Rebuilding trust critical to closing Nigeria’s 25m housing deficit

Stakeholders in Nigeria’s real estate industry have stressed that rebuilding trust between developers, agents, and buyers is critical to closing the country’s estimated 25 million housing deficit.

The call was made Friday at the maiden edition of Housing Matters Meet & Greet 1.0, organised by 208 Media through its flagship platform, Housing Matters. The event brought together developers, agents, clients, policy influencers, investors, mortgage providers, building material suppliers, and other players across the housing value chain.

Engineer Elizabeth Ebere Obioma, co-founder of Housing Matters and convener of the programme, described trust as “the bedrock of every successful real estate transaction” and a vital tool for building futures, dignity, and communities.

“In the last two quarters, Housing Matters has facilitated over ₦800 million in verified property transactions,” Obioma said. “These connect ethical developers with credible agents and buyers, including youths, low-income earners, and women who have long been left out of the housing conversation.”

She encouraged aspiring property owners to begin their journey with modest investments rather than waiting to accumulate large savings. “With ₦500,000 to ₦1 million, you can buy a plot and even farm on it until you can build,” she said, adding: “As long as you are acquiring property, you are already a landlord.”

Obioma also warned against fraudulent practices such as multiple land sales, advising buyers to conduct thorough due diligence, verify documents, and engage property lawyers.

While commending government housing initiatives, she emphasised that “the government alone cannot solve this problem” and called for deeper private sector collaboration, including financial support, land provision, skilled manpower, and training for real estate agents.

Co-convener Adamu Deco Suleman, also co-founder of 208 Media, said the programme was created to honour industry contributors and addresses the trust deficit in Nigeria’s property market. “We are showing that it’s possible to buy genuine property,” he said. “Nigerians must verify listings, documents, and when possible, use property lawyers.”

Guest speaker Barrister Oscar outlined a six-point checklist for safe land acquisition: confirm the land’s designated purpose, conduct thorough due diligence, obtain genuine documentation, carry out a survey, secure the land physically, and complete all legal documentation promptly.

The highlight of the night was a raffle draw, where a plot of land worth ₦2 million was won by Maxwell Onyebuchi Chimremese, a chef with no prior land ownership. “I’m speechless,” Maxwell said.

“I never expected it. I didn’t believe it would happen, but I’m so surprised seeing it happen. I was almost going home, but they told me to wait. My heart is filled with joy,” he added. He expressed gratitude to the organisers for the life-changing gift.

COURTESY: vavalue.com