Dr. Aliyu Wamakko, the former president of the Real Estate Developers Association of Nigeria (REDAN), has advised the federal government to prioritize tackling the high cost of construction instead of focusing on rent control. He argues that the housing crisis in Nigeria is fueled by the expensive nature of building, rather than the actions of landlords.
During a press briefing in Abuja, Wamakko explained that high rents are just a byproduct of expensive land, labor, infrastructure, and raw materials. He noted that the price of cement has reached nearly N13,000 per bag, with significant hikes in the costs of steel and roofing. He maintains that developers cannot lower rental prices if their own production expenses continue to climb, as they must recover their investments to remain viable.
To fix this, Wamakko suggested that the government should focus on reducing the cost of building materials, improving access to long-term financing, and fostering policies that support large-scale housing projects. He cautioned that setting rent caps without addressing the root causes could deter private investment and ultimately worsen the housing shortage. Instead, he advocates for increasing the supply of homes by making construction more affordable for developers, whom he views as essential partners in resolving the national housing deficit.
