Nigeria Needs 800,000 New Homes Every Year to Meet Demand
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Nigeria’s housing shortage is expanding faster than developers can build. New research says the country may need millions more homes this decade just to keep pace with population growth.
New housing market research says Nigeria currently needs about 800,000 new homes annually to match rapid population growth and rising urban housing demand.
The reports, presented by PAC Research, estimate the country’s housing deficit at more than 28 million units, with Lagos alone accounting for a shortfall of roughly 3.4 million homes.
Analysts say rising urban migration, weak mortgage penetration, expensive construction costs, and limited affordable housing supply are worsening the crisis across major cities.
The reports also argue that Nigeria’s housing gap represents a major long-term investment opportunity worth trillions of naira if financing, infrastructure, and delivery systems improve. Researchers further project that annual housing demand could climb to nearly 2 million units by the end of the decade if current population trends continue.
Read the full story at The Nation Nigeria →