Barrister Cecil Ezem Osakwe emphasizes that weak regulatory frameworks, including multiple approvals and inconsistent enforcement, are hindering the growth of Nigeria's property sector. He stresses the need for streamlined regulations, addressing challenges in planning, financing, land acquisition, and infrastructure to unlock the sector's potential amidst rising demand.
A property developer, Barrister Cecil Ezem Osakwe, has expressed concern that weak regulatory frameworks slow the growth of Nigeria's property sector. Speaking with journalists in Abuja on the sidelines of a property stakeholders summit, Osakwe identified cases of multiple approvals and inconsistent enforcement of standards as results of inefficient regulation in the property sector.
Stressing that regulatory efficiency could unlock growth, he said, 'The sector also faces challenges related to regulatory processes. Multiple approvals, inconsistent enforcement of standards, and delays in permitting can slow down development timelines. These inefficiencies increase costs and reduce investor confidence. 'A more streamlined and transparent regulatory framework would improve project delivery and attract both local and international investment.' Osakwe however noted that Nigeria’s real estate sector is entering a pivotal phase, driven by rapid urbanization, rising housing demand, and expanding economic activity. But he added that the ability of the sector to quickly reach its full potential will depend on how structural challenges are addressed. Osakwe, while pointing out that cities and other urban areas across the country are experiencing sustained population growth, noted that this is fueling demand for residential housing, commercial developments and integrated urban communities. Osakwe explained that gaps in planning, financing and execution are making it difficult for developers to meet the demand. He identified other challenges to include land acquisition and high interest rates. 'Despite this demand, many projects struggle due to gaps in planning, financing, and execution. With my experience, the issue is not a lack of opportunity. It is the need for stronger project structuring, disciplined execution, and long-term thinking. 'Land acquisition continues to be one of the most sensitive aspects of property development in Nigeria. Developers must navigate complex ownership structures, verify land titles, and comply with regulatory requirements. 'Failure to conduct proper due diligence often leads to disputes, delays, and financial losses. Feasibility studies are equally important. Understanding construction costs, pricing dynamics, and market demand is essential for delivering viable projects. 'Infrastructure remains one of the most significant determinants of real estate value in Nigeria. In many cases, developers must provide roads, drainage, water systems, and power solutions as part of their projects. 'While this increases upfront costs, it also enhances long-term asset value. Areas with improved infrastructure tend to attract stronger demand and experience faster growth,' he explained. He added that financing constraints remain a barrier as access to affordable, long-term financing continues to limit the pace of development. 'High interest rates and limited funding options make it difficult for developers to execute large-scale projects. Innovative financing models, including structured partnerships and investment vehicles, could help address this gap.' Osakwe spoke of the need for developers to focus on integrated community development, strong construction standards, infrastructure-led planning and alignment with evolving urban needs.
Real Estate Regulation Property Development Investment Infrastructure
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