Expert Warns 99% of Nigerians Locked Out of Housing Market

Legal practitioner and estate surveyor, Olusola Enitan, has warned that the vast majority of Nigerians are effectively excluded from homeownership due to a dysfunctional economic system.

Speaking on TVC’s Breakfast program, Enitan highlighted the stark gap between soaring housing costs in commercial hubs like Lagos and Abuja and the earning capacity of ordinary Nigerians. He noted that rents for two-bedroom apartments in areas like Lekki can reach ₦9 million annually, making homeownership out of reach for most young graduates.

Enitan explained that the core issue is “demand prohibition,” where Nigerians lack access to sufficient financing to afford housing. Even the most affordable homes now start at around ₦15 million, and monthly mortgage interest alone can reach ₦1 million—meaning only those earning ₦3–4 million per month could realistically participate. “Less than 1% of Nigerians earn that much every month,” he said, concluding that 99% are excluded from formal housing schemes.

The expert also criticized government housing interventions, noting that supply falls drastically short of demand. With Lagos and Abuja growing at 3.7% and 4.4% annually, respectively, the current housing start plan—about 15,000 units for Lagos—is insufficient against a monthly deficit of roughly 400,000 units. “We are not doing the right things,” Enitan said, calling for urgent reforms to make housing accessible to ordinary Nigerians.

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