Nigeria can close housing deficit within 10 years- REDAN

By Mashe Umaru Gwamna with agency report

The Real Estate Developers Association of Nigeria (REDAN) has said Nigeria can bridge its housing deficit within the next decade if governments at all levels accelerate land administration reforms, invest in critical infrastructure, expand affordable mortgage financing and strengthen public-private partnerships.
The President of REDAN, Oba Akintoye Adeoye, made the assertion in an interview with the News Agency of Nigeria (NAN) in Abuja.
Adeoye, who is also the paramount ruler of Okeigbo in Ondo State, said faster land titling, improved infrastructure and accessible mortgage financing are essential to increasing housing delivery across the country.
According to him, although REDAN cannot eliminate the housing deficit on its own, the association remains a key contributor to addressing the challenge.
“Whatever the size of the housing shortage, every new building reduces the deficit. REDAN may not close the gap alone, but we remain a major contributor,” he said.
He stressed that governments must prioritise infrastructure development to unlock vast tracts of land suitable for residential development.
“If we want to bridge the housing deficit, we must be intentional and pragmatic. We have to close the infrastructure gap first,” he said.
Adeoye noted that many parcels of land remain inaccessible because of inadequate road networks, electricity and water supply, limiting the pace of housing development.
He also identified delays in land administration as one of the biggest obstacles to housing delivery, urging governments to simplify and accelerate the issuance of Certificates of Occupancy (C of O), Rights of Occupancy and development approvals.
“Land administration requires urgent policy attention. Certificates of Occupancy and building approvals should be processed within one to four weeks,” he said.
According to him, prolonged approval timelines discourage investment and delay housing projects.
“Some approvals take up to five years. That period is enough to complete tens of thousands of housing units elsewhere,” he added.
Adeoye further emphasised the need for affordable, long-term financing to boost home ownership and increase housing supply.
“We need affordable funding at single-digit interest rates with long repayment periods. Long-term housing projects cannot be financed with short-term funds,” he said.

He added that accessible mortgage facilities are critical to enabling more Nigerians to own homes.

“Without affordable mortgages, many Nigerians cannot buy houses, regardless of the number built. Mortgage financing remains critical to closing the housing deficit,” he said.

Commenting on the Federal Government’s Renewed Hope Housing Programme, Adeoye acknowledged the progress made so far but called for stronger implementation.

“The programme is progressing, but government needs to be more intentional by making the houses more affordable and providing mortgage support for beneficiaries,” he said.

He assured Nigerians that REDAN members would continue investing in quality housing despite the challenges confronting the real estate sector.