The Managing Director of Hontar Project Company, Ayodeji Fasunwon, has called for stronger synergy between the public and private sectors to overcome systemic challenges in the real estate industry and make housing more accessible to Nigerians.
Speaking at the firm’s fifth-year anniversary celebration held in Lagos, Fasunwon noted that the country’s housing problems, including affordability, regulatory delays, and rising construction costs, require a coordinated effort between developers and government stakeholders.
He said, “One of the major things that people want in life is shelter. But building homes in Nigeria has become a battle of resilience.
“There is only so much private developers can do alone. If we must solve this housing crisis, the government and the private sector must work together deliberately and effectively.”
Fasunwon, a trained lawyer who transitioned into real estate 15 years ago, said his motivation stems from the joy of helping families own their homes.
Since its inception, the Hontar Project has delivered five housing developments across Lagos State.
He noted, “I find deep fulfilment in handing over house keys to clients. That moment makes everything worthwhile.
“But the truth is, doing this in Nigeria comes with serious obstacles, high inflation, imported materials, fluctuating exchange rates, and an overstretched approval process.”
Fasunwon urged the government to partner with private developers by providing long-term mortgage financing, reducing interest rates, and investing in infrastructure to open up new affordable housing zones.
“We need the government to support us with access to funding. Interest rates in Nigeria are above 20 per cent, and that’s not sustainable for housing,” he said.
“Infrastructure is also key. Even if we go out of city centres to build, how will people commute back and forth without good roads and transport systems?” he added.
Fasunwon emphasised that while Hontar Project sells off-plan units ranging from N78m to N500m, affordability was still a sensitive issue in Nigeria.
“Let’s be honest, many Nigerians are still trying to survive, let alone own property. Housing must be treated as a critical social need,” he said, and added, “We’re doing our part by allowing flexible payments and ensuring transparency. But we need a system that works for everyone.”
He added that the industry’s future depended on collaborative planning, smart regulation, and targeted investments in skills development and infrastructure: “You can’t grow the housing sector without growing the people in it. We need well-trained local artisans, skilled workers, and an environment that supports innovation.”
As Hontar Project marks five years of operations, Fasunwon said the company plans to expand its footprint beyond Lagos and explore partnerships that can deepen its impact.
Clients present at the anniversary event praised the company for its commitment to transparency, quality, and timely delivery.
Martins Awofisayo, Managing Director of Harvestfield Industries Ltd., said he began investing in real estate because of his confidence in Hontar’s work.
“The Honter Project woke me up from sleep, literally,” Awofisayo said.
He continued, “Before them, I’d been burnt in property deals. But they’ve delivered three projects for me within record time, and they are now building my corporate office in Omole Phase 2. That’s what trust and credibility can do.”
He urged other private developers to emulate Hontar’s integrity and encouraged the government to create a friendlier environment for firms that genuinely want to contribute to national development.
“What Hontar is doing should be the industry standard. But for more firms to succeed like this, the government must come to the table,” Awofisayo advised.
