The developer of Shalom Park Estate Lagos, Oluremi Oshikanlu, has expressed concerns that many Nigerians are unable to own their homes as a result of the increasing cost of land, building materials, and absence of government support for developers and would-be homeowners.

He also called on the government to prioritise funding support for property developers to bridge the housing deficit.

He spoke at the official launch of Shalom Park Estate Condominiums, a housing project developed by IFT Realty Limited in Lagos. Oshikanlu said the Federal Government can mitigate the situation by acquiring land, providing infrastructure, and enabling low-interest mortgages with long tenures and affordable rates through institutions like the Federal Mortgage Bank of Nigeria (FMBN).

He said, “Real estate cannot thrive on cash and carry basis, we need mortgages. Give Nigerians a 30-year mortgage at six per cent interest rate, and remove the cost of land, security, and permit delays. Let the government give developers a design, tell us the expected cost, and fix the profit margin, then we can deliver a house for N20 million with N5 million profit.”

He lamented the current reality whereby the high cost of construction was passed to buyers, making modest homes unaffordable. “Sand is N165,000 per truck. Cement is N11,000 per bag. Before you start adding profit, your cost has gone beyond what many Nigerians can afford.”

He warned that private developers alone cannot fix the country’s 28 million housing deficit. “No private investor can build low-cost houses. Anywhere in the world, it’s impossible. No private investor can build low-cost houses. It’s too difficult. You need government policy and funding support to complement the work we do. Nigeria’s cash-based economy was hurting the real estate sector,” Oshikanlu said.

Highlighting the role of diaspora remittances in real estate investment, he said: “Our greatest export is not oil, it’s our people. The informal diaspora repatriation is the real foreign direct investment stabilising Nigeria. Every day, millions of dollars, pounds, and yen roll in to fund real estate purchases. Diaspora buyers are now revitalising ancestral communities like Ogbomosho, Epe, and Ijebu Ode by building estates where locals had abandoned.”

He, however, acknowledged that the surge in diaspora investments had widened the affordability gap for Nigerians living at home, who face inflation and lending rates which are above 30 per cent.

Oshikanlu urged the government to prioritise housing as a national project. The government can decide to build 10,000 houses per state. The governor owns the land. It just requires political will.

There is a need for coordinated housing policy involving government, developers, unions, and cooperatives,” he added.