31/07/2026
WHY AFFORDABLE HOUSING IS MORE THAN SHELTER IN NIGERIA (Part 1)
For millions of Nigerians, homeownership is not simply a financial milestone, it is the ultimate symbol of security, stability and dignity.
From an early age, many Nigerians grow up with an unspoken belief: you either inherit a home or spend the greater part of your working life trying to build or buy one. For the overwhelming majority, inheritance is not an option. The journey to owning a home therefore becomes a lifelong pursuit, deeply embedded in both our consciousness and subconscious minds.
This mindset has shaped how generations define success. A person may attain academic excellence, build a successful career or establish a thriving business, yet without a place to call their own, many still feel that an important part of life's achievement remains incomplete.
Perhaps it is time we begin to view housing a bit differently.
Housing should not be regarded merely as a physical structure or a real estate investment. It is a form of social security. A decent home provides stability for families, supports children's educational outcomes, improves health, strengthens communities, creates intergenerational wealth and gives individuals a greater sense of belonging and purpose.
Yet this raises a difficult question.
How can the average Nigerian realistically aspire to homeownership under present economic realities?
Current estimates suggest that only 20% to 25% of Nigerian households own the homes they live in, roughly 10 to 12.5 million households. This means that three out of every four Nigerian households rely on rented accommodation or homes provided by extended family.
At the same time, data from the World Bank and Nigeria's National Bureau of Statistics (NBS) indicate that approximately 47% of Nigerians live below the poverty line, representing well over 100 million people experiencing monetary poverty.
On the surface, these figures suggest that conversations about housing should take a back seat to more immediate concerns of daily survival.
But I believe that conclusion would be a mistake.
It is precisely because these realities exist that we must rethink the way we approach housing.
The challenge before us is not simply to build more houses. It is to create a housing ecosystem where homeownership is no longer the preserve of inheritance, extraordinary wealth or decades of financial struggle. Instead, it should become an achievable aspiration for the average hardworking Nigerian.
I believe this is possible.
Not because the statistics look encouraging, I tell you they are not really, but because history has shown that nations can transform their housing sectors when they stop treating housing as isolated construction projects and begin treating it as an integrated system of economic and social security.
If that is true, then perhaps we have been asking the wrong question all along.
Instead of asking,
"Why are homes unaffordable for a significant percentage of Nigerians?"
Perhaps we should be asking,
"How can we redesign Nigeria's housing ecosystem so that millions more people can own a piece of real estate within their lifetime?"
That single question may hold the key to transforming not only our housing sector but also the future of wealth creation, social stability and economic inclusion in Nigeria.
Over the next few weeks, I will be sharing insights from my ongoing research, exploring practical ideas that could reshape the conversation around affordable housing in Nigeria.
So, let me leave you with one question...
If you had the opportunity to redesign Nigeria's housing system from the ground up, what would be the first thing you would change and more importantly, how would you do it?
The Housing Security Series
Exploring practical ideas for making homeownership achievable for every Nigerian.
Research by Michael A. Agbokhan, D.Sc. (h.c.), FIPMA
