Stakeholders in Nigeria’s housing sector have raised concern that the country is facing a housing deficit of over 17 million units, driven by rapid urbanization, population growth, and rising construction costs.
Speaking during the presentation of a report by the Sixteenth Council in partnership with the Capital City Development Limited, in Lagos on Thursday, titled: ‘The Nigeria Housing Report: The State and Future of Housing in Nigeria,’ the stakeholders said the shortfall impacts cities like Lagos where housing is scarce and costly and informal settlements like Makoko and Ajegunle have become common.
It stated that in Lagos alone, the deficit is around three million units, and many residents, especially in informal settlements pay rent despite inadequate amenities such as clean water, sanitation and stable electricity.
In his keynote address, the Executive Chairman of the Sixteenth Council, Dr Brian Reuben, said for decades, Nigeria has grappled with a severe housing deficit, estimated at over 28 million units, with an annual requirement of at least 900,000 new homes just to keep pace with demand.
Reuben said what is delivered annually remains a fraction of this need and the reality is stark—millions of Nigerians remain either homeless, living in substandard housing, or struggling under the weight of exorbitant rent prices.
He said: “Nigeria has had numerous housing policies, master plans, and government initiatives over the years, yet we remain stuck in the same cycle of unmet targets, abandoned projects, and unrealized dreams. Why, because our government has a history of not taking policy implementation seriously.
“We can either continue down the path of empty promises, abandoned projects, and rising housing poverty—or we can break the cycle, take matters into our own hands, and build a housing sector that works for all Nigerians.”
On his part, the GMD/CEO Capital City Development Limited, Uche Kalu, who was represented by Rose Okpurhe, said Nigeria’s cities are growing at an unprecedented rate with urbanization increasing by 4.3 per cent annually and that over 60 per cent of Nigerians will live in cities by 2050.
Kalu said that means Nigeria is adding millions of new urban residents each year. He said: “Urbanization is often described as a sign of progress, but when growth outpaces planning, we end up with cities that are not built for the people who live in them.
“Places like Makoko in Lagos are prime examples of what happens when urban expansion is left unchecked. Makeshift homes on water, limited access to basic amenities, and families struggling to survive.
“The demand for housing far exceeds supply, with an estimated housing deficit of over 28 million units. Many new estates are built without proper roads, drainage, or reliable power supply, leaving residents to fend for themselves.
“Homeownership remains a distant dream for many, with land prices rising beyond the reach of middle-income earners. The problem isn’t that cities are growing, it’s that we aren’t keeping up with that growth in a structured and sustainable way. But if we rethink our approach, we can create cities that work for everyone.”
The Chairman of Gtext Homes, Dr Stephen Akintayo, who was represented at the event by the Managing Director of the company, Farouq Usman, highlighted the challenges of the underdevelopment of the mortgage market in Nigeria.
He said it is nearly impossible for low-income earners to access homeownership through mortgage financing.
On his part, the Chief Executive Officer of Global Property and Facilities International Limited, Dr MKO Balogun, said the federal government should adopt the housing scheme model used by the former Minister of Works and Housing in addressing the challenges in the sector.
Echezona Okafor.
