Professionals in the construction and development sectors are urging the Nigerian Federal Government to integrate its current housing initiatives into the broader National Housing Policy. This integration, they argue, is vital for ensuring the long-term viability and effectiveness of efforts to reduce Nigeria’s significant housing shortage.
These experts recommend that the Ministry of Housing and Urban Development systematically collect data and gather feedback from the ongoing “Renewed Hope Estates” project. Analysis of this information should then be used to refine future housing strategies and improve policy implementation.
The professionals acknowledged the Federal Government’s ambitious move to expand housing availability nationwide. They specifically praised the introduction of mortgage-backed financing with favorable terms: a 20-year repayment period, single-digit interest rates, and a manageable 10% equity contribution required from buyers.
These recommendations arose during the signing of a Memorandum of Understanding (MoU) between QShelter Limited and M.I. Okoro & Associates. This agreement focuses on real estate agency and marketing for the Federal Government’s “Renewed Hope Housing” estates in Abuja, Kano, and the 2004 Coastal Road Estate in Lagos.
Dr. Meckson Okoro, Principal and CEO of M.I. Okoro & Associates, spearheaded the call for improved strategies. He stated that the “Renewed Hope Housing Programme” is aligning Nigeria more closely with global best practices in housing development. He emphasized that to substantially lower housing costs, the government must prioritize critical factors: land availability, financing mechanisms, and infrastructure development.
Dr. Okoro suggested that directly allocating land for these projects and proactively providing infrastructure, such as roads, electricity, potable water, and public transportation, would significantly decrease housing construction costs, especially for estates located outside of city centers.
He further noted that efficient transportation networks would encourage people to move into these developments, while government-led infrastructure investments would lower the ultimate sale price of each home. “If developers are forced to provide roads, electricity, water, and other essential infrastructure, those costs will inevitably be passed on to the buyers. Every federal housing estate should also include solar power solutions, instead of forcing residents to depend on generators,” Okoro explained.
Regarding mortgage financing, Okoro lauded the initiative but expressed concern about the ease with which potential homeowners can access these funds. He urged the Central Bank of Nigeria (CBN) to increase its oversight of the banks distributing funds under the MREIF scheme, ensuring regular supervision to prevent delays and unnecessary complications.
He cautioned against repeating past mistakes, referencing the collapse of several primary mortgage institutions during the Babangida administration due to inadequate regulation. He warned that mortgage financing can only succeed with rigorous oversight and enforcement.
Okoro also pledged a commitment to professionalism in the allocation of housing units. He emphasized that if the government maintains its strategy of building millions of homes over time, it would generate consistent revenue for states through ground rent and land-use charges.
He recommended expanding the “Renewed Hope Housing” strategy to all states and local governments, arguing that increased housing supply would naturally lower purchase and rental prices, making price-control measures unnecessary.
Alamu Adegbenga, Chief Operating Officer of QShelter Limited, announced that the Ministry of Housing, in collaboration with Continental and General Construction Company (CCGCC), plans to construct 100,000 housing units nationwide. This includes 20,000 units each in Abuja and Lagos, and 60,000 units spread across the remaining 36 states.
Adegbenga stated that QShelter will deliver approximately 2,800 housing units in Abuja and 2,000 units in Kano. These homes will include one, two, three, and four-bedroom terrace houses, some with attached servant quarters. The homes will be available through several purchase options: outright purchase, 12-month installment plans with a 25% down payment, NHF mortgages at a 6% interest rate, and rent-to-own programs.
Adegbenga anticipates that the first phase of 600 to 700 units in Abuja will be ready for occupancy in 2026. He also mentioned that construction has commenced at the 2004 Monastery Estate along the Coastal Road in Sangotedo, Lagos, which will ultimately provide over 2,300 homes.
He urged the government to streamline and accelerate the process of registering property titles to further encourage investment in the housing market. Kola Sowande, Chairman of QShelter Limited, stated that the partnership aims to support the Federal Government’s housing initiative by employing transparency, efficiency, and global best practices in housing development across Lagos, Abuja, Kano, and other states.
He emphasized that the collaboration would utilize innovative marketing approaches, professional valuation standards, and transparent engagement to ensure housing affordability, particularly for low-income earners and young Nigerians between the ages of 21 and 35.
Victor Alonge, President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), expressed confidence in the sales framework. He suggested that a specific percentage of the housing units should be set aside for low-income individuals, civil servants, and essential workers.
Fred Adegeye, Captain of the Nigeria UK Golfing Association, added that flexible payment options would attract Nigerians living abroad. He pointed out that diaspora remittances reached approximately $21 billion in 2024 and that increased transparency has boosted investor confidence in Nigeria’s housing sector.
