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Lagos faces a growing housing financing challenge as its housing deficit reaches an estimated 3.4 million units, with the state requiring about ₦6 trillion in annual investment to bridge the supply gap. New research by GTI Capital Research shows that housing demand continues to outpace formal supply, while rising rents, property prices and construction costs are placing greater pressure on households and developers. The findings highlight the need for stronger private-sector participation, deeper mortgage financing and greater mobilisation of institutional capital to expand housing supply and improve affordability across the state.
Lagos Needs ₦6tn in Annual Housing Investment to Bridge 3.4m Unit Deficit
Lagos requires approximately ₦6 trillion annually to bridge its housing capital gap as the state’s housing deficit reaches 3.4 million units, according to findings presented by GTI Capital Research at a housing and capital forum in Lagos.
Lagos Housing Crisis Deepens as Deputy Governor Urges Residents to Share Rent
Lagos Deputy Governor Obafemi Hamzat has called on residents facing rising accommodation costs to consider sharing rent or living with their parents, as the state's housing affordability challenge continues to place pressure on households.
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34,800 Student Bed Spaces Delivered as FG Expands Tertiary Housing
The Federal Government has delivered 34,800 student bed spaces across 24 tertiary institutions as part of a nationwide programme designed to address accommodation shortages in universities, polytechnics and colleges of education.
Government Expands Infrastructure, Economic Opportunities Across Communities - Shettima
The Federal Government is expanding infrastructure and economic opportunities across communities as part of efforts to reduce congestion, create jobs and promote more balanced development nationwide, Vice President Kashim Shettima has said.
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Electric Spark Triggers Fire at New Gbagi Market, Two Shops Razed
Two lock-up shops have been destroyed by fire at the Bola Ige International Market, New Gbagi, Ibadan, after an electrical spark triggered the blaze in the early hours of Friday.
U.S. Launches $125,000 Grant to Preserve Ancient Lejja Iron-Smeling Site in Enugu
The United States Government has launched a $125,000 grant to support the preservation of the ancient Lejja iron-smelting site in Enugu State, strengthening efforts to protect one of Nigeria’s significant archaeological and cultural heritage locations.
Quote of the day:
“Progress begins the moment systems replace shortcuts, and accountability becomes the standard.”
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