Lagos housing deficit reaches 3.4 million units

Lagos requires approximately N6 trillion annually to address its growing housing deficit, according to research presented at the ‘Beyond Rent: A Lagos Housing and Capital Forum’ organized by GTI Investment Group.

Professor Timothy Nubi of the University of Lagos Centre for Housing and Sustainable Development reported that the housing deficit in Lagos has risen from 2.95 million units in 2016 to 3.4 million units in 2025. To meet demand driven by population growth and migration, the state needs roughly 227,576 new housing units every year.

Nubi identified several barriers to housing delivery, including land acquisition issues, insecure titles, inadequate infrastructure, and limited long-term financing. He noted that while Nigeria’s pension assets exceed N31 trillion, inadequate investment instruments like Real Estate Investment Trusts have limited access to this institutional capital. He also emphasized the need for better management and digitization of the National Housing Fund to serve as a viable long-term finance source.