Starting Small: Obafemi Hamzat’s Blueprint for Building Real Progress
By Opeyemi Eniola In Lagos, a city defined by high costs, intense competition, and relentless pressure, one radio exchange has reignited an old but often uncomfortable conversation about housing. Lagos
In Lagos, a city marked by high costs, fierce competition, and constant pressure, a radio exchange has reignited a discussion about housing affordability. Dr. Kadri Obafemi Hamzat, the Deputy Governor of Lagos State, shared his perspective on how a 22-year-old earning around N100,000 monthly can afford self-contained accommodation that costs approximately N1 million per year.
He advised against starting at the top, suggesting that unmarried individuals should live with parents or relatives, share accommodation, and keep housing expenses to no more than 40% of their income. This advice is practical, as after paying rent, essential expenses like food, clothing, transportation, and savings are required.
Starting small and saving deliberately is a strategy for real growth, as immediate independence often becomes unattainable due to basic arithmetic. Hamzat's comments were met with mixed reactions, with some viewing them as an avoidance of responsibility for the housing crisis and others seeing them as honest advice on incremental progress.
Nonetheless, the core principle remains: starting modestly is not a sign of defeat but a strategic approach to financial stability. The 40% guideline, which advises not to spend more than 40% of income on housing, is based on globally recognized household economics advice. It is not a political invention but a reflection of sound financial planning.
Multigenerational living, commonly observed in various cultures, is not unique to Nigeria and can be a rational response to economic constraints. However, when temporary support becomes permanent or overcrowding occurs, it can become detrimental. The key is understanding that delayed gratification and disciplined planning can lead to lasting benefits.
Personal discipline alone cannot solve the structural housing shortage in Lagos and Nigeria. The city needs more affordable housing supply, better mortgage options, and improved land administration. Increasing real incomes is also crucial. Hamzat has proposed mortgage financing, suggesting a modest deposit and manageable installments for a property around N7 million.
This approach, aimed at delayed gratification, is less about instant achievement and more about building sustainable progress.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
