$21bn Diaspora Remittances Can Close Nigeria’s Housing Deficit — Expert
- Feb 27
- 2 min read
A Nigerian real estate investor, Tayo Oyerokun, has said the country’s estimated $21 billion in annual diaspora remittances could significantly reduce the housing deficit if channelled through structured and transparent investment platforms.
Speaking at an event in Lagos to mark a decade in the property sector, Oyerokun described diaspora inflows as one of Nigeria’s most underutilised economic assets. He noted that remittances account for roughly six per cent of the nation’s Gross Domestic Product, yet only a small portion is directed into productive sectors such as housing.
According to him, capturing just 10 to 15 per cent of the yearly remittance inflow could fund the construction of more than 300,000 housing units annually. He argued that much of the money currently remains dormant in bank accounts instead of being invested in long-term development projects.
Oyerokun proposed the creation of structured savings and investment schemes in collaboration with the Central Bank of Nigeria and commercial banks. He said competitive returns would encourage diaspora investors to commit funds to housing finance initiatives rather than leaving their money in low-yield accounts.
He maintained that well-designed platforms offering returns above conventional savings rates would reduce government dependence on external borrowing while providing developers with accessible capital to expand housing supply.
The property expert also identified weak coordination between government institutions, private developers and Nigerians abroad as a major obstacle. He stressed that many diaspora investors remain cautious due to trust concerns and called for credible partnerships involving established private sector operators.
Oyerokun urged state governments to take a leading role in tackling the housing shortage, noting that land administration falls under their jurisdiction. He said with improved collaboration and strategic planning, several states could deliver thousands of housing units annually.
At the gathering, he also unveiled a new real estate advisory firm aimed at providing integrated property investment and housing finance solutions, alongside a publication focused on innovative funding strategies for Nigeria’s housing market.
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