Business News

Experts proffer solutions to Nigeria’s housing deficit

Written by silvernewsng

STAKEHOLDERS in the real estate sector have urged the Federal Government to review the Land Use Act and other building policies to address the nation’s housing deficit. The deficit is put at 28m units needing over N21 trillion to construct, but some insider-experts such as the Mayor of Housing put it at N61 trillion if ancillary costs are added.

They made the call at the ‘2024 Bridging Housing Deficit Summit’ with the theme: “Housing Sustainability Development”.
Dr Saheed Mosadoluwa, the summit organiser, said that the housing deficit was an economic challenge that required sustainable development solutions.
He emphasised the need for secure and affordable housing, and proposed strategies to tackle the complexities of home ownership such as understanding the scale of the housing deficit and overcoming affordability obstacles.

Mosadoluwa, also the Chief Executive Officer of Harmony Garden, advocated for accelerated residential construction to address the disparity between housing demand and supply, especially in Lagos, Abuja and Asaba.
He commended the Federal Government’s Renewed Hope Mass Housing Project which aims to increase housing development by seven per cent.

“Increasing housing supply is crucial not only for accommodating the growing population but also for stabilising the rental housing vacancy rate to its long-term average of 3.9 per cent by 2025,” he said.
Mrs Feyisola Akinyemi, the Chief Executive Officer of Luxury By Feyi in the UK, called for solid policies to support developers.
She urged the government to engage price control agencies to regulate building material costs.

“Price control needs to be in place to regulate the activities of building materials merchants.
“The government must encourage building contractors and builders with robust policies,” Akinyemi stated.

Mr Christopher Lance, the Managing Director of Golden Trust Capital in the UK, stressed the importance of working with mortgage providers and understanding building costs before starting projects.
Mr Tony Kolawole, Chairman,
Real Estate Developers Association of Nigeria (REDAN), Lagos State Chapter, suggested that producing locally made building materials could alleviate building deficits.

He noted that high material costs were a significant challenge and called for stakeholder collaboration to ensure affordability.
“Stakeholders must work together to reduce rural-urban migration, which contributes to housing challenges.
“Ogun and Lagos states should collaborate to provide accessible road networks to ease these problems,” Kolawole said.
Mrs Folashade Tinubu-Ojo, the Iyaloja-General of Lagos, commended the organisers of the summit, expressing optimism that government projects and suitable policies would soon eradicate housing deficit challenges.

Mr Roger Fysh, Managing Director of HBSI Ltd. in the UK, emphasised the need for technological innovation to advance the housing sector.
Dotun Hassan, a lawyer at Juryman Associates, noted that Nigeria
had a housing deficit of over 70 million, though the National Bureau of Statistics put it at 28m.

He stressed the need for a regulatory framework to review the Land Use Act.
“A situation where governors are the sole owners of land will perpetuate challenges.
“The Act must be reviewed to ensure fair land ownership and compensation rights,” Hassan stated.
Hassan called for public-private partnerships to ensure proper housing for citizens. (NAN)

About the author


Leave a Comment