A United Kingdom-based property expert, Mayowa Oluyede, has called on Nigeria’s Federal Government to prioritize investment in affordable housing to drive sustainable development in the sector.
Oluyede, founder of MS Estates in the UK, emphasized that government-led investment is essential for affordable housing to succeed in Nigeria.
Speaking with Our source on Wednesday, Oluyede highlighted the UK’s council housing model, where long-term tenants are given the option to buy properties at a discounted rate.
He noted that in the UK, local governments build affordable homes, and tenants who meet certain criteria can purchase these homes with financial assistance, such as the Help-to-Buy scheme, which offers a government-backed loan to support deposits.
“In the UK, the government even provides up to 20% of the required deposit, easing the burden for first-time buyers,” Oluyede said. He pointed out that while Nigeria’s local governments are gaining financial autonomy, they still lack sufficient power and resources to implement similar housing initiatives effectively.
Oluyede also addressed the challenges in Nigeria, including the absence of a tracking system and limited support for new businesses. He recalled that, when he began his real estate career in the UK two decades ago, the government provided free resources, such as personal computers and apprentices, to help small businesses grow—a level of support he feels is lacking in Nigeria.
For affordable housing to truly thrive, Oluyede urged Nigerian policymakers to be intentional in their commitment to the sector, implementing policies and programs that offer practical support to citizens and address structural issues limiting growth.
