By Maduka Nweke
Stakeholders in Nigeria’s real estate industry have raised fresh concerns over what they describe as the country’s grossly underutilised property potential, despite its capacity to drive employment, economic growth, and urban development.
At a recent Real Estate Conference and Awards organised by PropertyPlus Magazine in Lagos, experts and industry leaders called on the government to take decisive action in harnessing the immense opportunities within the sector.
Mr. Godwin Alenkhe, National President of the Estate Rent and Commission Agents Association of Nigeria (ERCAAN), emphasized that Nigeria is poised for a real estate revolution, if its vast landmass, youthful population, and accelerating urbanization are effectively leveraged.
“Nigeria stands at the threshold of a real estate revolution if the potentials are harnessed,” Alenkhe stated. “But despite these clear advantages, the sector remains grossly underutilized.”
Alenkhe noted that the industry continues to grapple with several systemic obstacles including policy inconsistency, fragmented regulation, and cumbersome land administration processes. These challenges, he said, have worsened the country’s persistent housing deficit, leaving millions without decent shelter.
In his welcome remarks, Mr. Sabastine Onyewe (efa), CEO of PropertyPlus, referenced the federal government’s recent plan to construct 100 housing units in each of Nigeria’s 774 local government areas, as disclosed by the Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa.
According to Onyewe, while the government’s initiative is commendable, it underscores the critical role of the private sector. “Our role as private operators concerning this development is in question. If you ask me, our role is enormous, simply because the government alone cannot solve the problem of sheltering everyone,” he said.
He added that developers and stakeholders must rise to the occasion. “We are gathered to talk about our roles in this crucial sector. The gap in housing exists—we must be active participants in the government’s plan to provide affordable housing.”
Declaring the event open, the Special Adviser to the Lagos State Governor on Housing, Mrs. Barakat Odunuga-Bakare—represented by a senior official—urged real estate practitioners to ensure they register with the Lagos State Real Estate Regulatory Authority (LASRERA).
“It is illegal to operate in Lagos without registering with LASRERA,” she warned. “We encourage all practitioners to align with credible associations like ERCAAN and NIESV. It builds trust, ensures accountability, and promotes excellence—qualities Lagos State stands for.”
In a paper presented at the event, Mr. Ewenla Mustapha, a professional surveyor, highlighted real estate’s critical role in economic development, citing its growing contribution to national GDP—from 5.2 per cent in 2023 to 5.6 per cent in 2024. In Nigeria, demand for housing and commercial property outpaces supply,” Mustapha said.
“This creates real opportunities for developers, investors, and policymakers. Commercial real estate offers long-term leases, stable cash flow, and high returns, while residential real estate sees annual appreciation of 5–8 per cent, with high tenant demand.”
However, Mustapha warned that several issues continue to stifle growth, including low income levels, poor mortgage access, bottlenecks in land title registration, infrastructure deficits, legal uncertainties, high construction costs, overlapping regulatory bodies, and the outdated Land Use Act.
He also urged government and private players to align efforts to create a more enabling environment for real estate to thrive, noting that the sector holds the key to unlocking Nigeria’s urban and economic future.