Nigeria Can Slash Housing Costs by 50% – Olatunbosun

A well-known Nigerian investor and real estate developer, Mr. Williams Olatunbosun, says Nigeria has the potential to reduce the cost of housing by up to 50% — but only if the government takes the right steps.

Speaking at an unveiling event in Abuja on Friday, the Group CEO of Casalavoro Residence emphasized that with strong support from the federal government and partnerships with the private sector, President Bola Tinubu’s administration can significantly reduce the country’s housing deficit.

According to him, “The government plays a big role in enabling real estate development. The cost of land and development are the main reasons housing is so expensive today. If the government can help lower land prices and improve infrastructure, it will go a long way in reducing overall housing costs.”

He also stressed the importance of government-backed access to financing and public-private partnerships in solving the housing crisis.

Olatunbosun added that solving Nigeria’s development challenges lies in the hands of Nigerians themselves. “We can’t wait for outside help,” he said. “It’s up to us to fix this.”

His remarks come as real estate has now surpassed crude oil in its contribution to Nigeria’s Gross Domestic Product (GDP) — a major shift, according to new figures from the National Bureau of Statistics.

With housing in high demand and many Nigerians still struggling to afford decent homes, Olatunbosun’s message is clear: smart policy and collaboration could make homeownership more realistic for millions.