Kenya Plans Affordable Homes for Ageing Parents of Citizens Abroad

The Kenyan government is planning to develop new housing units under its Affordable Housing Programme specifically for ageing parents of Kenyans living abroad.

Housing Principal Secretary Charles Hinga announced the proposal on Tuesday, September 22, during a meeting with Kenyans living in New York, United States.

According to Hinga, the planned housing developments are intended to address concerns raised by members of the Kenyan diaspora who want their ageing parents back home to have access to better housing settlements and essential services, particularly healthcare. 

Hinga said the proposal followed discussions with Kenyans abroad about the difficulties they face in caring for elderly parents while living and working outside the country.

He explained that some diaspora Kenyans had identified the welfare of their ageing parents as one of their major concerns.

“Last time, you asked that your biggest challenge as a diaspora is that you want to take care of your parents back home. Some of them have become old, and you want them to live in settlements where there is better health care,” Hinga said. 

He added that the government wants to develop housing communities where elderly residents could also have access to healthcare professionals.

“So we want to start putting up homes under our affordable housing program where you can even have nurses, doctors and all those other things so that now you can be able to put your parents,” the PS said. 

The proposed initiative would give Kenyans living abroad another option for securing accommodation for their parents while they remain overseas.

Rather than simply providing residential units, the proposed developments would incorporate essential services such as healthcare, allowing elderly residents to live in communities designed with their needs in mind.

Hinga said the Affordable Housing Programme is being expanded to serve Kenyans across different income groups.

The proposal comes as the government continues to implement its wider affordable housing programme across the country. 

Funding challenges remain

The announcement comes amid concerns over delays affecting some projects under Kenya’s Affordable Housing Programme.

A Parliamentary Budget Office report cited by Kenyans.co.ke indicated that more than 176 government projects had stalled because of delayed payments to contractors.

The stalled projects reportedly represented about 15 per cent of projects under construction.

According to the report, the affected projects included 16 affordable housing projects, 22 social housing and slum upgrading projects, 91 institutional and student housing projects, as well as 47 social and physical infrastructure projects. 

The delays were linked to a reported Ksh118.3 billion funding shortfall.

The funding challenge has emerged despite the government collecting Ksh205.7 billion through the housing levy since it was introduced in 2023.

The figures have raised questions about the pace at which funds collected through the housing levy are being converted into completed housing and related infrastructure projects. Kenyans.co.ke attributed the concerns to reporting by Bloomberg. 

The government is also reviewing the prices of affordable housing units, with new prices expected to be announced on October 1.

The review could affect how the programme is accessed by different categories of beneficiaries as the government continues to adjust the implementation of its affordable housing strategy. 

Housing and healthcare for elderly residents

The proposed housing scheme for ageing parents represents a specialised component of the government’s broader affordable housing strategy.

For Kenyans living abroad, securing suitable accommodation and care for elderly parents can be challenging, particularly when they live thousands of kilometres away.

The proposed model seeks to address both accommodation and access to basic services by locating elderly residents in planned settlements where healthcare workers and other essential services could be available.

The initiative would also give diaspora Kenyans the opportunity to secure homes for their parents through a structured government housing programme while continuing their employment and lives outside Kenya. 

The proposal is part of a wider government effort to expand affordable housing delivery and provide homes to Kenyans across different income categories.

Kenya’s Affordable Housing Programme has also been positioned as a means of increasing access to decent housing while supporting employment and economic activity through construction and related industries.

The government has continued to encourage eligible Kenyans to register for available units through the Boma Yangu platform. 

The proposed elderly housing developments would add another target group to the programme, with the specific focus on ageing parents of citizens living abroad.

However, the government’s ability to implement the new proposal will come alongside the existing challenge of completing stalled housing projects and resolving funding and contractor payment issues.

As Kenya reviews the cost of its housing units and continues expanding the Affordable Housing Programme, the proposed diaspora-focused housing option will depend on how the government structures the developments, healthcare services, financing arrangements and eligibility requirements.

For Kenyans abroad, the proposal could provide a formal housing option for parents who require more suitable accommodation and easier access to healthcare as they grow older.

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Nigeria Leads Africa in Homeless Population With 4.5 Million People

Nigeria has been ranked as the African country with the highest estimated homeless population, with about 4.5 million people classified as homeless in 2025, according to data from the World Population Review cited by Daily Trust.

The figure places Nigeria ahead of other African countries facing significant homelessness challenges, including Uganda and Sudan. Uganda is estimated to have about four million homeless people, while Sudan has approximately three million.

The figures highlight the scale of Nigeria’s housing challenges as rapid urbanisation, rising rents and population movement continue to place pressure on available accommodation.

Major cities, including Lagos, Abuja and Kano, are among the urban centres affected by the shortage of affordable housing, with growing numbers of people struggling to secure accommodation within their means.

The situation also raises concerns about the conditions under which people without stable shelter are forced to live.

Children are particularly vulnerable, with homelessness and the lack of stable accommodation exposing some to street life and hazardous forms of work. UNICEF has highlighted the risks faced by vulnerable children who lack adequate shelter and protection.

Nigeria’s position in the ranking comes against the background of a broader housing crisis across Africa. Rapid population growth and urbanisation have increased demand for housing, while the supply of affordable and adequate accommodation has struggled to keep pace.

The pressure is particularly pronounced in major cities, where high rents and limited access to affordable homes have made housing increasingly difficult for low-income households.

The data also comes amid continuing concerns about Nigeria’s housing deficit and the cost of providing new homes.

The World Population Review’s homelessness figures have varied by data year and methodology. Its current country table, for example, lists Nigeria’s larger 24.4 million estimate against a 2020 data year, underscoring the importance of considering the underlying year and definition when comparing homelessness figures internationally.

A separate United Nations report has also cited an estimate of more than 24.4 million homeless people in Nigeria, while noting that Africa faces a wider housing crisis driven by rapid urbanisation and the growth of informal settlements.

The housing situation is further complicated by the cost of construction, land acquisition, infrastructure and property registration, all of which can affect the pace at which new housing is supplied.

Addressing homelessness therefore requires not only increasing the number of homes available but also ensuring that new housing is affordable and accessible to households that need it most.

With Nigeria’s population continuing to grow and urban centres attracting people in search of jobs and better opportunities, the demand for affordable housing is expected to remain a major challenge for policymakers, developers and communities.

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Property Brokers Face Scrutiny as Rising Markups Push House Prices Higher

Nigeria’s real estate market continues to record soaring property prices, with activities by brokers in short-let apartments, property flipping and speculative investments adding pressure to an already strained market and further weakening housing affordability.

However, experts have differing views on how much influence brokers have over rising prices. While some acknowledge that brokers play a role in pushing prices higher, others point to increasing costs of land, cement, steel, labour, diesel, imported materials, financing, infrastructure and statutory charges as the major factors behind the increases.

For decades, traditional estate agents in Nigeria earned commissions by connecting willing buyers with sellers. But a new category of property brokers is increasingly emerging across Lagos and other major cities, becoming more involved in the property pricing process.

Rather than waiting for property owners to give them houses or plots to market, these brokers search for properties they believe are undervalued, negotiate directly with owners, secure agreements, add their own margins and then look for buyers.

Some acquire properties outright and resell them, while others secure control of properties and sell their interests before the transactions are completed.

Some brokers specialise in distressed properties, while others focus on land in emerging locations, off-plan apartments or houses that can be renovated and repositioned for a higher value.

The business model is straightforward: acquire or control a property at one price and sell or exit at a higher price.

The practice is attracting greater attention as Nigeria’s property market deals with high land prices, rising construction costs, limited housing supply and increasing rents. This has raised questions among property professionals and consumers about whether brokers are simply responding to rising prices or adding another layer of inflation to the market.

The growing interest in this model is partly driven by the returns available from property appreciation. Under the traditional agency model, an estate agent could earn a percentage of a N100 million transaction as commission.

Under the newer brokerage model, a broker who acquires the same property for N85 million and resells it for N100 million could potentially make N15 million before accounting for transaction and holding costs.

This means the incentive is no longer limited to completing transactions. Brokers also have an incentive to identify properties that can be acquired cheaply, controlled and resold at a higher price.

The distinction is becoming more significant in Lagos, where property values have increased sharply in several locations.

The 2026 Lagos Real Estate Industry Report by Agusto & Company estimated that land prices within five kilometres of the Lekki-Epe corridor increased by between 25 and 40 per cent from the first quarter of 2025 to the first quarter of 2026.

In Ibeju-Lekki, land prices reportedly rose from about N15 million per plot in 2024 to as much as N35 million in 2026.

Some locations have recorded even more dramatic increases.

Data from Lagos’ coastal property market showed that land values in the Bluewater-Okunde area increased from approximately N329,000 per square metre in 2021 to between N2.5 million and N2.8 million in 2026. That represents an increase of between 660 and 751 per cent, with the growth linked to major infrastructure and investment projects around the coastline.

Such appreciation can attract speculators, while each transaction may subsequently become a reference point for the next asking price.

For example, a homeowner may be willing to sell a property for N100 million, while an intermediary negotiates the price down to N90 million and subsequently resells it for N105 million or N110 million.

The next buyer may then use the higher resale figure as an indication of the property’s market value.

This can create a chain of mark-ups even when there has been no improvement or development on the property.

The situation is further complicated by limited reliable data on actual property transaction prices. Nigeria does not have a centralised mandatory registry for completed property transactions, while market reports often make a distinction between asking prices and the prices at which properties are actually sold.

Short-lets add another layer

Short-let apartments have introduced another dimension to the pressure on property prices, particularly in Lagos.

A conventional two- or three-bedroom apartment is increasingly being valued not only according to what a long-term tenant can afford to pay annually, but also according to the income it could generate from short-term occupants.

According to the Lagos Short-let Market Report 2025 by Edala Development, the Lagos short-let market generated an estimated N281.03 billion in revenue in 2025.

The report was based on 5,806 listings and projected revenue of approximately N285.5 billion for 2026. It also found that short-let properties can generate returns between three and six times higher than conventional residential leases.

Instead of relying on annual rent, an investor can furnish an apartment and market it for nightly or weekly stays.

For brokers, this provides another selling point because the property can be presented not simply as a home, but as an income-generating hospitality asset.

The calculation is influencing property values in areas including Lekki, Victoria Island, Ikoyi, Ikeja, Yaba and Surulere.

In Banana Island, the average short-let rate reportedly reached about N329,000 per night in 2025.

Such potential returns can encourage investors to value apartments based on their short-let earning capacity rather than conventional rental income, creating additional pressure on both property values and rents.

The growth of short-lets also has implications for housing supply.

Every conventional apartment converted into short-let accommodation potentially removes a unit from the long-term rental market.

A June 2026 report by The Guardian cited concerns from industry stakeholders that the conversion of residential properties into short-lets in Lagos and other major cities is contributing to the decline in conventional rental stock and rising housing costs.

Technology changes the brokerage market

Technology is also transforming the way property brokers operate.

Online listing platforms, digital advertising, social media, property mapping tools and faster access to market information allow brokers to circulate properties to thousands of prospective buyers within a short period.

While these tools can encourage greater professionalism in the sector, they can also create perceptions of scarcity and competition.

Brokers can advertise properties aggressively, circulate listings through WhatsApp groups and social media, generate multiple expressions of interest and create a sense of urgency that may encourage prospective buyers to increase their offers.

Registered estate agents, however, have differing views about the extent of brokers’ influence on property prices.

While some acknowledge that brokers contribute to rising prices, others attribute the increases largely to the rising costs of land, cement, steel, labour, diesel, imported materials, financing, infrastructure and statutory charges.

Vice Chairman, International, of the Association of Estate Agents in Nigeria (AEAN), Dr Adeniyi Tinubu, said brokers contribute to the rapid increase in Lagos property prices but described them more as “price amplifiers” than price-setters.

According to him, land scarcity, inflation and exchange-rate pressures remain the fundamental forces behind the market’s price increases.

“Property brokers, flippers and speculative investors are not simply passive observers of Lagos’ property boom. They can actively accelerate it. But they operate on top of powerful fundamental forces rather than creating the entire increase themselves,” Tinubu said.

Tinubu, who is also the Chief Executive Officer of Hudders Field Property Agency, said brokers contribute to property price inflation through expectation-driven pricing.

He explained that asking prices are often based on the prices at which neighbouring properties are listed rather than what those properties actually sold for.

He also pointed to multiple agency commissions, information gaps between property owners and buyers, and expectations of future appreciation as factors contributing to the trend.

“This creates an important distinction between asking prices and transaction prices,” he said.

“A market can appear to be appreciating rapidly because advertised prices are repeatedly marked upward, even when actual completed transactions have not increased by the same magnitude.”

Tinubu said property flippers have a more direct impact on prices, while land speculation represents the strongest inflationary mechanism.

According to him, investors who purchase land solely in anticipation of future appreciation effectively remove the land from productive supply while waiting for its value to increase.

“The more concerning phenomenon is speculative land holding combined with aggressive asking-price benchmarking. It can create a market in which anticipated future prices become the basis for today’s prices, rather than today’s prices being determined primarily by rental income, replacement cost and genuine end-user demand,” he said.

He added that buying properties for quick resale, particularly off-plan units and land in emerging areas, could push prices beyond underlying incomes, reduce access to homeownership, increase unaffordability and distort the rental market.

However, Tinubu cautioned against viewing every property investor as harmful.

He noted that speculative capital can provide early-stage funding for developers, help bring neglected land into the formal market, accelerate infrastructure and development, reduce financing risks, improve distressed properties and increase liquidity in the market.

“The critical distinction is between productive investment and purely extractive speculation,” he said.

“An investor who buys off-plan, holds the property, rents it out or develops it contributes to housing supply. An investor who simply buys scarce land, does nothing with it and resells it at a substantial markup contributes much less to housing supply while potentially increasing the acquisition cost for the eventual user.”

The National Chairman of AEAN, Olugbenga Ismail, also said speculation can amplify an already rising property market.

“Where properties and plots are repeatedly resold over short periods without any corresponding improvement, development or value addition, each transaction may introduce another layer of expected profit,” Ismail said.

He explained that the issue becomes more pronounced in emerging areas where investors buy properties largely on the expectation that another buyer will later pay more.

When speculation begins to outpace housing production, genuine homebuyers have to compete not only with other prospective homeowners but also with investors seeking capital appreciation.

Ismail, who is Principal Partner at Ismail and Partners, acknowledged that short-lets can reduce conventional rental supply in particular neighbourhoods.

However, he cautioned against attributing rent increases across Lagos entirely to the short-let sector without stronger empirical evidence.

“There is also evidence that landlords and investors have converted conventional rental accommodation into short-lets because of potentially higher returns and different tenancy-risk considerations,” he said.

“But the evidence is more nuanced than simply saying, ‘short-lets are increasing everywhere and therefore rents are rising.’”

Ismail called for greater transparency, professionalism and increased housing supply rather than direct price controls.

“The ultimate solution to housing affordability is not simply stopping somebody from selling property at a profit. It is ensuring that Lagos continually produces enough properly titled, serviced and appropriately priced housing to meet demand,” he said.

“Our long-term goal must therefore be greater supply, better data, stronger professional standards and a more transparent property market,” he added.

The Chairman of the Lagos State Chapter of AEAN, Abiodun Adelaja, attributed the steady increase in property prices largely to the rising cost of construction materials and general inflation.

He said landlords and developers determine property prices based on prevailing construction costs, making it difficult for them to sell properties at prices comparable to those charged several years ago.

Adelaja called for measures to reduce construction costs and greater government intervention through the development of public housing estates that would provide more affordable alternatives to privately developed estates.

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Six Million NHF Contributors, Fewer Than 500 Mortgages: Nigeria’s Homeownership Gap

Nigeria’s National Housing Fund has continued to attract billions of naira from workers, but the number of contributors successfully obtaining mortgages remains extremely low.

Housing and Urban Development Minister, Muttaqha Rabe Darma, recently said about six million Nigerians contribute between ₦120 billion and ₦150 billion to the fund annually, while the Federal Mortgage Bank of Nigeria books fewer than 500 mortgages.

Based on those reported figures, only a tiny proportion of contributors secure a mortgage each year, raising concerns about the fund’s ability to convert workers’ savings into widespread homeownership.

Established in 1992, the NHF requires eligible workers to contribute 2.5 per cent of their basic monthly salary. The funds are administered by FMBN and channelled into housing finance.

Under the current scheme, contributors may obtain up to ₦50 million through accredited primary mortgage banks after making continuous contributions for at least six months. The loans attract six per cent interest and can be repaid over a maximum of 30 years.

Although these terms are substantially cheaper than commercial mortgage rates, the price of housing remains beyond the repayment capacity of many workers.

A ₦50 million mortgage at six per cent over 30 years would require a monthly repayment of approximately ₦300,000, excluding insurance, documentation and other ownership expenses. This is more than four times Nigeria’s ₦70,000 national minimum wage.

The fund has also introduced home-renovation loans, construction finance, rent-to-own arrangements and a mortgage product for Nigerians in the diaspora.

However, differences in published beneficiary figures create further questions. While fewer than 500 mortgages are reportedly booked, broader estimates suggest that fewer than 20,000 Nigerians access various NHF-backed loans annually. These figures may cover different products and periods, underscoring the need for clearer reporting.

FMBN’s proposed National Mortgage Registry could improve transparency by tracking applications, approvals, disbursements, active loans and completed housing units.

Beyond affordable interest rates, experts say the NHF’s impact will depend on reducing land, infrastructure, building-material and construction costs.

The future performance of the scheme should therefore be measured not only by how much money it collects, but by how many contributors receive affordable homes with repayments that correspond to their incomes.

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Luxury Two-Bedroom Rent in Lagos Averages $19,379 Yearly — Report

Lagos has emerged as Africa’s fourth-most expensive city for renting a luxury two-bedroom apartment, according to real estate research attributed to Fortren & Company.

The report placed the average annual rent for such properties in Lagos at $19,379—approximately ₦26.8 million at the exchange rate applied in the study.

Abidjan ranked first with an average annual rent of $41,671, followed by Cape Town at $27,813 and Accra at $26,299.

The Lagos figure relates primarily to high-end properties in prime neighbourhoods such as Ikoyi, Banana Island and Victoria Island. It should not be interpreted as the average rent for a two-bedroom apartment across the entire state.

Some ultra-luxury apartments along Bourdillon, Alexandra and Gerrard roads in Ikoyi reportedly command annual rents of up to $130,000.

The report linked Lagos’ elevated luxury rents to the limited availability of prime land, strong demand, high construction costs, speculative activity and the depreciation of the naira.

Many properties within the city’s premium residential market are also priced in United States dollars, protecting owners from local currency depreciation but increasing the financial burden on tenants earning in naira.

Demand is supported by expatriates, diplomats, senior corporate executives and Nigerians returning from the diaspora who seek secure, fully serviced apartments with reliable electricity, water, leisure facilities and professional property management.

Tenants may also face agency fees, service charges and demands for one or two years’ rent in advance, pushing the total cost of securing accommodation considerably above the advertised rent.

The ranking highlights the strength of Lagos’ premium rental market while drawing attention to the widening affordability gap between luxury housing and accommodation accessible to average-income residents.

Sources: PUNCH and Abode2.

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Building Materials Now Account for Up to 75% of Construction Costs — Experts

Industry stakeholders have warned that the escalating cost of building materials is making homeownership increasingly difficult and contributing to higher rents and abandoned construction projects across Nigeria.

Professor Bolaji Wahab, a former chairman of the Nigerian Institute of Building, said materials now represent between 65 and 75 per cent of the total cost of delivering a building project.

Wahab attributed the increases to Nigeria’s dependence on imported materials and inputs, foreign-exchange pressures, expensive energy, poor roads, high transportation costs, multiple taxes, insecurity and commercial lending rates reportedly reaching 26.5 per cent.

Building engineer Adekunle Balogun said a 50-kilogramme bag of cement, which sold for between ₦2,500 and ₦3,000 in 2020, now costs approximately ₦12,500 to ₦15,000, depending on the location.

He added that the price of a tonne of 12mm reinforcement steel had risen from about ₦250,000 to between ₦800,000 and ₦950,000. Blocks, roofing sheets, timber and nails have also recorded significant increases.

Stakeholders said the rising costs were forcing private builders to suspend projects while developers reduced the scale of planned developments. The resulting pressure on housing supply has also contributed to rent increases in major cities.

Wahab urged the government to support domestic manufacturing through single-digit financing, tax incentives, improved electricity supply and better transport infrastructure.

He also recommended increased investment in research, technical education and nationally recognised certification for construction artisans.

Greater local production of cement, steel, tiles, roofing materials and fittings, stakeholders argued, would reduce exposure to foreign-exchange fluctuations and make housing delivery more affordable.

Source: The Sun Nigeria.

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Morocco’s preparations to co-host the 2030 FIFA World Cup are generating growing interest in the country’s property market, as major rail, airport, tourism and urban-development projects move from planning into implementation.

Despite the rising investment activity, national housing prices have not yet recorded the rapid increase typically associated with a speculative property boom.

Residential prices rose by approximately one per cent year-on-year in the second quarter of 2026, according to property-market data from Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography.

Apartment prices increased by 1.1 per cent, while house prices declined by 0.7 per cent and villa prices fell by 0.3 per cent.

The figures suggest that Morocco’s residential market is recovering gradually rather than experiencing a nationwide World Cup-driven surge.

Transaction volumes, however, are increasing faster than prices. Total property transactions rose by 11 per cent between the first and second quarters of 2026, while residential transactions increased by 6.3 per cent.

Apartment sales rose by 5.2 per cent, house transactions increased by 25.4 per cent and villa sales climbed by 34 per cent during the quarter, although some of the growth followed weak activity earlier in the year.

The rising transaction volume could indicate that buyers are returning to the market before prices begin accelerating significantly.

A major factor supporting investor confidence is Morocco’s infrastructure programme ahead of 2030.

The country’s railway operator, ONCF, is implementing an investment programme valued at approximately 96 billion Moroccan dirhams.

The programme includes about MAD53 billion for the 430-kilometre Kenitra–Marrakech high-speed railway extension, MAD29 billion for 168 new trains and MAD14 billion for upgrading the existing rail network.

The high-speed line is expected to connect Marrakech with Casablanca, Rabat and Tangier, while new metropolitan rail services are planned around major urban centres.

Morocco has also committed about MAD38 billion to airport expansion, with national passenger capacity targeted to increase from approximately 34 million to 80 million by 2030.

The planned expansion covers Casablanca’s Mohammed V International Airport and airports serving other World Cup host cities.

Improved transport links could strengthen property values in neighbourhoods that gain permanent access to employment centres, railway stations, airports and tourism districts.

However, proximity to a stadium or infrastructure project does not automatically guarantee strong property returns. Actual commuting times, road connectivity, local employment, rental demand and the volume of new housing supply will remain important.

Casablanca, Rabat, Tangier and Marrakech appear to have the strongest combination of economic activity, population, tourism and transport investment.

Casablanca benefits from its position as Morocco’s leading commercial centre, alongside proposed airport, railway and metropolitan-transport improvements.

Rabat combines government employment with population growth, high-speed rail access and airport development, while Tangier already benefits from an operational high-speed railway and a strong industrial and port economy.

Marrakech has significant exposure to international tourism and will become the southern destination of the expanded high-speed railway.

Morocco reportedly received 19.8 million international tourists in 2025, representing a 14 per cent increase from 2024. Tourism receipts exceeded MAD138 billion.

The tourism growth could support hotels, holiday accommodation and short-term rentals, particularly in Marrakech, Agadir and Tangier.

Nevertheless, premium villas, renovated riads and luxury apartments marketed to foreign buyers may already include a significant 2030 price premium.

Affordability also remains a constraint. The average interest rate on property loans stood at about 5.06 per cent, while average annual household income was estimated at approximately MAD89,000.

Household debt reached MAD456 billion in 2025, with housing loans accounting for about 60 per cent of the total.

Supply presents another risk. Morocco’s urban housing stock increased from 6.2 million dwellings in 2014 to 8.34 million in 2024.

About 1.1 million urban homes were vacant, while another 1.3 million were classified as secondary or seasonal residences. Together, they represented almost 29 per cent of the urban housing stock.

These figures indicate that Morocco’s housing challenge involves a mismatch between location, price and demand rather than a straightforward nationwide shortage.

The strongest property opportunities ahead of 2030 are therefore likely to emerge in neighbourhoods where permanent infrastructure, employment and tourism demand grow faster than new housing supply.

Investors should examine property titles, planning approvals, rental demand, local incomes, project completion risks and neighbourhood-level supply before purchasing.

Morocco’s World Cup preparations provide a credible long-term development story, but investors must distinguish between property benefiting from lasting economic improvements and developments relying mainly on 2030 marketing.

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The dream of building a personal home is becoming increasingly difficult for young Nigerians as rising construction costs, expensive land, limited mortgage access and declining purchasing power combine to weaken housing affordability.

For many young people, securing employment and maintaining regular savings no longer provide a reliable path to homeownership. A growing proportion of household income is now spent on food, rent, transportation, electricity and other necessities, leaving little for land acquisition or construction.

A 2024 savings report by PiggyVest indicated that 65 per cent of Nigerians surveyed either earned below ₦100,000 monthly or had no income.

Only 57 per cent reportedly had some form of financial safety net, down from 64 per cent in the preceding year. The report also found that just 15 per cent had increased their savings, while 19 per cent of those who previously maintained emergency funds had lost them.

The income challenge has been compounded by sharp increases in the prices of essential building materials.

A March 2026 market report placed the price of a 50-kilogramme bag of cement at between ₦11,500 and ₦15,000, compared with about ₦2,500 to ₦3,000 in 2019.

This represents an increase of as much as 367 per cent within seven years.

For a residential project requiring hundreds of bags of cement, the price difference can add several millions of naira to the construction budget.

Other building inputs, including reinforcement steel, sand, granite, roofing sheets, tiles, electrical materials and plumbing products, have also recorded substantial price increases.

Some major building materials reportedly rose by more than 60 per cent, with the increase attributed to inflation, exchange-rate instability, transportation expenses, taxes and higher production costs.

These price changes create severe difficulties for individuals constructing their homes in phases. A budget prepared at the foundation stage may no longer be realistic by the time the owner is ready to begin roofing or finishing work.

Land acquisition presents another major obstacle. In Lagos, Abuja and other rapidly growing urban centres, the cost of land can consume a substantial portion of a young worker’s lifetime savings before construction even begins.

Prospective homeowners must also pay for surveys, title documentation, planning approvals, architectural drawings and other preliminary requirements.

Borrowing is equally difficult. Commercial interest rates remain too high for many individuals seeking loans to build or purchase residential properties.

Although mortgage products are available, eligibility conditions, equity contributions, property-documentation requirements and repayment obligations can exclude workers with modest or irregular incomes.

Labour and professional services add another layer of expense. Residential construction requires masons, carpenters, plumbers, electricians, roofers, painters and tilers.

Developers and individual builders must also engage qualified architects, engineers and quantity surveyors to ensure that projects comply with planning requirements and safety standards.

Attempts to reduce costs by avoiding competent professionals can expose homeowners to defective construction, project abandonment, building failure and future legal problems.

The seven major pressures affecting young prospective homeowners are declining disposable income, expensive cement, rising prices of other materials, high land costs, costly credit, increased labour and professional fees, and inflation during construction delays.

The situation underscores the need for housing policies that recognise the income realities of Nigeria’s young population.

Government interventions could include serviced land schemes, single-digit mortgages, rent-to-own programmes, housing cooperatives, affordable building-material initiatives and support for professionally managed incremental construction.

Reducing the cost of homeownership will require more than encouraging young Nigerians to save. It demands coordinated reforms covering land, finance, infrastructure, construction materials, wages and property documentation.

Without such reforms, owning a home could remain beyond the reach of millions of young Nigerians despite their willingness to work, plan and save.

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Nigeria’s manufacturing sector continued to face prohibitively expensive credit in 2025, with the average interest rate on industrial loans standing at 32.1 per cent.

Although the figure represented an improvement from the 35.6 per cent average recorded in 2024, borrowing costs remained too high to support sustainable industrial expansion and long-term investment.

Data from the Manufacturers Association of Nigeria showed that the average lending rate was 32.5 per cent during the first half of 2025 before declining slightly to 31.8 per cent in the second half.

Despite the moderation, every major manufacturing segment surveyed by MAN recorded an average borrowing rate above 30 per cent.

Chemical and pharmaceutical manufacturers faced the lowest annual average rate at 30.4 per cent, followed by wood, furniture and related producers at 30.8 per cent.

Manufacturers of textiles, clothing, carpets, leather and footwear obtained loans at an average rate of 31.6 per cent.

Metal, iron, steel and fabricated-metal producers paid an average of 32.3 per cent, while electrical and electronics manufacturers faced a rate of 32.4 per cent.

The average borrowing rate for food, beverage and tobacco companies stood at 32.5 per cent. Plastic, rubber and foam manufacturers paid 32.6 per cent.

Motor vehicle and miscellaneous assembly companies recorded an average lending rate of 32.8 per cent. The pulp, paper, printing, publishing and packaging sector faced the same rate.

Non-metallic mineral-product manufacturers recorded the highest average borrowing cost at 33 per cent.

The high rate in the non-metallic mineral sector could have direct implications for Nigeria’s housing and construction industries because the segment produces important building inputs, including cement, ceramics, glass, tiles and related materials.

When manufacturers finance production, machinery, raw materials and expansion at interest rates above 30 per cent, part of the cost may eventually be transferred to consumers through higher product prices.

Elevated borrowing costs can also discourage companies from increasing capacity, upgrading equipment or developing new factories. This could further weaken local production and increase dependence on imported goods.

MAN attributed the slight reduction in lending rates during 2025 to improving economic conditions, including lower headline inflation, greater stability in energy prices and the appreciation of the naira.

However, the association maintained that the cost of credit remained a serious obstacle to manufacturing competitiveness and output growth.

Manufacturers require financing to purchase raw materials, maintain equipment, meet working-capital obligations and expand production. At prevailing commercial lending rates, many businesses may struggle to generate returns sufficient to cover their financing costs.

The situation is particularly concerning for small and medium-sized manufacturers, which generally have fewer financing options and weaker balance sheets than large corporations.

The figures suggest that Nigeria must move beyond modest reductions in commercial lending rates and develop more accessible, long-term industrial finance for productive sectors.

Without affordable credit, efforts to increase local manufacturing, reduce building-material costs, create jobs and improve the competitiveness of Nigerian products could remain constrained.

The post Nigerian Factories Still Borrow Above 30% Despite Modest Rate Decline appeared first on Housing TV Africa.

The National Youth Council of Nigeria (NYCN) has backed Lagos State Deputy Governor, Dr Obafemi Hamzat, over his call for economic policies that would improve the earning capacity and living conditions of young Nigerians.

NYCN Lagos Chairman, Mr Adigun Ibrahim, made the position known in a statement issued in Lagos on Sunday, saying the council agreed that stronger incomes were essential to helping young people cope with rising housing and living costs.

Ibrahim said the challenge facing young workers extended beyond employment opportunities to whether their earnings were sufficient to support independent living. He noted that rent and other essential expenses were placing increasing pressure on young people whose incomes had not kept pace with the cost of living.

Hamzat had argued that improving the economy should include creating conditions that allow citizens, particularly young people, to earn more. He also pointed to the reliance of many young workers on parents and relatives for accommodation, especially at the early stages of their careers.

According to the deputy governor, controlling the cost of essential goods and services should be part of efforts to improve living conditions. The comments highlight the connection between household purchasing power and access to housing, particularly for workers attempting to establish independent households.

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Ibrahim said NYCN welcomed the emphasis on affordability but stressed that assistance from family members should serve as a temporary support system rather than a substitute for economic and housing policies that enable young people to live independently.

The council called for greater investment in affordable housing, improved wages, decent employment and economic programmes targeted at young people. It also advocated wider access to housing finance to help young workers obtain decent accommodation without placing excessive pressure on their incomes.

The issue has broader implications for Nigeria’s housing sector because housing affordability is closely tied to income levels and access to finance. Even where housing supply exists, workers may struggle to secure suitable accommodation when rents, transport costs and other household expenses consume a large share of their earnings.

For the mortgage and housing finance market, the NYCN position also points to the importance of creating financing options that reflect the realities of younger workers. Access to suitable housing finance can be difficult when income is low or unstable, limiting the ability of many potential buyers to transition from renting to homeownership.

Ibrahim said policies should not require young Nigerians to reduce their ambitions because of economic constraints. Instead, he argued that government and other stakeholders should work toward an economy in which young people can earn enough to pursue independent lives and meet basic needs.

The NYCN chairman commended Hamzat for connecting discussions about youth welfare with earnings, housing and broader economic conditions. He also reaffirmed the council’s willingness to work with the Lagos State Government and other stakeholders on measures aimed at improving economic opportunities and living conditions for young Nigerians.

The wider significance of the discussion lies in the relationship between employment, income and housing affordability. For Nigeria’s growing young population, sustainable access to decent housing will depend not only on increasing housing supply but also on creating economic conditions that give workers the purchasing power and financing capacity to afford it.

The post NYCN Backs Hamzat on Youth Earnings, Affordable Housing appeared first on Housing TV Africa.