Lagos, Nigeria’s commercial capital, faces a deepening housing crisis, as millions of residents on the mainland struggle to find affordable homes, while luxurious buildings on the island remain largely unoccupied.
Real estate consultant Vincent Umo Essien has described the situation as a “systemic issue” that requires urgent government intervention and innovative solutions.
Speaking on the imbalance, Essien noted that the influx of people into Lagos has outpaced the city’s housing capacity.
The result is overcrowded informal settlements on the mainland and vacant high-end apartments on the island that are financially inaccessible to most residents.
“The housing crisis in Lagos isn’t just about availability. It stems from a financing gap caused by economic and social inequalities,” he explained.
“Developers are prioritizing luxury housing for quick returns, leaving out the majority who cannot afford these properties.”
Essien identified challenges deterring investment on the mainland, including poor infrastructure, unreliable power supply, and inadequate financing. He called for intensified government efforts in infrastructure development and urban renewal to attract developers.
“It’s not just about building cheaper homes; it’s about creating environments that preserve human dignity,” he said.
“Improved roads, railways, and incentives for developers can significantly boost affordable housing on the mainland.”
To address the crisis, Essien advocated for innovative housing solutions, such as co-living spaces, rent-to-own programs, and social housing projects. He also proposed repurposing vacant high-rise buildings on the island for affordable housing.
“These alternatives are practical and can reduce the housing deficit while fostering community building,” he said.
“Rental subsidies, in particular, can help low-income families close the affordability gap.”
Essien emphasized the need for collaboration among policymakers, developers, and grassroots leaders to resolve the crisis.
“This challenge requires collective action. The goal should be to create a more inclusive housing market that prioritizes the needs of many over the profits of a few,” he concluded.
The Lagos housing market continues to face significant challenges, but experts believe that with the right policies and innovations, a sustainable solution is achievable.
RC: VANGUARD
