Nigeria at 65: Mortgages can break the cycle of rent and homelessness, Ashiru-Balogun says

For many Nigerians, freedom means more than the waving of green-and-white flags. At 65, the nation still grapples with an independence dream left unfulfilled, a home to call their own.

Nigeria’s housing deficit has swelled to more than 28 million units, according to developers and government estimates. In Lagos, where rent can swallow half a family’s income and landlords raise prices without notice, the weight of that gap is deeply personal.

Families cram into single rooms. Young couples delay marriage. Workers earning the new ₦70,000 minimum wage see their paychecks vanish before rent day.

Against this backdrop, a different kind of independence story unfolded in Ogudu on October 1. Terra Developers, a Lagos-based firm, opened the gates of Olivia Gardens, a housing estate it says will put homes within reach of middle-income earners.

“Gone are the days people will pay 100 million cash to buy a house,” said Kola Ashiru-Balogun, the company’s managing director. “That is not affordable, that is not sustainable.”

Instead, the firm is leaning on mortgages, some offered at 6.5% under the National Housing Fund, to turn buyers into owners. Ashiru-Balogun called it “a chance for first-time buyers to step onto the housing ladder.”

The Squeeze of Survival

The reality of Lagos real estate is brutal. In upscale districts, homes sell for ₦400-500 million ($270,000–$335,000), far beyond the reach of average workers. Inflation, slightly above 20 percent, has only widened the gap.

“Many people were priced out,” Ashiru-Balogun admitted. “But things are stabilising now. Mortgages are the way forward.”

Industry players share his optimism. Ayodele Olowookere, head of Imperial Homes Mortgage Bank, reminded would-be buyers that housing is one of the few investments that grows even in crisis.

“If you had bought a home three years ago for ₦40 million, today it would be worth nearly ₦100 million,” he said.

“Waiting means losing.”

Buyers, he explained, can now pay as little as 10-30 percent upfront and stretch payments for up to 20 years.

Shelter Beyond Ownership

Still, not everyone can borrow. Millions earn too little or work in informal jobs. For them, even talk of a mortgage feels remote.

Ashiru-Balogun acknowledged that truth and pushed for rent control. “It’s not everybody that will buy a house,” he said. “Let the government step in to protect renters.” He suggested yearly rent hikes be capped at 3-5 percent, to give tenants breathing room.

That call struck a chord with Moyosore Ogunlewe, chairman of Kosofe Local Government. “We’ve built roads, schools and health centres,” he said at the event. “But housing is where the dignity of families begins.”

Building Blocks of Change

Terra Developers says it has delivered more than 2,000 housing units between 2021 and 2024 and plans nearly 900 more in Lagos and Abuja.

For Emmanuel Ekwe, the company’s general manager for sales, the mission goes beyond profit. “Every square metre we build is meant to give families not just a house, but a chance at stability,” he said.

Hope at the Edges

The new estate will not erase a housing deficit counted in millions. Yet, for young Nigerians who have long seen homeownership as a luxury, it offers a foothold.

Balogun admits as much. “The project alone cannot close the gap,” he said. “But for families who have long seen homeownership as an impossible dream, it offers hope.”