Nigeria’s big housing boom - CNBC Africa

Nigeria’s big housing boom

Western Africa

by admin 0

Nigeria works to improve housing deficit. PHOTO: equipmentworld

The Mitros City project, to be built on the out skirts of Lagos, hopes to address the rising population as well as decongest traffic.

Segun Abiodun, special adviser to Ogun state government on housing, says that there are too many unplanned towns in the city that are not structured in terms of development.

“What we intend to do is take the bull by the horn and say enough slums or residential neighbourhoods developing by default. The truth of the matter is that these neighbourhoods will develop whether we like it or not so it’s best when we are able to control that development,” she said.

(WATCH VIDEO: Mitros City to de-congest Lagos state)

The new city is the first of its kind to be built on such a large scale and spans over 2,000 hectares of land. Roughly three months after the start of the development of the land, it will be available for purchase.

“Right now I think the federal government is doing something that is in the right direction in getting the mortgage arena in place so that people who earn 150,000 [naira] a month can begin to afford to buy a house and get a mortgage for it.”

Another project addressing the housing deficit in Nigeria is the Centenary City Project.

(READ MORE: Nigeria promises affordable housing)

Mohamed Alabbar, the managing director and chief executive officer of Eagle Hill said, “Cities globally are expanding but in Africa, Asia and especially in Nigeria, due to economic growth and population growth they are really expanding in an incredible way. So I would really look at the Centenary City as a natural planned way of the city of Abuja.”


Alabbar said the plan is to create an environment that has all the elements for comfortable living including sports parks, hospitals and schools.

The 18.6 billion dollar project will take between 10 to 14 years to complete and will create many jobs in the economy. One of the requirements of the project by the government is to make it as green as possible.  

 “Applying international standards in our master plan was critical that was put in by the government on us. Following design criteria that is accepted by the world is critical for our success,” concluded Alabbar.