For many Nigerians, the dream of owning a home is slipping away. House prices are rising fast. At the same time, income levels are not improving. The systems that should help people buy homes are failing those who need them the most.
Why Are Homes So Expensive?
Experts say the cost of housing in Nigeria is high for many reasons. One big issue is the use of expensive imported building materials. When the exchange rate changes often and supply chains are weak, the price of construction goes up. Poor infrastructure, many taxes, and costly land make things even worse.
In major cities like Lagos and Abuja, a basic one-bedroom apartment now sells for ₦25 million or more. A nicer apartment can cost as much as ₦100 million. Most Nigerians cannot afford these prices. Many are just trying to make ends meet, let alone save for a home.
The Mortgage System Doesn’t Help
Mortgages should help people buy homes. But in Nigeria, the system is too hard to access. There is not enough funding. Interest rates are high. Loan rules are strict. Most families do not qualify. People with low or unstable incomes are shut out.
As a result, renting becomes the only option. But even rent prices are going up. Many families are forced to live in poor conditions or share overcrowded spaces. Some end up in slums or make shelters from scrap materials.
Land and Regulation Problems
Laws and rules about land also add to the problem. The Land Use Act, which controls land use in Nigeria, is outdated. Getting land is slow, costly, and full of paperwork. Land is often grabbed by a few rich people, leaving nothing for regular citizens.
Corruption also drains funds that should go into building homes and infrastructure. Without power, roads, and clean water, new housing projects struggle to succeed.
Cities Are Growing Too Fast
Nigeria’s cities are growing quickly. Many people move to urban areas to find work. But the number of homes is not growing fast enough. This leads to overcrowding and poor living conditions.
In some places, people live under bridges or in unsafe shelters. There is simply not enough affordable housing to go around.
What Can Be Done?
Experts believe the housing crisis can be solved—but it will take serious work.
One solution is to support local building materials. If the government gives tax breaks and low-interest loans to producers, costs could go down. Better roads and faster imports would also help.
Another fix is land reform. Making it easier to register and own land would give more people a chance to build. Using unused land and forming public-private partnerships could lead to more affordable homes.
Making Mortgages Work for Everyone
The mortgage system also needs to change. A national refinancing group could help banks offer better loans. Interest rates need to go down. Mortgages should be flexible, so more families can use them. New ideas like micro-mortgages, rent-to-own programs, and housing cooperatives could help more people become homeowners.
Reducing the Pressure on Cities
To fix overcrowding, new towns outside big cities should be built. These towns need good transport and services. At the same time, rural areas need more jobs. If people can find work outside the city, fewer will need to move.
Urban planning is key. Cities need better layouts, clear rules, and long-term planning. Public transport must be improved. Wages also need to rise so people can afford decent housing.
A Call for Strong Leadership
The government must lead the way. Red tape should be cut. Housing policies must be clear and fair. Corruption must be tackled. And every plan must put people first—not just profit.
Technology can help too. It can make land and housing deals more open and honest. All policies should be easy to understand and available to the public.
Final Thoughts
If Nigeria wants to fix its housing crisis, it must act fast. Millions of people still do not have a safe place to live. The goal should not just be about selling homes it should be about making sure everyone has one.
