House rents in Nigeria are likely to remain high unless governments address land titling, planning regulations, pricing structures and incentives for developers, real estate developer and entrepreneur, Dr Kennedy Nnadi, has said….
House rents in Nigeria are likely to remain high unless governments address land titling, planning regulations, pricing structures and incentives for developers, real estate developer and entrepreneur, Dr Kennedy Nnadi, has said.
Nnadi, founder and CEO of an international real estate development company operating in Nigeria and the United States, said the country’s housing shortage was being worsened by high land costs, limited titled property and inadequate incentives for developers.
Speaking on Diaspora Connect, Nnadi said Nigeria needed a more structured real estate market that would make housing more affordable for ordinary Nigerians.
He argued that the lack of properly titled land increases development costs and ultimately pushes property prices beyond the reach of many prospective homeowners.
“Most of the land needs to be titled. That way, ease of doing business in the real estate industry can be seamless,” Nnadi said.
According to him, limited access to titled land makes property acquisition and development more expensive, with the additional costs eventually passed on to buyers and tenants.
He also called for stronger town planning and clearer zoning regulations to ensure that residential developments are properly organised.
Nnadi said states should work with developers to establish well-planned residential layouts, with clear distinctions between low, medium and high-density areas.
He cited Abuja as an example of an area where land-use planning has helped provide greater certainty about what can be developed in particular locations.
“We can come together and make this a very good proposal again to the government in different states and chart a way for residential houses, making layouts, making town planning well organised and not just anyone building anything they want to build,” he said.
Developers Need Incentives
The real estate developer also urged governments to introduce incentives that would encourage private developers to build more affordable housing.
Drawing from his experience in the United States, Nnadi said governments could provide tax incentives and other support to developers in exchange for increased housing supply.
He explained that such a model could allow developers to build more homes while governments generate additional revenue through property taxation.
“Government is providing houses to people; we are providing houses to people. Government, in the other way, gets revenue from that because the properties will be taxed,” he said.
He urged Nigerian authorities to consider similar incentives to encourage developers to increase housing production.
“I think over in Nigeria, we need to do something like that. Incentivise developers and then we can do more,” Nnadi said.
Nigeria faces a significant housing deficit, while current housing production remains below the level required to meet demand.
Nnadi said addressing the deficit would require collaboration between government and private developers, alongside reforms that make land acquisition, development and housing delivery easier.
Diaspora Investment Can Help
Nnadi also urged Nigerians in the diaspora to look beyond remittances and consider investments that can contribute directly to economic development.
He said his decision to expand his real estate business from Nigeria into the United States was driven partly by the desire to connect an emerging economy with a more established and structured market.
His company currently has operations in Nigeria and the United States, with residential developments in Houston, Texas.
Nnadi said diaspora entrepreneurs could contribute to Nigeria’s development by bringing capital, expertise, business networks and international standards into the country.
He stressed that successful investment was not solely about money but about creating value and building sustainable enterprises.
“The main factor is what value are you bringing to the table? What is your vision? What will be said about you beyond wherever you are or when you’re not even in the room?” he said.
Nnadi said his experience in real estate had reinforced his belief that people, partnerships and effective structures were often more important to building a successful business than capital alone.
He also called on Nigerian developers to work collectively with governments to improve housing delivery and make home ownership more accessible.
