Bridging the Housing Gap: Strategies for Nigeria

Fadekemi Ajakaiye

Noah Ibrahim is the Chief Executive Officer of Novarick Holdings, a real estate investment and development company in Nigeria committed to promoting better living experiences for the average Nigerian through real estate and sustainable solutions across the housing ecosystem. In a conversation with Thisday, Noah shares his thoughts on what must be done to address the housing crisis in the country.

Nigeria’s housing deficit has been discussed for years, yet the numbers continue to grow. The current estimate stands at over twenty million housing units, and the gap is widening as the population increases and more people move to cities. For Noah Ibrahim, the problem is not just about building more homes but about understanding why the existing system has failed to deliver for millions of Nigerians.

In Noah’s view, one of the major reasons the housing deficit persists is because real estate development in Nigeria is still largely disconnected from the realities of the average Nigerian. “When you look at the housing options available today, a large percentage of them are either out of reach or not suited for the lifestyle and income of most people. Many property developers keep building what the market cannot afford,” he says.

“The cost of land, materials, and finance are serious roadblocks, and the absence of a coordinated national strategy is an even bigger issue. We need to move away from seeing real estate as a luxury business.

Housing is a social need, and the government needs to lead with policies that encourage affordable and sustainable development,” Noah adds.
While calling for more private sector involvement, Noah is quick to commend the ongoing efforts of the Lagos State Government in urban planning and infrastructure development. He particularly highlights the state’s push for more inclusive housing initiatives, improved regulatory frameworks, and the recent clampdown on illegal structures as steps in the right direction. At the national level, he also acknowledges the Tinubu-led administration’s emphasis on infrastructure-led growth and its renewed interest in reforming the mortgage sector to support home ownership.

One of the strategies he proposes is to create large-scale, government-supported housing schemes in partnership with private developers. He argues that these kinds of partnerships can help reduce the cost of land, provide access to basic infrastructure, and offer more favourable financing terms. “We need to make housing accessible by spreading development to peri-urban areas and making sure those areas are connected with good roads, power, water, and schools,” he explains.
Noah further emphasizes that access to mortgage financing is central to solving the housing crisis. “Without access to affordable financing, millions of Nigerians will remain locked out of home ownership, no matter how affordable we claim the housing is,” he says. It was for this reason, he explains, that he founded Green Mortgage, a subsidiary of Novarick Holdings. The platform is designed to provide Nigerians with flexible and realistic mortgage options tailored to their income levels, with the goal of making home ownership truly achievable for the average citizen.

Access to funding remains a critical part of the conversation. The current mortgage system in Nigeria does not serve the people it is supposed to help. According to data from the Central Bank, mortgage contributions are still below one percent of GDP. Noah believes this is because most Nigerians cannot meet the rigid requirements for accessing mortgage loans. “We need flexible models like cooperative housing, rent-to-own schemes, and micro mortgages. These are the kinds of solutions that reflect the income structure of everyday Nigerians,” he says.

He also places strong emphasis on the role of planning and urban design. He points out that poor planning leads to congestion, slums, and a growing number of unregulated buildings. “The housing deficit is not just about numbers. We have to think about the quality of housing we are delivering. Is it safe? Is it inclusive? Is it connected to economic opportunities?” he asks.

Recent events in Lagos, such as the demolition of houses built along canals and water channels in Lekki, have further highlighted the importance of proper planning and legal compliance in property development. According to Noah, these cases also bring to light the urgency of property insurance, an area that is often ignored by homeowners and even developers. “We’ve seen families lose everything in a day because their properties were uninsured,” he says. This reality was one of the reasons behind the founding of Kolanut Africa, another subsidiary of Novarick Holdings, focused on making property insurance accessible and affordable for Nigerians. “Insurance should not be seen as an afterthought. It should be part of how we think about long-term security in real estate.”

For Noah, another key strategy is the adoption of local materials and technologies. He notes that the Nigerian construction industry is heavily reliant on imported inputs, which makes housing more expensive. “We need to invest in research and support local alternatives. There are materials and systems we can adopt that will significantly reduce cost and time, but we must be willing to innovate,” he says.

Noah believes that solving the housing problem also requires a strong data-driven approach. Without reliable data, it is difficult to understand where the needs are most urgent and how resources should be allocated. “You cannot plan if you do not know who needs housing, where they live, what they can afford, and how they want to live. We need to start collecting real numbers and using them to guide action,” he explains.

Despite the challenges, Noah is optimistic that the housing gap can be reduced if the right policies are implemented and the private sector is fully engaged. He encourages both developers and the government to adopt a mindset of inclusion, sustainability, and long-term planning. “We do not need to build everything at once, but we need to start building with purpose. Every house should count for something. It should bring someone dignity and a chance at a better life,” he concludes.