Shelter is one of the three basic needs of man, yet it remains one of the most difficult to access in Nigeria.<\/p>\n
Across the country, thousands of citizens are in search of decent and affordable accommodation.<\/p>\n
From Lagos to Kano, Abuja to Port Harcourt, the cost of rent and land has risen sharply in the last decade.<\/p>\n
The United Nations estimates that Nigeria needs over 20 million housing units to close its housing deficit. This figure shows the enormous gap between demand and supply in the sector.<\/p>\n
Despite the challenge, the real estate industry has continued to expand, attracting investors, developers and young entrepreneurs. Analysts say the sector has the potential to serve as a driver of economic growth if properly structured.<\/p>\n
Real estate does not only provide housing. It creates jobs, supports urban planning, and enhances the value of surrounding infrastructure.<\/p>\n
The construction of houses requires artisans, engineers, surveyors, and suppliers of materials, all of whom contribute to the value chain.<\/p>\n
The minister of housing and urban development, Ahmed Dangiwa, recently explained that the government is making efforts to reduce the housing gap.<\/p>\n
The growth of real estate has been linked to the rising demand for urban housing. With more people moving to cities, the pressure on existing facilities continues to rise.<\/p>\n
According to the National Bureau of Statistics, urbanisation in Nigeria is growing at over 4 percent annually.<\/p>\n
Experts believe that this trend presents both opportunities and risks. On one hand, it fuels the demand for more housing.<\/p>\n
On the other hand, it increases the likelihood of unplanned settlements and slums.<\/p>\n
For developers, the major challenge is the high cost of building materials. Cement, iron rods, tiles, and roofing sheets have all witnessed steady price increases in recent years. This has made houses more expensive for buyers and renters.<\/p>\n
A property consultant in Abuja, Uche Nwosu, explained that the high cost of land registration and approval also discourages investment.<\/p>\n
Access to mortgage finance is another major hurdle. Unlike developed countries where buyers can spread payments over 20 to 30 years, most Nigerian banks demand huge deposits and short repayment plans.<\/p>\n
This makes it difficult for average income earners, including teachers, nurses, and civil servants, to own homes. Many end up renting for decades without the hope of buying their own property.<\/p>\n
However, new ideas are emerging in the sector. Cooperative housing schemes, public-private partnerships, and digital property platforms are now being introduced to make homes more accessible.<\/p>\n
The chief executive officer of a Lagos-based real estate firm, Tunde Balogun, said technology is helping to reduce fraud in property transactions.<\/p>\n
The federal government has also launched mass housing projects in selected states.<\/p>\n
These projects, though small compared to the size of the deficit, are aimed at providing affordable units to low- and middle-income earners.<\/p>\n
Beyond housing, the real estate sector also plays a role in wealth creation. Many Nigerians see land and buildings as secure investments that appreciate over time.<\/p>\n
Unlike stocks or foreign exchange, property is tangible and less volatile.<\/p>\n
According to the Central Bank of Nigeria, real estate contributes over 6 percent to the country\u2019s Gross Domestic Product.<\/p>\n
This shows its importance to the wider economy.<\/p>\n
Analysts suggest that with the right reforms, this contribution can double in the next decade.<\/p>\n
They argue that proper land reforms, cheaper loans, and improved regulation will attract more players into the sector.<\/p>\n
Another key area is urban renewal. Cities like Lagos and Abuja face challenges of congestion, flooding, and poor waste management.<\/p>\n
Real estate development, if guided by proper planning, can help solve these issues by providing structured communities with basic amenities.<\/p>\n
Young Nigerians are also showing interest in the sector. From small estate agencies to large-scale developers, youths are finding opportunities in sales, marketing, and property management.<\/p>\n
This entrepreneurial spirit is adding new energy to the business of shelter. It also shows that the sector can provide sustainable jobs for the country\u2019s growing youth population.<\/p>\n
While the housing deficit remains daunting, the consensus among experts is that real estate can be an engine for national development.<\/p>\n
The task ahead is to close the gap between demand and supply, create a friendly environment for investors, and ensure that the ordinary Nigerian can afford a roof over his head.<\/p>\n
Until these issues are addressed, the dream of owning a home will remain far from reality for millions of citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shelter is one of the three basic needs of man, yet it remains one of the most difficult to access in Nigeria. Across the country, thousands of citizens are in search of decent and affordable accommodation. From Lagos to Kano, Abuja to Port Harcourt, the cost of rent and land has risen sharply in the […]<\/p>\n","protected":false},"author":43,"featured_media":363650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587],"tags":[63768,88683,88686,70393,88685,959,16035,88684,73929,53341,69191,88681,14345,88680,88682],"class_list":["post-363649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-affordable-housing","tag-construction-industry","tag-home-ownership","tag-housing-deficit","tag-housing-policy","tag-infrastructure","tag-job-creation","tag-land-ownership","tag-mortgage","tag-national-development","tag-nigeria-economy","tag-property-investment","tag-real-estate","tag-shelter","tag-urbanisation"],"yoast_head":"\n