Stakeholders Demand Housing Subsidies to Lower Costs

During the 10th edition of the Mega Project Exhibition in Lagos, stakeholders, including the Real Estate Developers Association of Nigeria (REDAN), advocated for reforms to Nigeria’s land titling system and the introduction of government-backed housing subsidies to alleviate the rising costs of home ownership. Oba Akintoye Adeoye, President of REDAN, stated that any registered property title existing for over 10 years should not be subject to legal challenges, citing ongoing disputes faced by homeowners.

He urged state governments to enhance land administration and expedite property title processing. Adeoye also referenced Egypt's model of government assistance in housing, which significantly reduced costs for low-income earners, suggesting Nigeria could adopt a similar approach.

He highlighted the urgency of these reforms in light of Nigeria's projected population growth, which could nearly double in 25 years, exacerbating existing housing and infrastructure deficits. The event also recognized contributions from various institutional partners in the real estate sector.