Lagos Housing Deficit Exceeds 3.3 Million Units

Lagos is experiencing a severe housing deficit, with estimates from Lagos Commissioner for Housing Moruf Akinderu-Fatai indicating more than 3.3 million units are needed, while Estate Intel's report suggests over 2.7 million units. The challenges facing developers include short-term financing that does not align with the lengthy project timelines, which can span two to seven years.

Tolu Bawa-Allah, managing director of Prindex Properties, highlighted the difficulty in securing patient funds that match the development life cycle. Additionally, Dr. Bola Adigun, West Africa Economics Leader at Deloitte, pointed out that weak purchasing power limits residents' ability to afford homes, particularly those priced above N200 million.

Adigun urged the government to enhance infrastructure and develop growth corridors outside major city centers to enable private developers to expand housing supply in more accessible areas.