Insecurity Halts Real Estate Development in Nigeria

Insecurity and the withdrawal of police escorts by the federal government have significantly stalled real estate delivery in Nigeria. Redan Oba Akintoy Adeoy, a member of the AEGI Real Estate Development Association Nigeria, stated that developers can no longer safely access project sites, leading to delays in housing delivery and increased operational costs.

The situation has worsened, with reports of kidnappings affecting construction workers and project sites, including incidents in Ogun State where residents have been kidnapped multiple times. Toni Kolawole, chairman of the Lagos State chapter, noted that insecurity discourages diaspora investors from committing funds to Nigeria's property market.

Ayodel Olamoju from the Nigerian Institute of Estate Surveyors and Valuers emphasized that the fear of kidnapping is affecting property management and inspections. The federal government's security reforms aim to return police personnel to core duties by 2025, but current conditions remain dire for the real estate sector.