Stakeholders in the built industry have said the Federal Government would need N15 trillion to meet the housing construction value change, as 50 per cent of Nigerians are still expecting to own apartments to deplete the current housing deficit. They also explained that seven years ago, the building value was worth N8.9 trillion, house rent value at N7 trillion, while the demand stood at 30 per cent.
But currently, things are not the same as 50 per cent of Nigerians need houses. Dr Tayo Aduloju of Nigerian Economic Summit Group (NESG) said based on available indices, the hope of having affordable social housing remains a mirage, while mortgage loans are declining, making even the rich people cry about interest rates. Regarding financing houses, he urged the Federal Housing and Urban Development and its agencies to offer solutions to the current housing deficit.
Aduloju declared: “Social mass housing scheme must be recalibrated because construction has the capacity of increasing the country’s economy. Recapitalisation of existing financial institutions is the key factor, as it has done in Indonesia and South Korea.” Tony Aspire of Real Estate Association of Nigeria, Lagos chapter, called on government at all levels to prioritise housing by making funding accessible to developers and ensuring friendly mortgage interest rates.
Gbadewole Kayode of Crown Luxury Properties, in a presentation, said there have been issues surrounding sourcing mortgage financing, and that they ha.