The Lagos chapter of the Nigerian Institute of Building (NIOB) has reaffirmed its commitment to addressing the pressing issues of housing affordability and financing, which continue to hinder access to shelter and investment opportunities in Nigeria’s real estate sector.
Speaking ahead of the institute’s forthcoming Builders’ Conference, themed “Breaking Barriers and Empowering Change in Nigeria’s Real Estate Sector, Process and Control,” the chapter’s Chairman, Mr. Adeoye Thomas, emphasized the need for financial reforms and innovative models to make housing more accessible for Nigerians.
Thomas stated that removing barriers to housing accessibility and introducing new financial mechanisms for real estate projects could significantly reduce Nigeria’s housing deficit, allowing more citizens to own homes. “By adhering to proper processes and control frameworks, the real estate sector can break down existing barriers, foster change, and enhance efficiency, transparency, and accessibility,” he explained.
He noted that through NIOB’s continued advocacy, the rate of building collapses has been reducing, with the government increasingly engaging registered professionals at building production sites for monitoring and quality control. “Public awareness has improved, and there is now greater recognition of the importance of hiring registered builders to avoid the risks associated with substandard construction,” Thomas added.
Mr. Abiodun Ogundare, Chairman of the Conference Committee, also highlighted the critical importance of affordable housing and financial reforms in the sector. He further expressed the institute’s determination to tackle issues of building collapse, which have deterred investments and weakened the viability of the real estate market.
On the government’s amnesty programme for building permits, Vice Chairman of the chapter, Mr. Owolabi Ayoola, disclosed that about 80 percent of buildings in Lagos lack the required permits. He emphasized the importance of this amnesty programme, which offers property owners a crucial opportunity to obtain permits and ensure their buildings comply with regulations.
Ayoola pointed out that despite the government’s efforts to raise awareness about the benefits of securing building approvals, economic challenges continue to prevent many property owners from obtaining permits. He urged further sensitization to encourage voluntary compliance, noting that having permits increases the value of a property.
Meanwhile, Immediate Past Chairman of the chapter, Sunday Wusu, stressed the importance of adopting Environmental, Social, and Governance (ESG) principles within the real estate sector. He called on professionals in the industry to continuously upgrade their skills to meet evolving global standards and ensure the sector’s long-term sustainability.
The conference is expected to provide a platform for stakeholders to discuss strategies aimed at overcoming the financial and regulatory challenges in Nigeria’s real estate market, with the ultimate goal of making affordable housing accessible to more Nigerians.