Affordable Housing Is Nigeria's Biggest Unfinished Economic Reform, Valuer Argues
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A registered estate surveyor and valuer writes that Nigeria's housing deficit, weak mortgage system and costly land administration make affordable housing the country's biggest unfinished economic reform.
Affordable housing remains one of Nigeria's most unresolved development challenges and arguably its biggest unfinished economic reform, registered estate surveyor and valuer Igiri Fidelix Bassey wrote in THISDAY, noting that the country's housing deficit runs into millions of units despite decades of policy discussion.
He said homeownership remains out of reach for millions of Nigerians because rising construction costs, limited access to mortgage financing, high interest rates and expensive land acquisition have combined to make housing increasingly unaffordable, leaving many families spending a large share of their income on rent with little room for savings or investment.
The article identifies the weak mortgage system as a central barrier, noting that mortgage penetration remains extremely low by global standards and that most homebuyers rely on personal savings or informal financing arrangements. It argues that expanding mortgage access through lower interest rates, longer repayment periods and stronger housing finance institutions would transform the sector and unlock substantial economic activity.
Land administration is also cited as a drag: lengthy approval processes, costly documentation requirements and difficulties in obtaining secure land titles raise project costs and discourage private investment. Streamlining land administration and adopting digital property registration systems would reduce costs and accelerate housing delivery, the piece argues.
Framing affordable housing as an economic reform agenda rather than a welfare programme, the article says government alone cannot solve the crisis and that the private sector must deliver homes at scale, supported by predictable policies, infrastructure access, incentives for low- and middle-income housing, and public-private partnerships. It notes that housing development creates demand for cement, steel, paint, roofing materials, furniture, electrical fittings and professional services, making the sector a major source of direct and indirect jobs.