Insurance Key To Solving Nigeria’s Housing Challenge – Heirs General MD

The managing director and chief executive officer of Heirs General Insurance, Wole Fayemi, has said insurance remains a critical component of addressing Nigeria’s housing challenge, stressing that efforts to bridge the country’s housing deficit will achieve lasting impact only if homes and investments are adequately protected.

Speaking at the 12th Africa International Housing Show 2026 during a panel session on advancing affordable housing and strengthening collaboration across the housing value chain, Fayemi urged policymakers, developers, financiers and homeowners to place risk protection at the heart of the nation’s housing agenda.

According to him, while increasing the supply of houses is important, sustainable housing development requires equal attention to safeguarding the buildings and the people who occupy them against unforeseen risks.

“A housing policy that focuses solely on construction is incomplete. The true measure of success is not only the number of homes we build, but how effectively we protect the people, investments and communities those homes represent,” he said.

Fayemi noted that as Nigeria intensifies efforts to reduce its housing deficit, greater emphasis must be placed on what happens after homes are delivered, warning that inadequate insurance coverage leaves families, businesses and the broader economy vulnerable.

He spoke against the backdrop of recurring building collapses across the country, which have claimed lives, destroyed investments and weakened public confidence in the built environment.

According to him, insurance should no longer be viewed merely as a regulatory requirement but as a fundamental pillar of responsible housing development.

Referencing the recently introduced NIIRA Act, 2025, Fayemi said developers and occupiers have a shared responsibility to insure properties, not only to comply with the law but also to strengthen the resilience of Nigeria’s housing ecosystem.

“Every building represents years of investment, aspiration and sacrifice. When those assets are left uninsured, the consequences extend far beyond individual property owners. Families are displaced, businesses are disrupted, financial institutions are exposed, and national development suffers,” he stated.

He also advocated stronger collaboration among government agencies, regulators, developers, insurers, financial institutions and homeowners, noting that integrating insurance into housing finance and development from the planning stage would boost investor confidence, encourage sustainable developments and create more resilient communities.

Fayemi further called for increased public awareness of insurance as a tool for wealth preservation and economic stability, lamenting that many Nigerians still regard it as an afterthought rather than an essential safeguard.

“Insurance should not begin when disaster strikes; it should begin when plans are being drawn. If we are serious about creating sustainable cities and protecting the wealth of future generations, then insurance must become part of every housing conversation,” he said.

He maintained that Nigeria’s housing discourse should evolve beyond the number of homes constructed to include the long-term protection and resilience of the assets being created.

According to Fayemi, the country’s ability to solve its housing challenge will depend not only on building more homes but also on ensuring they are adequately protected through insurance.