Real estate stakeholders unite to tackle Nigeria’s 28 million housing deficit

Organisers of the Real Estate Innovation and Investment Carnival have urged governments and major stakeholders in the real estate sector to collaborate in addressing Nigeria’s staggering housing shortage of 28 million units.

Addressing a press conference in Abuja, Ayo Ogedemgbe, Chairman of Creative Sphere Limited, emphasised the imperative of collective action among stakeholders to provide high-quality, affordable housing solutions that cater to the needs of Nigeria’s rapidly expanding population.

He noted that the inaugural Real Estate Innovation and Investment Carnival, slated to take place in Abuja from May 20 to 22, will serve as a convergence platform for a diverse range of stakeholders, including industry professionals, regulatory bodies, investors, and other pivotal players.

Ogedemgbe highlighted several major obstacles hindering the real estate sector, including unstable government policies, which create uncertainty and inconsistency, making it difficult for stakeholders to make informed decisions.

He said financing barriers also pose a significant challenge, limiting access to affordable capital for developers and buyers alike.

He added that increasing poverty exacerbates the housing deficit, while administrative complexities, such as bureaucratic delays and land tenure disputes, slow down development projects and discourage investment.

He said: “With this carnival, we are not just showcasing the beauty and allure of our designs, buildings, and environment; we will connect developers with investors eyeing Nigeria’s $300 billion infrastructure opportunities.

“It will also be an opportunity to showcase innovations in financing, construction, and sustainability, as well as advocate for policies that turn hurdles into springboards.

“Developers should embrace technology and affordability and see Nigeria not for its risks but for its 16 percent annual ROI in prime markets, and the government needs to accelerate reforms to make land access and permits seamless.

“Let us build a sector where growth is inclusive, sustainable, and transformative. Real estate is more than bricks and mortar—it is the foundation of national progress.”

On his part, the Project Manager of Creative Sphere, Ossai Ilome, said that by 2029, Nigeria’s real estate market is projected to hit a market volume of $3.41 trillion.

The carnival, he said, is a transformative platform set to redefine the country’s property landscape.

Ilome clarified that the primary objective of the carnival is to capture the attention of a diverse audience—encompassing investors, prospective homeowners, technology innovators, policymakers, and the global community—by showcasing the lucrative potential of Nigeria’s real estate market, which offers a promising 16 percent return on investment.

“The expected impact will include job creation, as the sector already employs 8 million Nigerians. We aim to add 500,000 jobs in 2025 through small and medium enterprises empowerment,” he said.