Leaders in Nigeria’s housing and construction industry have called on government at all levels to recognise real estate as a vital pillar of national development and to create policies that will help the sector thrive.
Speaking at a stakeholders’ forum, Festus Adebayo, Executive Director of the Housing Development Advocacy Network (HDAN), described real estate as “the only truly tangible national asset,” warning that the country cannot achieve meaningful growth without strengthening the industry.
Adebayo traced the evolution of the Real Estate Developers Association of Nigeria (REDAN), noting that before its formation in 2002, developers worked in isolation.
“They came together as one formidable body to influence government policy and decisions,” he said.
“REDAN’s first leader was the late Alhaji Lateef Jakande, who guided the association for eight years and helped establish it across all states.”
He highlighted the sector’s global importance, explaining that residential real estate accounts for about 51 per cent of global wealth, rising to 71 per cent when other property classes are included.
“If we are not performing well, the nation is going nowhere,” Adebayo warned.
“No country makes progress outside the development of its real estate industry.”
According to him, cities are built on residential assets, making real estate professionals key to national progress.
He cited South Africa as an example where government policies cannot ignore the strength of a robust real estate sector.
Adebayo stressed that Nigeria’s built environment employs a large portion of the workforce — especially in Lagos, where architects, lawyers, developers and other professionals together sustain more than half of the state’s labour force.
“None of them are illiterates,” he said.
“They have brought professionalism and order to a sector once overlooked.”
He urged authorities to ease the regulatory burden and support housing development, stating: “A government that does not cater for the housing of its citizens does not deserve to exist. Running a real estate business in Nigeria is no joke, and we must not allow the sector to be branded as criminal.”
With the United Nations set to mark World Habitat Day in about 30 days, Adebayo warned that housing challenges are worsening, as more Nigerians struggle to pay rent or are forced to live on the streets.
“We cannot separate our economy from real estate,” he concluded.
“Without our activities, there is no city and there is no nation.”
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