Nigeria’s housing crisis stems from policy failures, says Ezekiel

Nigeria’s housing deficit, estimated at over 20 million units, is often blamed on private developers. However, Ryan Ezekiel, Founder of Zeeks Homes, says policy and structural failures limit the ability of developers to deliver homes at scale and at prices most Nigerians can afford.

Speaking on the issue, he pointed to the high Monetary Policy Rate (MPR) as a key obstacle to sustained building activity. “The MPR policy is a major stumbling block to developers building consistently,” he said.

He said most projects are funded out of pocket because developers cannot afford bank financing, which raises risk and the cost of capital. He added that the lack of affordable long-term finance pushes developers away from rental housing that requires capital to be tied down for years.

“We see less rental properties because huge capital cannot be locked down in properties for a long period of time to generate consistent cash flow, making the cost of real estate inaccessible to the middle class,” Ezekiel noted.

“If developers could finance projects long term, there would be no need to demand outright payment for properties and this would further reduce the entry level as a home buyer.” He said the absence of a functional mortgage system means many buyers must pay the full price upfront, keeping ownership beyond the reach of middle and low income households.

“Mass housing projects have become cash cows for government individuals and parastatals,” he stated.

“Having a subsidized mass housing scheme where developers get large lands at little to no cost and they build affordable housing for the middle class and low-income earners would go a long way. Right now, the cost of land is too high so the prices of houses are way higher than they should cost. More effectively designed PPPs would go a long way in solving this problem.”

He also cited land administration and approval processes that rely on manual systems, leading to delays that increase project timelines and costs. Frequent demolitions in Lagos and Abuja and changing regulations reduce investor confidence and make long-term planning difficult.

He said multiple agencies impose overlapping levies despite recent tax changes that clarified some VAT rules, while enforcement remains weak. “Governments need to fix our fiscal policy problems and lower inflation rate,” he said.

“This will make building materials affordable and reduce the cost of building low-cost durable housing for the middle class and low-income earners.”

He said transparent public-private partnerships would restore investor confidence and unlock large-scale affordable housing supply.

“More first-time home buyers and a huge cut in our housing deficit,” he concluded.

His remarks add to calls for coordinated policy reform to address financing, land access and regulation so that housing delivery can meet demand across Nigeria.

Stakeholders say aligning monetary, fiscal and housing policies could expand mortgage access, stabilise construction costs and support steady home ownership growth.

They argue that predictable rules and digital approvals would shorten timelines and reduce uncertainty for investors and buyers. Debate on reform is expected to continue nationwide.