Stakeholders in Nigeria’s built environment have said the country must deliver at least 550,000 new housing units annually over wthe next decade to address its growing housing deficit.
The experts spoke at the 2026 Professional Development Workshop organised by the Association of Town Planning Consultants of Nigeria in Lagos.
Presenting a paper titled Overview of Urban Property Market, the Founder and Senior Partner at Samson Agbato Consulting, Samson Agbato, said rapid population growth, infrastructure expansion and investor activities continue to shape Nigeria’s urban housing demand.
He noted that speculative land acquisition—where investors purchase land in anticipation of future value appreciation—has become a dominant feature of major urban markets.
According to him, emerging development corridors, particularly Ibeju-Lekki, exemplify this trend due to the presence of large-scale projects such as the Dangote Refinery, the Lekki Deep Sea Port and the proposed Lekki International Airport.
Agbato explained that land acquired in such locations years earlier at relatively low prices has recorded significant appreciation, rewarding investors who anticipated infrastructure development.
However, he warned that speculative activities have adverse social consequences, including inflated land prices, delayed development and wealth concentration without corresponding tax benefits to the government.
He also linked rising construction costs to the removal of fuel subsidy announced during the inauguration of Bola Tinubu in May 2023, noting that higher fuel prices have increased transportation and building material costs.
Agbato added that inflationary pressures and high interest rates have further worsened housing affordability, with mortgage rates ranging between 20 and 30 per cent, effectively placing home ownership beyond the reach of many Nigerians.
In his remarks, the President of the Nigerian Institute of Town Planners, Ogbonna Chime, stressed the importance of effective urban planning in shaping sustainable cities and influencing property values.
Similarly, the Chairman of the Lagos State branch of the association, Bello Akinwale, described the workshop as a critical platform for addressing challenges in a rapidly urbanising country.
He emphasised the need for strategic planning and collaboration to ensure balanced land use and improved housing delivery nationwide.
