The International Real Estate Federation (FIABCI) has urged the adoption of integrated development frameworks, particularly Public-Private-People-Policy-Partnerships (5P), to address Nigeria's severe housing shortage. Experts argue that housing should be viewed as a critical economic foundation rather than a welfare issue, impacting health, stability, and dignity.
FIABCI Symposium at UN Headquarters
FIABCI Nigeria Chapter President Akin Opatola made the call during the FIABCI Spring Symposium at the United Nations headquarters in New York. The event gathered global policymakers, real estate leaders, and development experts, including UN-Habitat Deputy Director Remy Sietchiping, FIABCI Secretary General Narek Arakelyan, and others from Brazil, Australia, Europe, Canada, and Saudi Arabia.
Nigeria's Housing Deficit and Structural Failures
Opatola highlighted that Nigeria's housing deficit stands at about 28 million units and could double by 2050. Over 60% of urban residents live in substandard or informal housing. He identified three key structural failures: land administration under the Land Use Act of 1978, which leaves over 90% of land untitled; weak mortgage penetration below 1% of GDP with high interest rates of 25-30%; and construction challenges from import dependency and infrastructure deficits.
Government Efforts and Funding Gaps
Opatola acknowledged initiatives like the Renewed Hope Cities and Estates Programme, aiming for 50,000 units, with over 10,000 under construction. The MOFI Real Estate Investment Fund (MREIF) targets N1 trillion with mortgages at about 9.75% interest. However, the 2025 housing budget of N11.5 billion for 20,000 units underscores the funding gap.
Proposed Reforms and International Support
He called for digitizing land administration, faster title registration, strata title legislation, tax incentives for mass housing developers, and structured Public-Private Partnerships. He urged UN-Habitat, the World Bank, and IFC to support land reforms and mobilize pension funds into housing finance. Opatola noted that informality in Nigerian cities results from policy failures, not cultural preference.
FIABCI World President Antonio Campagnoli emphasized that housing challenges globally are similar, including affordability and policy misalignment. He advocated for the 5P framework and better measurement of social impact, describing housing as social infrastructure that requires balancing financial sustainability with measurable outcomes.
