Minister of Housing, Ahmed Dangiwa, alongside the Convener of the Renewed Hope Housing public-private partnership Summit, Dr. Olayemi Rotimi-Shodimu, made an insightful visit to the Ministry of Housing and Urban Development headquarters in Abuja.
The annual demand for housing in Nigeria is escalating dramatically, with an astounding five million individuals in quest of shelter each year, largely attributed to the nation’s 2.5 percent population growth rate.
This staggering figure indicates a pressing requirement for no less than one million additional dwellings each year, as revealed in a comprehensive report by the Lagos-based real estate enterprise, Diya, Fatimilehin & Company.
The firm pointed out that the recently unveiled N1 trillion real estate investment fund, part of the One Million Homes Housing Project initiated by the Ministry of Finance Incorporated (MOFI), could serve as a crucial support mechanism to address this urgent demand.
Within its “Nigerian Residential Market Review 2025,” Diya, Fatimilehin & Co. underscored evolving dynamics within Nigeria’s regional housing markets. In the South-East, there’s a notable shift in housing demand from self-constructed homes to sophisticated estates and gated communities in cities such as Onitsha, Owerri, Awka, Umuahia, and Enugu.
The appetite for duplexes, apartments, and bungalows with contemporary designs is on the rise. The cost of land varies between N25 million and N120 million per standard plot, while the average price per square metre fluctuates between N40,000 and N180,000.
In the North-West, urban demand in Kano, Kaduna, and neighboring cities is influenced by agricultural mechanization, notwithstanding security apprehensions. The average land cost ranges from N25,000 to N150,000 per square metre, positioning standard plot prices between N15 million and N100 million.
For the North-East, cities like Yola and Gombe, which experience lower levels of conflict, command average rental prices exceeding N1 million annually for apartments. Land prices hover around N20,000 to N40,000 per square metre, translating to N10 million to N30 million for a plot.
Lagos remains Nigeria’s most premium property market in the South-West, with Ikoyi, Banana Island, and Victoria Island retaining their elite status. A four-bedroom apartment in Ikoyi is now valued at approximately N1.5 billion.
Beyond Lagos, Ogun and Oyo States are rising as viable alternatives, with localities like Alalubosa and Iyaganku GRA in Ibadan and Laderin Estate in Abeokuta witnessing rentals as high as N3 million annually.
The report associates these patterns with large-scale infrastructural ventures, including the Lagos Blue and Red Line Metro lines, the Lagos-Ibadan Expressway, and the Lagos-Calabar coastal thoroughfare. Public-private collaborations are also nurturing housing expansion in cities such as Abeokuta, Ibadan, and Osogbo.
In the North-Central region anchored by Abuja, upscale neighborhoods like Maitama, Asokoro, Guzape, and Ministers’ Hill demand around N1 billion for a four-bedroom detached residence. Affordability challenges are nudging investors towards Lafia, Minna, Jos, and Makurdi, where land prices average N35,000 to N60,000 per square metre, or N20 million to N40 million per plot.
Emerging hotspots in the region include Karsana in Abuja, Karu and Masaku in Nasarawa, Rayfield Extension in Jos, and segments of Tunga in Minna.
The report, endorsed by Tola Oyenekan (Head of Research and Advisory), Lanre Olutimilehin (Strategic Advisor), and Idowu Bakare (Head of Practice/Partner), emphasized that mitigating the housing deficit necessitates both innovative solutions from the private sector and government-supported financing frameworks.
