NIESV Lagos Urges Government Reforms To Lower Building Costs And Rents

NIESV Lagos Urges Government Reforms to Lower Building Costs and Rents The Lagos Chapter of the Nigerian Institution of Estate Surveyors and Valuers NIESV has called on government at all levels to implement far-reaching reforms aimed at reducing the cost of building construction and stabilising rising rents across Nigeria. The professional body also advocated for lower housing finance interest rates and the creation of a more enabling environment to encourage real estate developers to boost housing supply. NIESV Lagos stressed that Nigeria’s housing challenges are largely driven by high construction costs, expensive financing, and inadequate policy support for developers. The institution urged the government to focus on long-term structural reforms rather than short-term interventions such as rent controls, which it says have historically failed to address the root causes of housing inflation.

Instead, it recommended policies that would improve access to affordable land, reduce bureaucratic bottlenecks in building approvals, and expand infrastructure to support new residential developments.A key part of NIESV’s recommendations is the reduction of interest rates on housing finance to single-digit levels, which the body says would significantly lower the cost of real estate development. According to industry experts, high borrowing costs remain one of the biggest barriers preventing developers from delivering affordable housing projects at scale. The institution also called for stronger mortgage systems that would allow more Nigerians to access long-term housing loans, thereby easing pressure in the rental market. NIESV emphasised the need for government policies that encourage private sector participation in housing delivery. It argued that developers require stable regulatory frameworks, improved access to financing, and efficient land administration systems to operate effectively. The body also noted that delays in land titling, planning approvals, and infrastructure deficits continue to increase the overall cost of housing production. The institution maintained that increasing housing supply remains the most effective way to stabilise rents in Nigeria’s urban centres. Experts within NIESV argue that rent control measures are counterproductive and discourage investment, while increased supply naturally helps moderate rental prices over time. The Lagos Chapter reiterated that without significant expansion in housing stock, Nigeria’s growing urban population will continue to face rising rent pressures. Nigeria continues to grapple with a severe housing deficit, particularly in major cities like Lagos and Abuja, where demand far outweighs supply. Rising population growth, inflation, and high construction material costs have further intensified the crisis, making affordable housing increasingly out of reach for many citizens. Industry analysts say coordinated reforms across finance, land administration, and infrastructure development are essential to resolving the long-standing challenge. NIESV’s position adds to growing calls from professionals and stakeholders for comprehensive housing sector reforms. The institution insists that only a combination of lower financing costs, improved infrastructure, and private sector incentives can meaningfully reduce building costs and ease the burden of rising rents in Nigeria.