How to tackle skyrocketing house rent in Nigeria
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House rents have surged by 100 per cent to over 150 per cent in major Nigerian cities, and experts are urging government action on affordable housing supply, financing and building material costs.
House rents have surged by 100 per cent to over 150 per cent in major cities and other towns in Nigeria, according to a report by The Sun Nigeria that gathered suggestions from citizens across several states.
Experts quoted in the report say the surge is driven by high inflation, foreign exchange volatility, a massive housing deficit, high construction costs and, in some accounts, insecurity that has displaced millions of people.
Manasseh Denga, a development strategy expert based in Abuja, urged the Federal and State Governments to establish low-cost housing funds, provide affordable long-term mortgage financing, reduce the cost of land acquisition and building approvals, and incentivise private developers through tax reliefs to accelerate mass housing delivery.
Other contributors called for enforced government-approved rent protocols to curb excessive agency fees, subsidised building materials, and affordable mortgage loans with low interest rates. Rev. Emmanuel Olorunmagba, a cleric in Kaduna, described the rent surge as a national economic emergency affecting workers, students, artisans, young families and small businesses, and called for a comprehensive housing recovery plan.
The experts broadly agreed that increasing housing supply remains the most sustainable way to moderate rent increases over the long term, alongside public-private partnerships and infrastructure investment that opens up new residential areas.