Lagos-based property development firm, Messrs Prindex Properties, has called on housing market stakeholders, especially developers, to embrace partnership as a pathway to scaling up production and bridging housing deficit.
Managing Director of Prindex Properties, Tolu Bawa-Allah, made the call at the formal launch of Dream Placeapartments in Lekki, Lagos. He urged a paradigm shift from competition to collaboration in the sector.
“We need to see ourselves as collaborators, not competitors. Ten developers working together will achieve far more than operating as single companies in separate spaces. Developers must also work closely with the government on land acquisition and policies that will ease infrastructure and real estate development,” he said.
Bawa-Allah explained that even if 500 developers delivered 100 housing units each year consistently for a decade, the output would be 500,000 units, still far short of Nigeria’s estimated 20 million housing deficits. He stressed the need for collective effort to make a meaningful impact.
Reflecting on the firm’s progress since its inception in 2012, he noted that the company has developed and now manages close to 100 apartments, housing nearly 200 residents across 77 units, completed 10 projects, including Dream Place, and built a subscriber and investor base of 128.
The keynote speaker, Managing Director of Gracemman Nigeria Limited, Oluyemi Ejidiran, who spoke on “Real Estate Development: Emerging Trends Considering the Macroeconomic Factors in Nigeria,” identified major challenges facing the sector.
These include inflation, with costs of materials such as cement, steel, tiles, and finishes rising by 50–90 per cent, currency volatility (as 70 per cent of inputs are imported or dependent on imports), and financing constraints.
According to him, many project promoters now rely on equity and off-plan sales while adopting strategies such as stockpiling materials, mixing local and imported inputs to hedge against forex risks, and avoiding excessive debt.
Ejidiran, a former Managing Director/CEO of WEMABOD Estate, also emphasised sustainability and future-proof design, flat roofs for solar integration, rainwater recycling to cut utility costs, smart home automation and security systems, and compact, high-density layouts that preserve livability.
On the sector’s outlook, he projected steady growth in compact mid-market and diaspora-driven developments, rising demand for warehousing and logistics hubs driven by e-commerce, and potential scale unlock through prefab and modular housing supported by government financing and policy.
“Whether these opportunities materialise depends heavily on government action, policy consistency, financing frameworks, and infrastructure investment. Developers must embrace home-grown strategies, adopt proven global innovations, and keep faith in quality and transparency,” Ejidiran said.
Chairman of Prindex Properties, Mr Tola Atekoja, reaffirmed the company’s commitment to delivering top-quality developments and achieving 5,000 housing units by 2030. He also called for stronger stakeholder collaboration to realise the vision.
