To address Nigeria’s housing deficit, Terra Developers Limited recently launched its latest housing project, Olivia Gardens, in Ogudu GRA, Lagos.
According to Managing Director of Terra Developers, Kolawole Ashiru Balogun, during the unveiling, which held in Lagos on October 1, 2025, the project, estimated at over 28 million units, will feature two and three-bedroom maisonettes with boys’ quarters. “For the first time, we are bringing affordable housing to Ogudu. This project creates a better opportunity for Nigerians to own homes priced below ₦100 million.”

Balogun, however, explained that while ‘affordable’ is relative; the new development is much cheaper compared to other property in the area, which often sells for between ₦400 million and ₦500 million.

He added that younger families and first-time buyers will find the units attractive, as the homes are designed with practical living spaces. On the housing affordability crisis, the Balogun identified inflation and low earnings as major challenges. However, he noted that stabilising inflation and new mortgage options from banks now give more Nigerians a chance to buy homes.

Chairman of Kosofe Council, Moyosore Ogunlewe, described the project as a remarkable development for residents of the area. He commended Terra Developers for the initiative and promised road construction within the community to support the project.

“I congratulate Terra Developers for this wonderful initiative within Kosofe. By next week, we will send people to site to begin work on the road, and I assure you of my commitment to the development of this local government,” he said.

The event was attended by people from all walks of life including mortgage partners, Imperial Homes Mortgage Bank, whose representatives educated potential buyers on how to access mortgage loans for home ownership.