The managing director of Abdul Metro Group, Dr Adekunle Abdul, has urged the Nigerian government to allocate more affordable land to developers as a key step toward lowering housing costs.
LEADERSHIP reports that Abdul Metro Group is the parent company of Metro and Castle Homes.
However, speaking in Lagos, Dr Abdul emphasised that land is the most significant factor driving the price of houses. According to him, cheap land would help build quality homes at affordable prices.. “Land is the biggest factor driving the price of houses. If the government could provide cheap land even if it’s far from city centres, it would help us build quality homes at affordable prices,” he said.
He contrasted land costs in different areas, noting that, parcel of land in some places could cost N400 million, while similar plots in other regions cost just N100 million, this will greatly affect the final housing prices.
The MD also revealed that the company remains steadfast in its mission to build not just homes, but vibrant and fully functional communities, as it plans to deliver 500 housing units.
“For the next five-year phase, spanning 2025 to 2030, our goal is to deliver 500 housing units, a target already underway. With about 10 per cent of these units near completion, approximately 450 homes remain to be built as we continue to expand our footprint and provide quality living spaces for Nigerians,” he stated.
On funding, Dr. Abdul praised government efforts to assist developers with low-interest loans but highlighted ongoing challenges with mortgage accessibility, adding that, ‘the traditional mortgage system is not easy to access, and it’s expensive. Many potential buyers get discouraged by long processing times and high costs.’
He singled out the government-backed Real Estate Investment Finance (REIF) initiative, which offers mortgages at single-digit interest rates over 20 years, as a promising breakthrough. ‘If the programme can be efficiently implemented, if it works well, it could be the best thing to happen to Nigerian housing,’ he said.
Dr. Abdul also highlighted the positive ripple effect of sourcing housing materials locally has on job creation in construction and related industries, saying, his company directly employs about 145 staff and hundreds of contractors, which is impacting thousands of families. By sourcing building materials locally, we further boost Nigeria’s economy and reduce reliance on imported goods, he noted.
Dr. Abdul pointed out the contrast with heavy importation trends, which see foreign companies, especially from China, reaping most benefits. “We will reduce reliance on imports by limiting foreign exchange transactions to essentials like ovens and equipment that are not yet easily produced locally. Even when items can be assembled here, we thoroughly explore local options first before looking abroad,” he added.
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