Most Nigerians unable to afford homes, expert says
Legal practitioner and estate surveyor Olusola Enitan has raised concerns about the state of homeownership in Nigeria. He explained that the majority of Nigerians are unable to buy homes due to a flawed economic system and high housing costs, especially in cities like Lagos and Abuja. Enitan highlighted that even young graduates face extremely high rent prices, making homeownership nearly impossible. He also criticized the scale of government intervention, saying current efforts are not enough to meet the growing demand.
What we know
- Olusola Enitan described the housing market as inaccessible for most Nigerians, blaming a dysfunctional economic framework.
- He noted that rent for two-bedroom apartments in areas like Lekki can reach as high as ₦9 million, far beyond the reach of young graduates.
- Enitan stated that even the most "affordable" houses start at about N15 million, with monthly mortgage interest payments around 1 million naira.
- He pointed out that less than 1% of Nigerians earn enough to afford these payments, effectively excluding 99% from the housing market.
- Enitan criticized government housing plans, saying that with Lagos growing at 3.7% and Abuja at 4.4% annually, current efforts to build new homes fall far short of what is needed.
