Urbanization in Nigeria, particularly in cities like Lagos, Abuja, and Port Harcourt, is experiencing unprecedented growth, largely driven by rural-to-urban migration fueled by aspirations for economic advancement and improved living standards.

 

As urban populations swell, the demand for housing and infrastructure escalates, presenting both challenges and opportunities for sustainable development. In response to these dynamics, stakeholders in the housing industry convened at a real estate conference hosted by Businessday to discuss actionable steps to accommodate urban migrants effectively.

 

Moruf Akinderu Fatai, the Lagos State Commissioner for Housing, emphasized the imperative for government to prioritize inclusive urban development. He stressed the need for investment in affordable housing initiatives, upgrading informal settlements, and revitalizing neglected neighborhoods to create vibrant and equitable communities for all residents, regardless of their socio-economic status.

 

Bungalow For Sale

Duplexes For Sale In Abuja

Real Estate Properties For Sale

Understanding Tenant Rights And Responsibilities In The Abuja Property Market

Furthermore, Fatai highlighted the importance of leveraging technology and data-driven insights to inform decision-making processes. Embracing smart city solutions such as digital mapping and urban analytics enables stakeholders to anticipate and mitigate the adverse impacts of rapid urbanization while unlocking avenues for sustainable growth.

 

Advocating for public-private partnerships, Fatai underscored their role in driving inclusive economic growth and fostering job creation. He urged industry players to collaborate and incentivize responsible real estate investment to meet the diverse housing needs of urban settlers.

 

On the panel, Obinna Onunkwo, Deputy CEO of Purple, echoed the importance of collaboration among small and medium-scale developers. By pooling resources and sharing services, developers can achieve economies of scale, lower costs, and deliver affordable housing options to consumers. Onunkwo emphasized the need for streamlined project management and the utilization of shared services structures to optimize efficiency and reduce wastage.

 

In addition to optimizing land use, the panelists called for government intervention to address skyrocketing construction material prices and energy costs. Odunayo Ojo, CEO of UAC Property Development Company (UPDC), emphasized the role of partnerships in job creation and urged banks to utilize their Cash Reserve Ratio (CRR) to stimulate activity in the real estate sector.

 

To truly make housing affordable, the panelists emphasized the necessity of reducing input and infrastructure costs, highlighting the importance of collaborative efforts and proactive government policies in addressing the housing needs of urban migrants.