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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Property valuation professionals have warned that persistent insecurity, inflation, exchange rate volatility, and other economic shocks are making it increasingly difficult to determine accurate property values across Nigeria. They say the growing uncertainty is affecting investment decisions, mortgage financing, insurance assessments, and overall confidence in the real estate market.

According to experts, property valuation depends heavily on stable market conditions and reliable transaction data. However, security challenges in several parts of the country, coupled with rising construction costs and fluctuating economic indicators, have significantly altered market behaviour, making traditional valuation methods more difficult to apply.

Estate surveyors and valuers explained that insecurity has forced many investors and residents to relocate from affected communities, reducing demand in some areas while increasing pressure on safer urban centres. These migration patterns have created uneven property price movements, making it harder to establish fair market values for residential, commercial, and industrial properties.

The professionals also pointed to inflation and the depreciation of the naira as major factors driving up the cost of land acquisition, building materials, labour, and infrastructure development. As construction costs continue to rise, replacement values for existing buildings have increased, requiring valuers to regularly adjust their assessments to reflect prevailing market realities.

Industry stakeholders noted that banks, insurance companies, developers, and investors rely on accurate property valuations when making lending, investment, taxation, and compensation decisions. They warned that inaccurate valuations could expose financial institutions and investors to unnecessary risks while affecting the credibility of Nigeria’s real estate market.

To address these challenges, valuation experts called for improved access to reliable market data, stronger collaboration among industry professionals, and wider adoption of technology-driven valuation systems. They argued that better data collection and standardised valuation practices would improve transparency and help the industry respond more effectively to changing economic conditions.

The stakeholders further urged government authorities to strengthen security, stabilise the macroeconomic environment, and support policies that encourage investment in the housing and real estate sectors. They maintained that restoring investor confidence is essential to improving market stability and ensuring more accurate property valuations.

Experts believe that while economic uncertainty may continue to influence the property market in the short term, stronger institutions, better market information, and sustained economic reforms will enhance valuation accuracy and support long-term growth in Nigeria’s housing and real estate sector.

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The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has stressed that reliable, timely, and accurate housing data is critical to addressing Nigeria’s housing challenges, urging policymakers to adopt data-driven decision-making to improve housing delivery, land administration, and urban planning. The institution said credible information remains the foundation for effective housing policies and sustainable real estate development.

Speaking on the need for stronger data systems, NIESV President Bature Muhammad noted that estate surveyors and valuers play a central role in generating property market data that supports investment decisions, property valuation, infrastructure planning, and government policy formulation. He said dependable housing data is essential for tackling the country’s housing deficit and improving transparency in the real estate sector.

Muhammad explained that the absence of comprehensive and up-to-date housing data has contributed to poor planning, inefficient allocation of resources, and weak policy implementation. He called for stronger collaboration between government agencies, professional bodies, and private sector stakeholders to establish an integrated national housing data system capable of supporting long-term planning and investment.

The NIESV president also advocated greater use of digital technologies, including Geographic Information Systems (GIS), property databases, and digital land administration platforms, to improve the accuracy and accessibility of housing information across the country. According to him, modern data management tools would strengthen property registration, market analysis, and investment confidence while reducing inefficiencies in the sector.

Industry stakeholders observed that reliable housing data would enable governments to better understand housing demand, monitor market trends, identify infrastructure gaps, and design targeted affordable housing programmes. They added that improved data collection would also enhance mortgage financing, property taxation, and urban development planning.

The institution maintained that strengthening Nigeria’s housing information system is essential for creating a more transparent, efficient, and sustainable real estate market capable of supporting economic growth and improving access to decent housing for millions of Nigerians.

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Land is more than just ground beneath our feet. It supports life, business, farming, and shelter. It holds water, minerals, trees, and homes. Everything starts with land food, housing, roads, and even factories.

It’s a key factor in production and development. Without land, no community or country can grow.

Land and Conflict in Nigeria

In Nigeria, land is not just an asset. It carries emotional, cultural, and historical value. Because of its importance, land often causes conflict. Many communities fight over fertile land or valuable natural resources. These fights destroy lives, property, and local economies. Even after the violence ends, problems with land ownership often remain.

Why the Land Use Act Was Introduced

To fix land problems, the Nigerian government passed the Land Use Act in 1978. The goal was to make land ownership clearer and fairer. The Act gave state governors control of all land. They were to manage it for the benefit of the people. The law also aimed to stop land speculation and promote development.

What the Act Allows

Under the law, governors issue Certificates of Occupancy (C of O) to show legal land rights. They also approve sales, transfers, leases, and mortgages. The Act divides land rights into urban and rural types. This setup helps protect land use and gives structure to land transactions.

Some Benefits of the Law

The Land Use Act has helped reduce speculation. It made land more available for housing, roads, farming, and business. Urban areas became more organized. Land disputes dropped in some places. Many believe the Act helped Nigeria grow, especially in city planning and infrastructure.

But There Are Problems

Many critics say the Act gives too much power to governors. This power slows down land deals. Getting a governor’s consent is often hard, costly, and slow. The rules are also confusing. Small businesses and farmers can’t use land as loan collateral without approval. This stops them from growing and getting credit.

The Call for Reform

Many experts agree that the Act needs a full review. It was made 47 years ago. Nigeria has changed a lot since then. The law should match today’s needs. Groups like the Nigerian Institution of Estate Surveyors and Valuers want the National Assembly to take action.

Conclusion

Land plays a huge role in Nigeria’s future. It affects food, jobs, housing, peace, and the economy. The Land Use Act has done some good. But it also holds back progress. If Nigeria wants to grow faster and reduce land-related problems, the law must evolve. Reforming the Act is not just smart it’s necessary.

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Moses Adeyemi, Managing Director of the firm, described the market as an open field. According to him, anyone can become an agent—retirees, housewives, anyone without qualifications or checks. While the valuation side of the business is regulated under the Estate Surveyors and Valuers Registration Board of Nigeria, the wider industry remains largely uncontrolled.

Seyi Aluko, General Manager of the Abuja branch, agreed. He said the sector runs on minimal standards, giving developers room to misuse funds from buyers. Many projects are abandoned, and others are never completed. Yet there’s no system in place to hold developers accountable.

Aluko explained that this lack of oversight harms both investors and tenants. In Nigeria, landlords often demand up to two years’ rent upfront. This stands in contrast to countries where tenants pay monthly or weekly. If a tenant defaults, legal processes are long and expensive. Worse, there’s no central system to track serial defaulters.

Oladapo Olaiya, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers, called the current setup a free-for-all. According to him, the lack of enforced rules has allowed unqualified individuals to flood the industry. He believes strong regulation is the only way to restore credibility.

Despite the tough talk, the event also paid tribute to Jide Taiwo’s career. His daughter, Jumoke Anifalaje, described him as calm, focused, and committed. She shared that the biggest lesson from her father was to stay grounded, avoid the spotlight, and let hard work speak.

As the industry continues to grow, one truth remains: professionalism alone won’t fix what regulation has ignored. The sector needs structure, accountability, and a legal system that protects all players—from landlords to tenants to investors.

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Speaking in Lagos during his investiture as a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), he emphasized the sector’s crucial role in stabilizing the economy, boosting investor confidence, and addressing the country’s housing shortfall. In a statement released by his special assistant, Jackson Udom, he commended estate surveyors and valuers for their behind-the-scenes work in shaping Nigeria’s economic landscape, ensuring that land and property investments remain secure and viable.

He pointed out that without the expertise of real estate professionals, businesses would struggle to invest, and homeownership for millions of Nigerians would remain an unattainable dream. As global economies increasingly rely on real estate-backed financial stability, he urged Nigeria to reposition its property and housing sectors as vital engines for growth.

Akpabio assured stakeholders of legislative support for policies aimed at making housing more affordable, ensuring a corruption-free land administration system, attracting both local and foreign investments into the real estate sector, and promoting urban planning that fosters economic expansion. He stressed that real estate should not merely be seen as private wealth but as a critical economic asset for national development.

With Nigeria grappling with an estimated 28 million housing deficit, he called for stronger collaboration between the government, private sector, and real estate professionals to create lasting solutions. He emphasized that housing must be treated as a fundamental right rather than a privilege, advocating for frameworks that enable all Nigerians, regardless of income level, to achieve homeownership without undue financial hardship.

https://africahousingshow.com/benefits/

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He made this statement during the 2024 Mandatory Professional Development event, themed “Embracing Technology: The Future of Real Estate Services,” held recently in Lagos.

Ismail emphasized the importance of the real estate sector in Nigeria’s economic development as the nation continues to urbanize and witness a growing middle class. He stated, “To fully unlock the sector’s potential and address existing challenges like housing deficits, inefficiencies, and lack of transparency, embracing technology is essential.”

He highlighted that the future of Nigeria’s real estate industry hinges on its ability to adapt and integrate technological advancements. From blockchain to artificial intelligence, big data analytics to virtual reality, these innovations are transforming how properties are developed, marketed, and managed globally.

According to Ismail, one of the most significant challenges in Nigeria’s real estate sector is the absence of transparency in property transactions, which often leads to ownership disputes and fraud. He noted that blockchain technology could offer secure and immutable records of property ownership, enhancing transaction transparency and reducing fraud risks.

The President of the International Real Estate Federation, Nigeria, Lagos Chapter, Akin Opatola, also noted that technological advancements have led to disruptions in the real estate sector. He remarked, “PropTech innovations like AI, blockchain, and digital platforms are transforming the real estate industry, particularly in property transactions and customer engagement.”

Femi Madariola, a Partner at PwC in Digital and Innovation, highlighted how technology has revolutionized real estate activities. He explained that automated property management systems allow for digital platforms for buying, selling, and investing in properties, automating tasks like rent collection and maintenance requests.

Madariola further discussed the benefits of blockchain technology in property transactions, which enhances security and transparency by providing a tamper-proof ledger of all transactions. He also mentioned the use of artificial intelligence for property valuations, enabling investors to make data-driven decisions and minimize the risk of overpaying.

Meanwhile, Godspower Omozusi, Chairman of the MCPD Committee, NIESV Lagos Branch, emphasized the importance of continuous training for real estate professionals. He stated, “Conscious and deliberate efforts via constant training and collective empowerment are essential for addressing the challenges within the industry.”

He concluded by expressing confidence that the program would provide valuable insights into the issues surrounding transparency in real estate and equip members with the necessary knowledge and skills to tackle these challenges.

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