A Lagos-based real estate firm, Meritabode Nigeria Limited, has called on the government to create a more enabling environment for property developers to help bridge Nigeria’s housing deficit.
The firm also advocated an improved mortgage system and regulatory reforms that would enable more Nigerians to access affordable homeownership through long-term financing.
The General Manager of the company, Ofure Oseni, made the call during the special allocation of land to over 30 subscribers to the firm’s Emerald Haven Estate located along the Lekki-Epe Expressway in Lagos.
Oseni noted that Nigeria’s growing population means demand for housing will continue to rise, stressing that developers require greater support from the government to expand housing supply and improve access to land at moderate prices.
According to her, although the real estate sector has witnessed increased regulatory oversight in recent years, developers still face bureaucratic hurdles that slow down projects and increase development costs.
“We have seen a lot of developments and regulatory processes introduced in the industry.
The sector is gradually taking shape because the government has begun to strengthen regulatory frameworks,” she said. “However, there are still many bottlenecks and bureaucratic processes involved in developing estates, which the government needs to address to make it easier for developers to operate.”
Oseni explained that the Emerald Haven project comprises residential plots and dedicated investment, as well as and commercial zones designed to accommodate different categories of investors and property owners.
According to her, the residential build zone consists of 450 square metres plots for housing development, while the investment zone, which accommodates terraced and semi-detached apartments, consists of 600 square metres plots.
The commercial component of the estate, including spaces designated for shopping malls and other business activities, begins from 1,200 square metres, depending on the investor’s requirements.
To make property ownership more accessible, she disclosed that the company has introduced flexible payment plans that allow subscribers to pay for plots over 12 months.
She also revealed that the firm has entered a partnership with the Federal Mortgage Bank of Nigeria (FMBN) to support buyers who wish to acquire property through mortgage financing. However, Oseni expressed concern that mortgage financing remains largely underutilised in Nigeria.
She explained that because mortgage systems are not widely established or easily accessible, many developers have resorted to instalment payment structures to help buyers gradually acquire property.
According to her, greater public awareness about mortgage opportunities would significantly improve access to housing. “In developed countries, many people rely on mortgages to own homes. Government needs to educate Nigerians more about the mortgage process and make the system more accessible,” she said.
Oseni added that the Emerald Haven estate has government allocation, an approved and verifiable layout, and complies with official development procedures.
She described the development as a smart estate equipped with modern infrastructure, including a central sewage system, water supply network, 24-hour electricity, smart security systems, internal road networks, recreational facilities and commercial areas.
She also urged stakeholders within the real estate ecosystem to build stronger confidence in the sector by maintaining transparency and delivering quality services to subscribers.
Oseni further advised prospective buyers to patronise only reputable developers with credible track records to avoid falling victim to fraudulent property schemes.
The Sales Director of the company, Victor Igbenoba, said the land allocation formed part of activities marking the firm’s anniversary. He noted that the company’s strategy has always been to identify emerging development corridors early and position subscribers to benefit from future growth. “Real estate has always rewarded those who see tomorrow before it arrives. That principle has guided our approach over the years,” he said.
Igbenoba explained that rapid urban expansion, infrastructure development and population growth will continue to open up new investment opportunities across Nigerian cities.
“Across our cities and emerging communities, expansion is inevitable. Infrastructure will continue to unlock new investment frontiers, while population growth will keep driving housing demand,” he said.
He added that the firm would continue to expand its property portfolio in strategic locations to ensure that subscribers benefit from strong market insights, sound planning and long-term investment value. “We are not just offering property; we are presenting well-structured investment opportunities designed to appreciate and secure the future of our investors. We are building more than developments; we are building a trusted investment community,” he said.
Also speaking, a subscriber, Michael Inyang, commended the company for providing quality property opportunities and urged it to sustain efforts aimed at boosting investor confidence in Nigeria’s real estate sector.
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