Over 50 leading Nigerian companies and counterpart firms from the UK, Ghana, South Africa and UAE gathered recently at the 2nd Nigeria Real Estate Summit and Expo held at Federal Palace Hotel, Ahmadu Bello Way, Victoria Island, Lagos. The event with the theme “Collaborating, innovating and growing to achieve adequate and affordable housing delivery in Nigeria” focused on housing issues in the nation.
Uzo Oshogwe, MD/CEO, Afriland Properties Plc, spoke on one of the panels, identifying access to cheap fund, inadequate financial support and irrepressible fall of naira as some of the major hindrances in the housing sector. She advocated technology as one of the missing puzzles in Nigeria’s affordable housing plight. ” Affordability is a fundamental challenge facing even our most successful cities and as technology continues to shape the future, it becomes more obvious that this is one of the ways to solve the housing challenges in the country.”
Former Lagos State Commissioner for Physical Planning and Urban Development and National Vice President of the Nigerian Institute of Town Planners, TPL Toyin Ayinde, spoke on the bureaucracies, stating that the process of land titling creates a huge gap in realizing the dream of every Man to own a home. “The long and tortuous journey of processing Certificate of Occupancy delays the progress of works”. He advised professionals to always take into consideration safety, security, comfort and productivity, when building estates. Also on the panel was Builder Kenneth Nduka, President, Nigerian Institute of Builders.
Nigeria has a house deficit of 17million, home ownership rate of 25%, urbanization rate of 4.39% and a projected population of 450million by 2050.