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About 250,000 housing units across Nigeria remain tied up in unfinished projects, with industry experts pointing to inadequate financing and soaring construction expenses as major reasons for the situation.
The Federal Government recently disclosed that many of the abandoned developments could still be completed and converted into homes for Nigerians, including public servants. Authorities are currently compiling details of such properties nationwide.
Real estate professionals, however, cautioned against treating all abandoned projects as one category, noting that the circumstances differ from one development to another. Some projects reportedly ran out of funding, while others became too expensive to complete after sharp increases in the prices of building materials.
Experts also noted that rising costs of cement, steel and labour can make projects that were financially viable at the beginning too expensive to finish. Poor financial planning and inadequate assessment of project costs were also identified as contributing factors.
