Nigeria is grappling with one of the continent’s most significant housing shortages, leaving millions without access to affordable and secure homes. This crisis stems from entrenched challenges such as protracted land registration processes, overlapping taxation, soaring construction expenses, and restricted availability of mortgage financing.
On Tuesday, 16th September 2025, Lagos hosted the Real Estate Stakeholders’ Forum, convening over 1,000 participants including property developers, investors, financial institutions, policymakers, and related enterprises. This gathering marked a historic collaboration aimed at tackling these obstacles directly. The agenda emphasized affordable housing solutions, bridging infrastructure deficits, innovations in modular and eco-friendly housing, and exploring diverse funding avenues like diaspora investments and Real Estate Investment Trusts (REITs).
Unlike typical industry events, this Forum yielded two pivotal results. Firstly, a unified Stakeholders’ Communiqué was released, articulating a clear consensus on the sector’s expectations from government bodies responsible for policy formulation, regulatory compliance, and enforcement. Secondly, participants committed to developing a comprehensive Policy Advisory Document-an evidence-driven guide designed to assist the Lagos State Urban and Regional Planning Department and inform wider reforms at both state and national levels.
A significant milestone was the collective endorsement of the Real Estate Developers Association of Nigeria (REDAN) as the official representative to present the communiqué to government authorities. This endorsement ensures a cohesive and authoritative voice for the reform movement.
Barrister Festus Adebayo underscored the pressing nature of the housing affordability crisis, emphasizing the necessity to elevate real estate development to a professional standard.
Echoing this sentiment, Professor Timothy Nubi from the University of Lagos highlighted the indispensable role of collaboration, stating that sustainable urban growth in Lagos hinges on a strong partnership between government entities and real estate developers. Success in urban planning cannot be achieved in isolation but through shared commitment.
This initiative represents a call for unified and cooperative action. By consolidating their efforts, industry players aim to move beyond mere discussion, striving for genuine policy harmonization that will stimulate economic expansion, cultivate a reliable investment environment, and enhance cooperation between government and reputable sector participants-ultimately benefiting Nigerians seeking affordable housing options.
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