Nigeria's housing sector's challenges: What lies ahead?

The housing challenge in Nigeria is deeply rooted, despite possessing key factors for real estate growth. 

Issues include the unavailability of serviced plots, lack of infrastructure, and insufficient budgetary allocations, particularly in comparison to other sectors. 

Financing remains a major hurdle, with housing development being capital-intensive and inadequate budget allocations exacerbating the problem. 

The absence of an organized mortgage finance system compounds the financial challenge, although initiatives like the Nigeria Mortgage Refinance Company aim to improve this situation. 

Technological deficiencies, reliance on traditional construction methods, and inadequate capacity hinder mass housing development.

Addressing the housing sector's challenges requires proper regulation, coordination, and the identification of professional real estate developers. 

The Federal Government should conduct research, formulate sound housing policies, and create an enabling environment for private sector involvement. 

The Land Use Act is a significant obstacle, necessitating a review for effective housing development. Strengthening legal and regulatory frameworks for mortgages, property rights, land registration, and foreclosure procedures is crucial for a robust mortgage system. 

Embracing innovative technologies is essential for sustainable development in the housing sector, offering significant opportunities for growth with concerted efforts from the government, professionals, and the private sector.