Business
Tackling Nigeria’s housing deficit through private sector-driven effort – Lukman Shobowale
According to records, Nigeria’s housing deficit is one of the highest in the world and especially in Africa, with an estimated 21 million citizens affected.
Lukman Olawale Shobowale, co-founder and CEO of Dukiya Investments, who won Entrepreneur of the Year at the Real Estate Conference and Recognition Award (RECRA 2023) on May 14, 2023 also collaborated with the above stated facts during his recent chat with TMY Podcast.
The deficit is so huge that it is becoming evident that the government and a few real estate firms cannot solve the problem completely.
In 2021, the Speaker of the House of Representatives, Femi Gbajabiamila, admitted the enormity of the problem when he said: “With the current housing deficit in Nigeria, which is estimated to be between 17 and 20 million housing units and also said to be increasing annually by 900,000 units, the potential cost of overcoming this deficit is about N6 trillion.”
The speaker said the problem “highlights the huge opportunity that exists in the real estate sector.”
This has led to calls for greater involvement of the private sector to solve the many problems facing the housing sector in the country.
The inevitability of a partnership between government and private sector was echoed by Lagos State governor, Babajide Sanwo-Olu who said: “We know that the population of Lagos is growing and we can’t provide all facilities alone as a government.”
Sanwo-Olu stated this during a recent unveiling of a 21-storey luxury apartment tower in Alexander Road, Ikoyi, Lagos, built by China Civil Engineering Construction Corporation (CCECC), where he again spoke about the partnership with the private sector to bridge the housing gap.
Key players and stakeholders, especially in the Lagos market, have been expressing their readiness to rise to the challenge.
This position was eloquently expressed at the Real Estate Conference and Recognition Award (RECRA 2023) on May 14, 2023, at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos State.
The conference, which was themed “Real Estate Market: Prospects in the Midst of Challenges,” also speaks volumes about the readiness of real estate.
Lukman Olawale Shobowale also who was at the conference reiterated there’s a great need for the new government to team up with real estate stakeholders to expand the market.
Lukman Shobowale further noted that foreign investors are also needed to solve the Nigeria’s housing deficit.
