Inflationary pressures, exchange-rate swings, and tighter capital flows have compelled serious players in Nigeria’s real estate and investment sectors to rethink their strategies. Rapid expansion is no longer the primary objective; instead, the focus has shifted to value creation, asset quality, and institutional credibility. These and related issues featured prominently in a discussion with the Chief Executive Officer of Wardiere Oakmount, Mr Kunle Ilori-Diamond, who outlined pathways for tackling Nigeria’s housing deficit, OLASUNKANMI AKINLOTAN presents excerpts

With 2025 behind us, how do you rate the year for business?

The year 2025 was a defining period for business in Nigeria, a year that presented both formidable challenges and meaningful lessons. It was not an easy year by any measure, but it was deeply instructive and ultimately rewarding for those willing to exercise discipline, patience, and strategic foresight. Businesses had to navigate an environment shaped by inflationary pressure, currency volatility, and more cautious capital flows, and this forced operators to rethink traditional approaches.

For us, the year demanded a deliberate pivot. Rather than chasing rapid expansion or speculative gains, our focus shifted to creating sustainable value, enhancing asset quality, and strengthening institutional credibility. These adjustments were not merely tactical but strategic; they positioned us to weather uncertainties while reinforcing our foundation for long-term growth.

Despite macroeconomic headwinds, we ended the year stronger than we began. Our operations became leaner, transactions were better structured, and trust from clients and investors deepened. In many respects, 2025 served as a filter, separating speculative operators from serious professionals. For those with the right combination of discipline, expertise, and integrity, the challenges of the year became opportunities to demonstrate resilience and gain competitive advantage.

Having just returned to Nigeria, you appear to have made significant progress. How is the business performing domestically?

Nigeria remains one of the most dynamic and opportunity-rich markets in Africa. It is challenging, certainly, but for those who understand its nuances, it can also be exceptionally rewarding. What sets Nigeria apart is that real demand still clearly outpaces supply, a reality that changes the entire investment calculus. Since my return, the business has fared well because the fundamentals are compelling. Nigeria has a population exceeding 200 million people, rapid urbanisation, a growing middle class, and massive infrastructure gaps, particularly in housing, commercial office space, warehousing, hospitality, and income-yielding assets. These gaps translate into tangible commercial opportunities.

Capital, in Nigeria, does not struggle to find deployment; credible operators struggle to emerge. When you bring structure, compliance, proper documentation, and disciplined execution, you immediately stand out. We have observed this firsthand. Projects that might take years to gain traction elsewhere achieve uptake more quickly in Nigeria because the market is actively seeking solutions. Whether it is housing, offices, warehouses, or hospitality developments, demand is real and pressing.

Moreover, returns are increasingly attractive. Entry prices, while rising, remain relatively low compared to peer African and global markets, while rental yields and potential for capital appreciation remain strong when projects are correctly located and priced. Add a young, trainable workforce, improve digital infrastructure, and increase government focus on infrastructure, and the investment case becomes even clearer.

Nigeria is not a market for spectators or those seeking shortcuts. It rewards investors who understand execution, risk pricing, and long-term value. Opportunities are measurable, bankable, and, importantly, already taking shape.

Since my return, our priority has been institutionalising operations, strengthening governance frameworks, and aligning processes with global best practices. Rather than chasing volume, our focus has been on credibility, systems, and sustainability. This approach has resonated with Nigerians in the diaspora as well as with institutional partners seeking credible platforms. The business is performing well, not because the market is easy, but because we approach it with patience, integrity, and data-driven decision-making.

How does Nigeria’s current real estate market compare with its state two or three years ago?

The Nigerian real estate market today is more price-sensitive, risk-aware, and deliberate than it was two or three years ago. Speculative buying has reduced significantly, giving way to demand driven by end-users and income-backed investments. Developers are more thoughtful about location, design efficiency, and capital allocation. Construction costs have risen sharply, and financing has become more selective, forcing developers to rethink project phasing and structuring.

Despite these challenges, real estate remains one of the most resilient asset classes in Nigeria. Demand continues to outpace supply, particularly for affordable and middle-income housing. While certain premium segments may experience slower absorption due to macroeconomic pressures, the underlying fundamentals, urbanisation, population growth, and infrastructure gaps ensure that opportunities remain robust across the market.

In what ways can real estate support efforts to tackle Nigeria’s housing shortage?

The real estate sector is central to addressing Nigeria’s housing deficit, but the solution cannot rely solely on luxury-led development. A comprehensive approach is required, including public-private partnerships, land banking reforms, access to long-term financing, and scalable mass-housing models prioritising efficiency and cost-effectiveness.

Construction technology must evolve as well. Innovative materials, modular building techniques, and improved project approval timelines can significantly reduce delivery times and costs. Housing is not merely a social obligation; it is an economic multiplier. Effective housing projects create jobs, build household wealth, stabilise communities, and stimulate broader economic activity. The key lies in structuring interventions that are financially viable, socially inclusive, and scalable.

Implications does rising property prices have for affordable housing?

Rising property prices are driven by infrastructure costs, scarcity of land in urban centres, and inflationary pressures. However, affordability must be addressed deliberately; it cannot be expected to emerge organically from the premium market. The future of affordable housing lies in innovative approaches: satellite cities, smarter density planning, modular construction, and creative financing models such as rent-to-own schemes and cooperative housing arrangements.

Policy alignment is crucial. Affordability requires deliberate interventions from both government and private developers, supported by long-term financing mechanisms that make home ownership or rental viable for low- and middle-income households. With careful planning, disciplined development, and strategic partnerships, affordable housing is not only achievable but can also become a sustainable segment of the Nigerian real estate market.

Since you are mainly in Abuja, how do government policies and land administration affect real estate investment?

Government policy and land administration are among the most influential factors affecting real estate investment. In Abuja, clarity of land titles, consent processes, and development control procedures directly impact project timelines, costs, and investor confidence. Positive reforms, such as digital land registries and streamlined approval processes, reduce risk premiums and encourage larger capital flows.

However, bureaucratic inconsistencies and lack of transparency continue to pose challenges. Investors often face delays due to fragmented processes or unclear documentation requirements. Overcoming these hurdles requires persistence, compliance, and proactive engagement with authorities. The gradual improvements emerging through digitalisation and stakeholder engagement are encouraging, but predictability and consistency remain essential to unlocking larger-scale investments.

Given that foreign investors are prone to fraud, how do you ensure their trust?

Trust is the cornerstone of attracting foreign and diaspora investors in Nigeria. It is built through transparency, structure, and a consistent track record. At Wardiere Oakmount, every transaction is underpinned by verifiable land titles, independent legal due diligence, escrow arrangements, and rigorous reporting standards.

For foreign investors, governance is non-negotiable. Audited processes, site verification, milestone-based payments, and regular communication are critical components of trust-building. In a market where trust can be fragile, professionalism becomes the most valuable currency. Ensuring clients can see and verify every step of the transaction reduces perceived risk and fosters long-term partnerships.

Do your operations predominantly target the high-end and luxury segment?

While we have established a strong presence in the premium and luxury segment, our strategy is adaptive. Consumer preferences are evolving, and we are diversifying offerings to balance aspiration with practicality. Luxury will always have a market, but today’s buyers increasingly value efficiency, security, sustainability, and long-term value. Our approach is less about rigid price points and more about aligning products with market needs and delivering tangible benefits to end-users.

How is technology influencing your operations and driving value creation in real estate?

Technology is transforming real estate across the value chain, from digital land searches and virtual property inspections to data-driven pricing and intelligent facility management. Internally, it enhances operational efficiency, decision-making, and risk management. Externally, it improves transparency, customer experience, and investor confidence.

Developers who leverage technology effectively can build faster, smarter, and more efficiently. Predictive analytics, project management software, and digital communication platforms streamline processes, reduce errors, and ensure timely delivery. Additionally, technology facilitates better engagement with buyers and investors, providing real-time insights and improving trust. The future of real estate in Nigeria will belong to developers who embrace technology not as a support tool but as a strategic enabler of value creation.