By Julian Osamoto
The Nigerian Institute of Quantity Surveyors (NIQS) has urged property developers and financial institutions to design housing projects around the earning capacity of prospective buyers, warning that homes priced beyond people’s reach will do little to address Nigeria’s housing crisis.
The institute’s President, Dr Aminu Bashir, made the call on Wednesday, at a news conference ahead of its 2026 National Conference and Annual General Meeting, scheduled to hold in Ilorin, Kwara State.
Dr Bashir said affordable housing required collaboration among quantity surveyors, architects, engineers, mortgage institutions and property developers to ensure that housing designs and financing arrangements reflected the purchasing power of different income groups.
He said Nigeria’s housing deficit stood at nearly 15 million units, while rising construction costs, expensive land, inadequate infrastructure and limited access to long-term financing continued to make home ownership difficult.
To improve accountability in housing development, the NIQS president said the institute would engage the Securities and Exchange Commission to make independent cost certification and project verification by registered quantity surveyors standard requirements for housing projects financed through the capital market.
He said the measure would help investors establish whether funds raised for housing developments were being spent on the work carried out.
Dr Bashir also proposed the use of escrow accounts for off-plan property transactions, with buyers’ payments released in stages after independent verification of completed work.
He said the institute would submit a memorandum to the House of Representatives Committee on Housing and Habitat on the proposed National Real Estate Regulatory Authority.
The NIQS president also raised concerns about what he described as the limited involvement of quantity surveyors in Federal Government legacy projects. He argued that allowing one professional to handle project design, costing, certification and payment weakened independent checks and accountability.
He said involving relevant professionals at different stages of project execution would strengthen transparency in housing and infrastructure delivery.
Dr Bashir further expressed concern about the financial difficulties facing construction companies, citing unpredictable government funding, delayed payments for certified work and prolonged project suspensions.
He urged government authorities to release funds on time, settle certified payments within contractual periods and complete ongoing projects before starting new ones.
“The institute is also expected to unveil a Cost Data Bank at the conference to provide construction cost information for professionals, developers, investors and public institutions”.
The conference, themed Financing Sustainable Mass Housing: Synergising Cost Management and Capital Markets for Affordable Shelter in Nigeria, will bring together policymakers, financial institutions, developers and construction professionals.
