Housing is one of the basic infrastructures that a lot of Nigerians lack. According to Dataphyte, Nigeria has an estimated 28 million housing deficit as of June 2023. This indicates that the country needs at least 28 million housing units to provide adequately for the population. The government requires an estimated sum of N21 trillion to provide housing units to fill the deficit and build sufficient housing for the entire population. For decades, the number has increased and solutions have been missed.
In fact, Nigerian housing deficit quadrupled in three decades. The Nigerian population has been growing by 3.2 percent annually, based on a 2006 population census estimate. This grew the population from 140 million in 2006 to an estimated 223 million in 2023. This is why housing deficiency grew from seven million in 1991 to 28 million in 2023. It led to overcrowded and obsolete housing infrastructure. Nigerian population grew to 223 million in 2023, a 148-percent growth compared to the country’s 98 million in 1991.
While population increased, deficits also increased.
However, the housing deficit in the country increased from seven million in 1991 to 28 million in 2023. This signifies a 300-percent increase over the period. This is double the increase in population. So, while the population increased by 148 percent, the housing deficit increased by 300 percent. In an interview with the media, Okunlola Muhydeen Kayode, a real estate entrepreneur, discussed issues affecting the real estate sector, how to address the housing deficit in Nigeria and the motive behind setting up.
As a professional in the sector, he said that the way that the government has viewed it is responsible for the high level of housing deficit in the country. Nigeria needs serious government intervention to reduce the housing deficit in the country. He identified two problems with the sector. The first is price control. He said that the government must be ready to subsidize certain things for the contractor or the developer so they can achieve the goal of providing shelter to people.
Two issues regarding the real estate sector in Nigeria.
“If we’re able to get alternative materials provided by the government or if they can subsidize some materials for the developers, we’ll be able to do more for the people.” Furthermore, he identified that politicians are not helping matters because there are many houses in Abuja that are locked up, for instance. According to him, if the government can come out and do proper documentation to know the owners of these houses, it will surely reduce the housing deficit in Abuja.
He stated that the former MD of Federal Mortgage Bank of Nigeria, Ahmad Dangiwa, had said that if he was given the post of minister of housing in Nigeria, he would work with the National Population Commission (NPC) to ascertain our true population, know the number of houses we have, and how many are occupied. He said that the major need in the sector is government intervention. This is because an individual cannot help a nation without the help of the government that is responsible for policy formation.
The expert who spoke on this important issues.
Okunlola Muhydeen Kayode is the Principal Partner at Luxiar Construction Limited, an Abuja-based company with spread across the country, has over a decade of experience and is also the founder of MOK Foundation. He has established himself as a knowledgeable and competent professional in the construction industry. A quantity surveyor by training, he ventured into real estate development with the aim of providing shelter for people. To achieve this, he formed a formidable partnership with a friend in 2017 and started his construction company.
Related Link
Luxiar Construction Limited: Website
