Lagos requires approximately N6 trillion annually to bridge its housing capital gap, as the state’s housing deficit has risen to 3.4 million units, according to findings presented at a housing and capital forum organised by GTI Group Ltd on Thursday, August 20, 2026.
The figures were disclosed by Prof. Timothy G. Nubi, Founding Director of the University of Lagos Centre for Housing and Sustainable Development, in a keynote presentation titled “Housing, Capital and the Future of Lagos.”
The presentation was delivered at the forum themed “Beyond Rent: A Lagos Housing and Capital Forum,” which brought together stakeholders from government, housing, real estate, investment and economics to examine ways of mobilising capital to address the state’s housing and affordability challenges.
What the data is saying
Lagos’ housing deficit has reached 3.4 million units, highlighting the widening gap between housing supply and the needs of the state’s rapidly growing population.
According to Nubi, the scale of the deficit means Lagos requires about N6 trillion every year to bridge its housing capital gap.
The funding requirement underscores the enormous capital needed to expand housing supply, particularly affordable housing, while addressing the rising cost of accommodation across the state.
The figures also point to the need for increased private-sector participation and innovative financing mechanisms, as government funding alone may not be sufficient to close the gap.
What they are saying
Nubi said the housing challenge in Lagos must be approached not only as a real estate issue but also as a capital mobilisation and economic development challenge.
The forum examined how long-term capital could be channelled into housing development and infrastructure to improve affordability and expand access to decent housing.
Other speakers at the event included Engr. Abdulhafis Gbolahan Toriola, Permanent Secretary, Lagos State Ministry of Housing; Dr. Bola Adigun, West Africa Government and Public Sector Leader and Economics Leader at Deloitte; Mr. Tolu Bawa-Allah, Managing Director of Prindex Properties; and Mr. Abubakar Lawal, Managing Director of GTI Group.
The discussions focused on the role of government, financial institutions, investors and real estate developers in creating sustainable funding structures capable of addressing Lagos’ housing shortage.
