Nigeria Needs Deliberate Social Housing Programme to Ease Rent Crisis — Okoro

The Federal and state governments have been urged to adopt a deliberate social housing strategy that provides affordable homes for low-income Nigerians and reduces growing pressure on the rental market.

Chief M. I. Okoro, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers, said Nigeria’s housing challenges could not be addressed solely through commercially priced developments.

He called on the government to work closely with estate surveyors, valuers and other built-environment professionals to develop sustainable funding structures for large-scale social housing.

Okoro said population growth, rural-to-urban migration and limited housing supply were driving rents and property prices beyond the reach of many households.

He explained that competition for a limited number of homes was creating a displacement effect across Lagos. As accommodation becomes more expensive in premium locations such as Ikoyi and Victoria Island, residents move towards the Mainland and other emerging areas, placing additional pressure on existing communities.

According to him, increasing the supply of affordable homes remains the most effective way to moderate rents and property prices.

Okoro proposed greater involvement by Nigeria’s 774 local government councils in housing delivery, noting that local authorities in some developed countries provide council flats and other forms of subsidised accommodation.

He maintained that functional and properly funded local councils could develop affordable rental homes within their communities, particularly when supported by state governments with land and infrastructure.

“Social housing is not meant to be driven by profit,” he said, stressing that government intervention must be intentional and targeted at households that cannot afford commercially priced properties.

The estate surveyor suggested that public revenue and dedicated contributions from large corporate organisations could be channelled into social housing funds.

He also urged the government to consult housing professionals on how such funds could be mobilised, managed and invested transparently.

Okoro acknowledged the Federal Government’s Renewed Hope Housing Programme as a positive intervention but questioned whether many of the homes being delivered would be affordable to low-income earners.

He argued that properties costing tens of millions of naira would remain inaccessible to workers without adequate incomes, affordable mortgages or substantial personal savings.

Although existing government-backed housing-finance initiatives provide long-term loans to qualified applicants, he noted that many Nigerians do not earn enough to meet the required repayments.

Okoro recommended testing a coordinated social housing programme across every state for at least one year, with local governments participating in the construction of mass housing.

He said simultaneous delivery across multiple communities could significantly increase supply, reduce demand pressure and eventually moderate rents.

The housing expert also identified difficult land-registration procedures as a major obstacle to affordable development.

He said the high official and unofficial costs associated with obtaining Certificates of Occupancy and registering property transactions were frequently passed on to buyers and tenants.

Simplifying land allocation, titling and registration processes, he added, would reduce development costs and encourage more private-sector investment.

Okoro also called for balanced development across Nigeria’s rural areas and smaller cities. Providing electricity, water, roads, communications and employment opportunities outside major urban centres could reduce forced migration to Lagos and other overcrowded cities.

He maintained that addressing Nigeria’s housing crisis would require coordinated action involving all levels of government, professional bodies, financial institutions and responsible private-sector organisations.

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Lagos requires about ₦6 trillion in annual housing investment to address its growing housing shortage, with the state’s deficit estimated at 3.4 million units, according to research presented by GTI Capital Research.

The findings were presented by Prof. Timothy G. Nubi, Founding Director of the University of Lagos Centre for Housing and Sustainable Development, at a housing and capital forum in Lagos. The research estimates that the state needs to deliver about 227,576 additional homes each year to meet population growth, migration and rising housing demand.

Lagos’ housing deficit has increased from an estimated 2.95 million units in 2016 to 3.4 million units in 2025, representing a 15 per cent rise over the period.

The research links the growing shortage to the difficulty of providing housing at prices that households can afford. Despite Lagos’ role as Nigeria’s major commercial centre, housing supply has not expanded sufficiently to match demand, contributing to higher rents and property prices.

₦6tn Financing Gap

GTI Capital Research estimates that Lagos faces an annual housing capital gap of roughly ₦6 trillion. The figure represents the estimated funding required to provide the housing supply that formal development does not currently deliver each year.

The research noted that the annual gap is nearly three times Lagos State’s 2026 capital expenditure budget of ₦2.337 trillion, highlighting the scale of the challenge for government.

The figures suggest that public spending alone is unlikely to provide enough capital to close the housing deficit. Greater participation from private developers, mortgage lenders, institutional investors and the capital market will therefore be important to expanding housing supply.

Housing Costs Outpace Income

The research also points to worsening affordability for Lagos residents. Rents across the state reportedly increased by between 80 per cent and 120 per cent from 2024 to 2026, while wages rose by only about 7 per cent to 9 per cent.

The disparity has placed additional pressure on household finances and made the transition from renting to homeownership more difficult for many residents.

Lagos also recorded a property price-to-income ratio of 19.2 times, compared with the five-times level used in the research to indicate severe unaffordability.

Rental prices vary significantly across the state. Two-bedroom apartments in Ikoyi were estimated at between ₦8 million and ₦70 million annually, with an average field-survey figure of about ₦30 million. In Victoria Island, rents ranged from ₦3 million to more than ₦50 million, with an average of approximately ₦18 million.

Yaba, Surulere and Ikeja recorded estimated two-bedroom rents ranging from ₦1.5 million to ₦12 million, while Lekki Phase 1 recorded a range of ₦1 million to ₦40 million.

Infrastructure and Property Values

GTI’s research identified infrastructure as the most significant factor influencing property prices across the 15 Lagos zones examined.

Roads, transport systems, drainage, electricity and other public infrastructure can improve access and raise the attractiveness of locations. However, improvements can also increase land values and housing costs when new housing supply fails to keep pace with demand.

The finding reinforces the connection between infrastructure investment, land values and housing affordability. For urban planners, coordinating infrastructure expansion with housing development could therefore become increasingly important.

Pension Funds Seen as Potential Housing Capital

The research identified Nigeria’s pension industry as another potential source of long-term housing finance.

Nigeria’s pension funds hold about ₦30 trillion in assets and can allocate up to 30 per cent to instruments such as Real Estate Investment Trusts, mortgages and asset-backed securities. According to Nubi’s presentation, however, only about 5 per cent is currently allocated to housing-related instruments.

Greater institutional investment could expand the pool of long-term capital available to developers, provided suitable investment structures, risk-management systems and affordable housing projects are available.

Nubi also argued that Nigeria needs to treat housing increasingly as an investment asset rather than depending mainly on government-funded construction. Potential financing channels include REITs, bonds, asset-backed securities, crowdfunding and mortgage innovations.

GTI Financing Proposals

GTI Research has proposed alternative mechanisms to unlock capital tied to Lagos’ land and property market.

One proposal is a Micro-Title Regularisation Window, which would seek to convert informal land occupation into mortgageable titles using satellite imagery and drone mapping.

Another proposal is a Lagos Infrastructure Value Capture Authority, designed to capture part of the increase in land values associated with public infrastructure investment and direct the proceeds towards infrastructure financing.

GTI estimates that its proposed financing instruments could mobilise between ₦2.75 trillion and ₦3.85 trillion annually, equivalent to about 45 per cent to 65 per cent of the estimated housing capital gap.

Housing Supply Remains the Central Challenge

The scale of Lagos’ housing shortage points to substantial unmet demand, but the research also highlights the importance of targeting affordable and middle-income segments rather than focusing predominantly on high-end developments.

Developers face significant challenges from construction costs and financing conditions, which can make it difficult to deliver homes at prices accessible to ordinary households. Rental housing, student accommodation and other demand-driven segments could offer opportunities where projects can be structured around sustainable financing.

Closing the housing gap will require coordinated action among government, developers, financial institutions, pension funds and capital-market operators. Measures such as improved land administration, infrastructure provision, faster approvals and lower development costs could help create conditions for greater private-sector participation.

For Lagos, the issue extends beyond building more houses. The state must also mobilise enough long-term capital to support development while ensuring that new homes are located where residents can afford both housing and the transport and essential services associated with them.

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Stakeholders in Nigeria’s housing sector have expressed differing views on Lagos State’s proposed tenancy reform, which is aimed at addressing rising rent costs and regulating practices within the real estate market.

The proposed policy has generated debate among housing experts, legal practitioners, and property stakeholders, with discussions focusing on how best to balance tenant protection with landlord interests in a highly competitive rental environment.

The Lagos State Government has been working on reforms designed to address long-standing concerns around arbitrary rent increases, excessive agency charges, and weak enforcement of tenancy agreements. These issues have continued to shape the housing experience for many residents across the state.

Supporters of the reform argue that stronger regulation is necessary to improve fairness in the rental market and protect tenants from exploitative practices. They maintain that clearer rules around rent adjustments and agent fees could help reduce disputes and improve transparency.

However, other stakeholders have raised concerns about how the reforms will be implemented in practice. Some warn that strict controls could discourage property investment or create unintended pressures in an already strained housing supply system.

The ongoing debate reflects broader challenges in Lagos’s housing sector, where rapid urban growth, high demand, and limited affordable housing continue to drive rent increases across many residential areas.

As discussions continue, attention remains on how the final version of the tenancy reform will balance regulatory control with market realities while ensuring a fair and sustainable housing system for both landlords and tenants.

The post Stakeholders Divided Over Lagos Tenancy Reform Bill appeared first on Housing TV Africa.

Nigeria currently requires about 800,000 new homes annually to keep pace with rapid population growth, with demand projected to rise sharply and potentially triple by 2030, according to fresh housing market research.

Reports released by PAC Research revealed that Nigeria’s housing deficit has now exceeded 28 million units, with Lagos State accounting for an estimated 3.4 million-unit shortfall.

The reports, titled “From Shortage to Opportunity: Unlocking the Billion-Dollar Housing Market” and “Lagos Housing Report: A Treasure Trove of Possibilities,” provide one of the most extensive assessments of Nigeria’s housing sector and emerging investment opportunities.

Despite the widening housing gap, researchers argued that the situation presents significant economic opportunities for investors, developers and policymakers, with the housing market valued at potentially trillions of naira.

The national report, which featured a foreword by the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, noted that Nigeria currently requires around 800,000 housing units yearly to match population expansion and urbanisation trends.

It projected that housing demand could increase to approximately two million homes annually before the end of the decade.

The report also highlighted Nigeria’s weak mortgage sector, noting that mortgage penetration remains below one per cent of Gross Domestic Product (GDP), compared to 77 per cent in the United States and 31 per cent in South Africa.

“Nigeria stands at a critical juncture where rapid urbanisation and economic transformation converge to create unprecedented opportunities,” the report stated.

Researchers identified several innovative financing models capable of narrowing the housing gap, including Real Estate Investment Trusts (REITs), diaspora-backed mortgage products and the Federal Government’s Renewed Hope Housing Scheme.

A significant section of the study focused on Lagos, Nigeria’s economic centre, which reportedly attracts more than 475,000 new residents annually.

According to the findings, Lagos currently has an estimated housing stock of 1.49 million units against demand estimated at 4.69 million units, creating an accessible market gap of approximately 2.81 million units.

The report also observed changing housing preferences among residents, with more than 52 per cent reportedly favouring one-bedroom and two-bedroom apartments due to affordability concerns and lifestyle trends.

Researchers noted that demand for compact housing units continues to rise across major urban areas.

The study further identified strong rental returns in prime locations including Lekki and Victoria Island, noting that three-bedroom apartments in Victoria Island can attract annual rents of up to ₦18 million.

To address the housing shortage, PAC Research recommended broader adoption of incremental housing models, expansion of housing finance access, and stronger public-private partnerships to accelerate delivery.

Describing the report as a timely intervention, Osidi said it should serve as a wake-up call for stakeholders.

“This report is more than an analysis — it is a call to action. The time to invest in Nigeria’s housing market is now. The rewards extend beyond financial returns to include inclusive growth and urban resilience,” he said.

Also speaking, the Oniru of Iruland and former Lagos State Commissioner for Housing, Oba Abdulwasiu Lawal, described the Lagos-focused report as an important guide for real estate investors and stakeholders.

He noted that emerging corridors such as Lekki, Ajah and Epe are increasingly becoming strategic destinations for future housing investments.

The post Nigeria Needs 800,000 New Homes Yearly as Housing Deficit Surpasses 28 Million — Report appeared first on Housing TV Africa.

With a rapidly growing population and a widening housing deficit, continues to face mounting pressure on its housing sector. The shortage has created opportunities for fraudulent real estate agents to exploit unsuspecting residents seeking accommodation.

Nigeria’s housing deficit was estimated at 28 million units as of 2023, with Lagos accounting for about 17 million. The situation is expected to worsen as more than 500,000 people migrate into the state annually. Projections from the indicate that Lagos could reach a population of 32.6 million by 2050, making it one of the largest cities in the world.

The increasing demand for housing has led to a surge in fraudulent practices, including fake property listings, multiple sales of the same apartment, and non-existent land transactions.

Recently, the sealed the office of an unregistered agent operating in the Ikorodu area for allegedly using a fake registration number. The enforcement action was carried out in collaboration with the Lagos State Task Force as part of efforts to sanitise the real estate sector.

According to the Special Adviser to the Governor on Housing, , only agents registered with LASRERA are legally permitted to operate in the state. She warned that the government would continue to clamp down on illegal operators to protect residents and restore confidence in property transactions.

Experts say many victims fall prey to fraudulent agents due to urgency, lack of verification, and limited awareness of regulatory requirements.

How to Avoid Fake Real Estate Agents in Lagos:

• Always confirm that the agent is registered with LASRERA before engaging in any transaction.
• Verify the agent’s registration number through official channels.
• Avoid making payments without proper documentation and receipts.
• Do not rely solely on online listings without physical inspection of the property.
• Be cautious of deals that appear too good to be true.
• Report suspicious agents or activities to LASRERA for investigation.

The Lagos State Real Estate Regulatory Authority Law, enacted in 2021 and signed into law in 2022, provides a framework for regulating real estate transactions, licensing practitioners, and resolving disputes in the sector.

As housing demand continues to rise, residents are advised to remain vigilant and prioritise due diligence when dealing with property agents to avoid financial loss.

The post How to Avoid Falling Victim to Fake Real Estate Agents in Lagos appeared first on Housing TV Africa.

Several suburbs including and are emerging as affordable housing destinations as rising rents continue to push many residents away from central districts in Lagos.

A report by , a data-driven real estate market intelligence platform, revealed that many tenants are increasingly relocating to suburban communities where rental costs remain relatively lower compared to high-end neighbourhoods.

Rising Rent Forcing Residents Out of City Centres

The rental market in Lagos has seen significant increases in recent years, creating financial pressure for many residents who depend on rented accommodation.

As rents continue to surge in major commercial districts, many tenants are moving farther from city centres in search of affordable homes, particularly in communities located on the outskirts of the city.

The report noted that affordability in these locations assumes renters can commit 15 to 20 percent of their annual income to housing, with average monthly earnings ranging between ₦67,000 and ₦356,000 depending on occupation.

Lagos Suburbs With Relatively Affordable Rent

Estate Intel identified several areas where housing remains comparatively affordable. These include:

• Ikorodu
• Ojo
• Agege
• Alagbado
• Ijaiye
• Ikotun
• Abule Egba
• Lakowe
• Epe

Other neighbourhoods offering affordable rental options include Ojodu Berger, Bariga, Isolo, Oyingbo, Egbeda, and Oshodi.

Huge Rent Gap Between Suburbs and Prime Districts

The rental prices in these areas contrast sharply with high-end neighbourhoods such as , , and , where rents for a two-bedroom apartment can reach about ₦530,000 per month, translating to roughly ₦6.4 million annually.

In comparison, renters can still find a two-bedroom apartment in Ojo for between ₦400,000 and ₦500,000 per year, while a one-room self-contained apartment in Ikotun may cost between ₦250,000 and ₦350,000 annually, depending on the property condition and available facilities.

Demand for Affordable Housing Rising

Analysts say the migration toward suburban communities reflects growing affordability challenges within Lagos’ housing market.

As property prices and living costs continue to increase in commercial districts such as , more residents are expected to seek accommodation in developing suburbs where housing remains relatively affordable.

Real estate experts also predict that demand for affordable housing in Lagos outskirts will continue to rise as urban expansion spreads development beyond the city centre.

The post Ikorodu, Ojo, Others Emerge as Affordable Housing Options Amid Lagos Rent Crisis appeared first on Housing TV Africa.

Residential rents in Lagos continued to climb in the second half of 2025 despite a moderation in Nigeria’s headline inflation, according to a new property market report released by Knight Frank.

The report, presented during the H2 2025 Lagos Market Update, highlights a persistent increase in rental prices across several parts of the state, driven largely by strong demand and a limited supply of formal residential housing.

Analysts say the situation reflects structural challenges in Lagos’ housing market, where demand for accommodation continues to outpace available supply.

Strong demand keeps rental prices high

According to the report, residential rents recorded noticeable increases in several locations when compared with the second half of 2024.

Knight Frank noted that the continued growth in rental prices reflects resilient demand within the Lagos housing market.

Even as inflation slowed during the period under review, the shortage of formal housing units remained a major factor sustaining upward pressure on rents.

The report explained that Lagos’ housing market is characterised by structurally constrained supply, meaning the number of available residential properties remains insufficient to meet growing urban demand.

As a result, affordability pressures have continued to rise for many residents seeking accommodation in the city.

Housing supply remains limited

The property consultancy firm pointed out that the limited availability of formal residential stock is a key factor shaping pricing dynamics in Lagos.

With the population of the state continuing to grow rapidly, the demand for housing has expanded significantly, while supply growth has remained relatively slow.

Experts say this imbalance between demand and supply has made Lagos one of the most expensive rental markets in Nigeria.

Government housing interventions

In response to the growing housing deficit, both federal and state authorities have introduced various initiatives aimed at increasing housing supply and improving access to home financing.

Knight Frank noted that public-private partnerships between developers and the Lagos State Government helped deliver approximately 653 residential units during the review period.

The report added that additional housing projects are currently within the development pipeline and are expected to increase the availability of residential units in the coming years.

Housing finance reforms and government programmes are also expected to play a role in improving access to homes.

Mortgage initiatives introduced

On the financing front, the Federal Government recently launched the Ministry of Finance Incorporated Real Estate Investment Fund, designed to provide long-term housing loans to Nigerians.

The programme offers mortgage financing at an interest rate of about 9.75 percent, making it one of the more affordable mortgage options currently available in the market.

In addition, the Federal Government’s Renewed Hope Housing Programme is also underway, with around 2,000 housing units nearing completion in Ibeju-Lekki.

These initiatives are part of broader efforts to reduce the country’s housing shortage and improve access to affordable homes.

Shift in rental demand patterns

Looking ahead to 2026, Knight Frank predicts that demand will increasingly focus on functional living spaces.

Studio apartments and one-bedroom units in mid-market areas such as Yaba and Surulere are expected to experience the fastest absorption rates due to their relatively lower rental costs.

These locations remain attractive to young professionals and middle-income earners seeking more affordable accommodation options within the city.

Infrastructure development to influence supply

The report also suggested that future housing supply may follow major infrastructure developments.

Projects such as the Lagos-Calabar Coastal Highway and development along the Epe corridor are expected to transform previously peripheral areas into attractive residential zones.

Improved connectivity from new infrastructure could increase the value of land and encourage more housing development in those areas.

More transparency expected in rental market

While rental growth is expected to continue, the report indicated that the Lagos property market may become more transparent in the coming years.

The introduction of the Nigerian Tax Act 2025 is expected to encourage landlords and tenants to formalise rental agreements in order to benefit from tax relief provisions.

This development could help improve documentation and transparency in the rental market.

Knight Frank concluded that although inflationary pressures may fluctuate, the fundamental supply gap in Lagos housing will continue to shape rental trends unless large-scale housing development significantly increases the number of available homes.

The post Lagos Rents Rise as Housing Supply Tightens – Knight Frank Report appeared first on Housing TV Africa.

Luxury property values in Lagos have surged sharply over the past year, with a portfolio of 10 high-end investment assets rising to ₦25.6 billion from ₦9.3 billion recorded in December 2024, according to industry data.

The strongest gains were recorded in Ikoyi, one of Nigeria’s most exclusive neighbourhoods, where property values increased between 132 per cent and 176 per cent. Analysts attribute the surge to strong investor demand and the impact of the naira’s devaluation, which has favoured buyers holding stronger foreign currencies.

Despite the emergence of new upscale districts across Lagos, Ikoyi continues to attract premium residential and commercial investments, reinforcing its reputation as a top destination for high-yield real estate.

David Mbah, chief executive officer of MDS Properties, noted that the area remains the first choice for luxury developments, with only Eko Atlantic offering comparable exclusivity.

He explained that most new projects in Ikoyi involve redeveloping older structures into modern high-rise residential buildings that command higher sale and rental values, making such investments highly profitable.

Several properties within the surveyed portfolio recorded major value jumps. A prime parcel at Sapara Williams rose to ₦4.02 billion from ₦1.73 billion, while a Macdonald Road property climbed to ₦3.15 billion from ₦1.14 billion. A Sinari Daranijo asset appreciated to ₦6.93 billion from ₦2.69 billion, becoming the most valuable property in the portfolio. Another property in Rumens appreciated by 196 per cent to ₦5.05 billion.

Abuja’s high-end market also recorded growth, though at a more moderate pace. A property on Mike Akhigbe Street increased to ₦1.8 billion from about ₦418 million, while an Ago Dutse location rose to ₦600 million from approximately ₦248 million.

Industry professionals say inflation and currency depreciation have played a major role in pushing up property prices across Lagos.

Chudi Ubosi, principal partner at Ubosi Eleh & Co, noted that land on Cooper Road that sold for about ₦800,000 per square metre in January 2024 now commands as much as ₦3.5 million per square metre.

He added that prices have also increased on the mainland. In Ikeja GRA, land now sells for around ₦1.5 million per square metre, up from ₦600,000, while a three-bedroom flat rents for about ₦15 million per year, compared to ₦5 million previously.

Rental values in top locations have risen even more sharply. In Banana Island, an average duplex now rents for between ₦80 million and ₦100 million annually.

Ubosi urged authorities to ease pressure on the city centre by expanding transport infrastructure into surrounding areas through coastal roads, rail systems and waterways.

Charles Ihedigbo, a former managing director at Fine and Country, also confirmed the surge in Ikoyi property values, attributing it to limited land supply and sustained demand.

According to him, land that sold for about ₦1.5 million per square metre in 2024 now goes for roughly ₦3.5 million per square metre, noting that land typically appreciates faster than built structures because of its development flexibility.

Lagos, Africa’s most populous city with more than 20 million residents, continues to attract both local and international investors, sustaining demand for premium real estate despite infrastructure constraints.

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Lagos, Abuja, and Port Harcourt—are increasingly highlighting the nation’s stark economic divide. Their skylines tell a dual story: gleaming skyscrapers, luxury estates, and affluent enclaves contrast sharply with the struggles of ordinary residents who find home ownership increasingly unattainable.

In Lagos, areas like Ikoyi and Ibeju-Lekki showcase luxury apartments and waterfront estates. Yet, Knight Frank’s Lagos Market Update 2025 reveals that the average price of a two-bedroom apartment in Ikoyi is N105 million, while units in Lekki or Victoria Island range between N70 million and N90 million.

For middle-income professionals earning N800,000 to N1.5 million monthly, owning such properties could take decades.

The affordability gap has pushed renters to peripheral areas like Ajah, Sangotedo, and the Lekki-Ajah corridor.

However, rising land prices and unregulated rent hikes are quickly eroding these options. In mid-tier neighbourhoods, yearly rent for a two-bedroom flat now ranges between N3 million and N6 million, often payable upfront for one or two years.

Data from Estate Intel shows that only about 10 percent of property buyers in prime Lagos districts are local professionals.

The majority are diaspora investors, politically connected individuals, or speculative buyers, often purchasing properties without ever living in them. According to the 2025 Digital Landlord survey, 30 percent of diaspora remittances, totaling $600 million, flow into real estate, inflating prices beyond local affordability.

Much of the housing crisis stems from a poorly regulated property ecosystem. Developers price properties in dollars, linking costs to foreign exchange fluctuations instead of domestic wages. Land registration is often opaque and cumbersome, creating opportunities for fraud and double sales.

Weak oversight allows speculative investors to inflate prices without ensuring homes are livable or accessible.

Government efforts to digitize land administration and promote mortgage access have been slow. The CBN’s proposal to unlock dormant assets has yet to create tangible results in affordable housing or fairer pricing.

For middle-class renters, the cost of housing has become unsustainable. In Lagos, tenants spend 35–50 percent of income on rent, surpassing the UN’s recommended 30 percent threshold. Mortgage rates exceeding 18 percent effectively exclude most people from home ownership.

As one Lagos-based software engineer noted, “I’ve been saving for five years, but prices rise faster than my salary. Home ownership feels like a race I was never allowed to join.”

Experts argue that inclusive housing policies are essential for sustainable urban development. Cities must balance luxury investment with affordable housing for the professionals who sustain their economies. Without intervention, Nigeria risks creating exclusive enclaves of empty luxury apartments surrounded by sprawling informal settlements.

The solution is clear: fair regulation, inclusive financing, and sustainable building practices. Lagos, in particular, has the potential to become Nigeria’s first truly inclusive city—where economic contribution, not privilege, determines access to housing.

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In a renewed call for action on Nigeria’s mounting housing deficit, AceRoyal Estates Homes Limited has urged deeper collaboration between government and private sector actors to expand access to affordable and decent housing across Lagos State.

Dr. Endurance Agonor, Managing Director and Chief Executive Officer of the real estate firm, stressed the need for policy frameworks that enable public-private partnerships (PPPs), subsidized land allocation, and improved infrastructure support to unlock housing delivery at scale.

“We need government support through policies that encourage collaboration, provide infrastructure, and enforce affordable housing quotas,” Agonor said. “This is how we can begin to close Nigeria’s housing deficit sustainably.”

He also advocated for broader incentive mechanisms, including tax waivers, duty reductions on building materials, and the strengthening of housing cooperatives, to promote home ownership among Nigeria’s growing population of low- and middle-income earners.

AceRoyal’s current flagship development, Eko Paragon, a premium residential estate in Abijo G.R.A., Lagos, was cited as a working model for what is possible when government and developers collaborate effectively. Described by Agonor as a “new benchmark for innovation, comfort, and affordability,” the estate is being delivered in partnership with the Lagos State government.

Agonor disclosed that the firm is on track to complete 105 fully serviced housing units within a 12-month timeline, with 41 units already completed and fully fitted just eight months into the project. “Eko Paragon embodies our commitment to delivering affordable yet luxurious housing solutions,” he said. “We appreciate the government’s support and call for continued collaboration to make the project even more impactful.”

The estate, which blends hotel-style living with wellness and lifestyle features, includes a gym, tennis courts, landscaped green areas, and only 32 per cent built-up space, ensuring an open and serene residential environment. Each unit provides private parking for two vehicles, with additional guest spaces, and includes one-bedroom executive suites, two-bedroom signature apartments, and three-bedroom terraces with boys’ quarters powered by 24-hour electricity.

Agonor noted that residents would enjoy premium hospitality services on request, including chef-prepared meals, in-home laundry, and room cleaning, bringing hotel-grade amenities into private residential living. “Imagine enjoying all the privileges of a luxury hotel right from your home,” he said. “That’s the experience Eko Paragon offers.”

He assured prospective homeowners and investors of the estate’s structural integrity and value, citing the use of high-quality materials, expert engineering, and scenic landscaping. “Every detail reflects our dedication to excellence,” Agonor said. “There’s no better way to demonstrate our commitment than by ensuring that every investment is safe, secure, and grows in value.”

Amid growing concerns over Nigeria’s housing shortfall, estimated to be in the tens of millions, Agonor emphasized that bridging the gap requires concerted effort, especially from policymakers. He called for consistency in housing policy, improved infrastructure provisioning, and access to financing as critical enablers for scaling affordable housing delivery.

“With the right policies and support, private developers can deliver more affordable homes,” he said. “We remain committed to building communities that embody comfort, quality, and sustainability.”

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