- Material costs soar—dream of home slips away
- Renewed Hope housing still out of reach for many
- Mortgage barriers and policy gaps deepen the crunch
Nigeria’s housing crisis deepens as soaring building costs put homeownership beyond reach for most workers.
According to a report by Eko Hot Blog, these escalating prices are forcing many Nigerians to abandon dreams of building their own homes, while others feel trapped by steep rents.
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The data from Lagos paint a stark picture: reinforcement bars now cost between ₦920,000 and ₦1.34 million per ton; a 50 kg bag of cement ranges from ₦9,500 to ₦10,200; sharp sand goes for ₦85,000 to ₦150,000 per tipper; granite between ₦540,000 and ₦660,000 per truck; and roofing sheets cost as much as ₦51,000 per meter depending on type and size.
In a bid to ease the burden, the federal government’s Renewed Hope Cities and Estates initiative has delivered some housing units. However, even these subsidised units remain out of reach for many Nigerians earning the minimum wage (around ₦70,000 monthly).
One-bedroom flats in these estates cost between ₦8 million and ₦9 million, while PPP-funded Renewed Hope Cities in Abuja start from ₦22 million to ₦25 million. Private estate prices are even higher, averaging ₦65 million.
Experts argue that unless government policies tackle affordability head-on, the housing shortfall estimated at 22 million units by the UN will persist or worsen. Nathaniel Atebije, former president of the Nigerian Institute of Town Planners, noted that no low- or middle-income Nigerian worker can realistically afford a proper home today.
Meanwhile, Timi Afolabi, Vice Chairman of the Association of Professional Bodies of Nigeria (Delta State), criticized the initiatives as elitist, contrasting them with Jakande’s mass-focused housing model. He urged the reduction of construction material costs and broader infrastructure development.
Without meaningful reforms such as subsidizing materials, easing access to mortgages, and revisiting housing policy frameworks Nigeria risks letting its housing crisis spiral further out of control.
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