Stakeholders in Nigeria’s real estate sector have called for aggressive urban redevelopment across Lagos Mainland to address the state’s growing population pressure and evolving housing demands.

The call was made on Thursday during a real estate forum organised by Exclusive Estate in partnership with BusinessDay, themed, “Exploring Redevelopment Investment Opportunities in Lagos Mainland Real Estate Sector.”

Speaking at the event, the Chairman of Exclusive Estate, Peter Adobamen, described Lagos Mainland as strategically positioned with easier connectivity to key commercial districts in the state.

According to him, about 85 per cent of Lagos residents currently live on the mainland, making the area a critical hub for future urban development.

“I have a friend who moved to Sangotedo, and it takes him four hours to get to Victoria Island. But from Yaba, you get to Marina and Victoria Island within 10 to 15 minutes,” Adobamen said.

He explained that although congestion initially pushed residents towards Lekki and other parts of the Island, many people are gradually returning to the mainland because of its proximity to Lagos’ Central Business District.

Adobamen also noted that the mainland enjoys a more connected road network compared to the Island.

Highlighting changing housing preferences among younger Nigerians, he stated that demand is shifting from large duplexes to smaller and more affordable apartments.

“The era of the big five-bedroom duplex is gone. People are becoming more realistic and going for smaller units,” he stated.

According to him, many old structures across the mainland are now being demolished and replaced with modern housing developments tailored to the needs of younger urban professionals.

However, Adobamen identified access to finance and high interest rates as major obstacles affecting urban redevelopment projects.

“Finance has been one of the challenges facing urban redevelopment because of the high interest rate regime. Government regulation is also there, so we must find a balance between regulation and the realities of development,” he added.

He also urged the government to strike a balance between redevelopment projects and the welfare of low-income residents who may be displaced during urban renewal exercises.

“Having to displace low-income people in places like Oworonshoki and other communities are societal issues government must carefully balance with development,” he said.

Delivering the keynote address, the Director of the Centre for Housing and Sustainable Development at the University of Lagos, Prof. Timothy Nubi, called for a reduction in the cost of land documentation and approval processes in Lagos State.

Nubi argued that the high cost of obtaining Certificates of Occupancy and development approvals discourages investment and contributes to illegal building practices.

“These costs are killing projects. Many developers look at the amount required for approvals and simply give up,” he said.

He advised the government to reduce approval costs to encourage more legal developments and generate long-term revenue through land use charges.

According to him, expensive documentation processes are partly responsible for the rise in illegal and substandard buildings across Lagos.

“The implication is that illegal construction will continue. When people don’t have approvals, they reduce investment and use cheaper materials to minimise risk,” Nubi warned.

The housing expert also lamented the weak attention given to facility management in Nigeria despite real estate being a major contributor to the economy.

Speaking on population growth, Nubi warned that Lagos could witness massive migration in the coming decades, especially if insecurity persists in parts of northern Nigeria.

“Every day, about 900 people move to Lagos with no plans of returning. If insecurity continues, the population could rise to 60 million within the next 25 years,” he stated.

Nubi further explained that modern housing demand is increasingly being shaped by changing lifestyles and remote work culture.

“The population now does not want large spaces. Most people only need a small office space to work from home and a tiny place to sleep,” he added.