Nigeria faces a critical housing deficit of 28 million units in 2025, driven by population growth, urban migration, rising construction costs, and weak regulatory oversight. Real estate agents play a dual role in the housing market, facilitating property access while also inflating costs through excessive fees and unprofessional practices. This has worsened affordability, particularly in Southwest cities like Lagos, Ibadan, and Akure, where tenants struggle with high rents, multiple charges, and limited legal recourse. Government interventions, including rent-to-own schemes and public housing projects, have made progress but remain fragmented.

Southwest states have taken varied approaches: Lagos enforces tenancy laws and large-scale housing, Ekiti and Oyo provide mortgage and affordable housing schemes, while Ogun, Ondo, and Osun focus on urban regeneration and infrastructure. The report recommends regulating agents, promoting digital transparency, enhancing public-private partnerships, and professionalizing the agency sector to ensure equitable housing access. Reforming tenancy management and agent practices is essential to transform Nigeria’s housing market into an inclusive, sustainable ecosystem.

Read the report here