Real estate developer Bright Sekoni has identified rising construction costs, documentation delays, and financing challenges as key factors slowing housing delivery in Nigeria, despite strong demand for homes.

He said the country’s real estate sector remains highly attractive but increasingly difficult to operate in due to economic and regulatory pressures.

“Everyone sees the finished houses, estate signboards, brochures, launch videos and promises. Very few people see what it actually takes to build real estate in Nigeria today,” he said.

Sekoni noted that Nigeria’s housing deficit, estimated at over 20 million units, continues to widen as demand in major cities such as Lagos, Abuja, Ibadan and Port Harcourt outpaces supply.

He attributed the gap largely to inflation in construction materials, including cement, iron rods, roofing sheets and fuel, which he said has significantly increased project costs.

“A project that would have cost ₦100 million a few years ago can now cost ₦150 million to ₦180 million today,” he said.

He also explained that developers are often forced to provide basic infrastructure such as roads, drainage, electricity, and security within estates, further increasing expenses.

On regulatory issues, Sekoni cited prolonged land documentation and approval processes as major bottlenecks, including Certificates of Occupancy, Governor’s Consent, and planning permits.

He added that land disputes and unclear ownership records also pose risks to project timelines.

According to him, rising costs have made affordable housing increasingly difficult to deliver, pushing many developers toward mid-range and premium projects.

Sekoni further pointed to limited access to finance, high interest rates, and short-term lending structures as major constraints to large-scale housing development.

He called for improvements in land administration, infrastructure provision, and financing systems to unlock the sector’s full potential and address Nigeria’s growing housing demand.