently required to prevent Abuja’s housing market from becoming completely unsustainable.

He described affordable housing as both an economic necessity and a matter of social justice, urging lawmakers to prioritize the issue in order to protect the most vulnerable residents of the FCT.

HDAN is a research-driven, non-profit, volunteer, and non-governmental organization dedicated to promoting affordable housing across Africa. With a membership of over 5,000 professionals spanning various disciplines within the housing and construction industry, HDAN strives to advance sustainable housing solutions throughout the continent.

The post HDAN Calls for Urgent Legislative Action on Soaring Rent in FCT appeared first on Housing TV Africa.

Merchants at the Zone 3 Neighbourhood Centre in the Federal Capital Territory have voiced deep frustration over what they describe as worsening business conditions, marked by dilapidated infrastructure, inadequate amenities, and unaffordable rents.

Speaking to reporters on Tuesday, the traders said the commercial hub has long suffered neglect, leaving them grappling with cramped workspaces, sanitation issues, and severe parking shortages.

A Furniture dealer explained that the limited size of stalls at the temporary site has compounded operational challenges.
“Most of us work in the furniture trade, but the spaces are far too small. It’s crippling our efficiency,” he said, urging authorities to construct modern, well-equipped shops tailored to traders’ needs.

Another trader, called for the removal of derelict vehicles abandoned near the premises.
“They are a safety hazard and block potential parking areas. Customers struggle to access our shops,” he noted.

The surging cost of rent is the most pressing problem. She disclosed that annual shop fees now range between ₦1.5 million and ₦2 million.
“Many of us are barely staying afloat. The government should explore rent regulation to make these spaces affordable,” she appealed.

Meanwhile, others highlighted the deteriorating state of sanitation facilities, warning of health risks.
“The toilets are in an embarrassing and unhygienic state. Clean, functional facilities are essential if we want a safe business environment,” she said.

The traders are collectively calling on the FCT administration to address infrastructure decay, improve amenities, and create an enabling environment for commerce to thrive.

The post Abuja Traders Lament Soaring Rents, Poor Market Conditions appeared first on Housing TV Africa.