By: Peter Emmanuel |
Lagos Deputy Governor, Dr. Obafemi Hamzat, has advised young Lagosians earning about ₦100,000 monthly to consider affordable housing options that match their income level rather than rushing into expensive self-contained apartments.
Hamzat gave the advice during an interview with Nigeria Info FM, where he spoke on the rising cost of housing in Lagos and the need for young people to make realistic decisions based on their financial capacity.
He said young people should understand that housing progression takes time, adding that individuals should not feel pressured to begin their independent lives with accommodation they cannot comfortably afford.
According to him, many Nigerians traditionally live with parents, relatives or cousins while building their financial strength before moving into more expensive housing options.
“Don’t start from the top, self-contained. You don’t start from the top,” Hamzat said, stressing that housing choices should depend on an individual’s income and ability to sustain other basic needs.
He added that young people should focus on improving their financial capacity, saving money and gradually moving to better housing as their circumstances improve.
Hamzat Advises Young Lagosians Against Costly Self-Contained Apartments
The Deputy Governor said it was unrealistic for someone earning a modest income to commit a large portion of their earnings to expensive accommodation while struggling with other living expenses.
He explained that young people should consider housing options that allow them to meet other responsibilities, including feeding, transportation, clothing and savings.
Hamzat noted that cultural practices in Nigeria often provide support systems where young people can stay with family members or relatives while preparing for independent living.
He also cited examples from other countries, noting that young people in different parts of the world also adopt shared living arrangements before becoming financially established.
According to him, the ability to save and demonstrate financial discipline could open opportunities for individuals to acquire better housing in the future.
Lagos Deputy Governor Says Rent Should Not Exceed 40% of Income
Hamzat warned that spending more than 40 per cent of income on rent was too high because individuals still have other financial obligations.
“If you spend more than 40% of your income on rent, it is too high because you must eat, you must buy clothes, you must do transportation,” he said.
He explained that excessive rent payments could limit people’s ability to save, invest and improve their standard of living.
The Deputy Governor urged young Nigerians to adopt a balanced approach to housing by choosing accommodation that allows them to manage their income effectively.
He said the conversation around housing should not only focus on getting a house but also on creating the financial conditions that make sustainable living possible.
Hamzat Links Housing Challenge to Economic Stability
Hamzat said solving Nigeria’s housing challenges requires broader economic reforms that would improve incomes and make goods and services more affordable.
He said a stable economy would allow citizens to plan better because inflation, prices and other economic factors would become more predictable.
According to him, improving the economy is a key foundation for addressing housing challenges and raising the standard of living for Nigerians.
He noted that when people earn better incomes, they will be able to access improved housing options without facing excessive financial pressure.
Hamzat said the Federal Government’s efforts to stabilise the economy would help create the foundation needed for citizens to achieve better living conditions.
He added that the long-term goal should be to build an economy where more Nigerians can move from basic housing arrangements to better accommodation as their financial capacity grows.
The Deputy Governor maintained that housing affordability is closely tied to income growth, savings culture and economic development, urging young people to make practical decisions while working towards improved financial stability.
