Nigeria has highest housing deficit in the world, says expert

Nigeria has highest housing deficit in the world, says expert

Judex Okoro , Calabar

The Nigerian Institution of Estate Surveyors & Valuers has lamented that Nigeria has one of the highest housing deficits in the world as only about 30 per cent of the population has access to decent housing.

Disclosing this during the 26th John Wood Memorial Lecture organised by the Nigerian Institution of Estate Surveyors & Valuers with the theme ‘Nigeria Contemporary Real Estate Crisis: A threat to Nigeria’s growth and development?’ and held in Calabar, guest lecturer, ESV Bode Adediji (PPNIVS), identified poor real estate management as a major threat to Nigeria’s development.

According to him, “Nigeria has one of the highest housing deficit in the world and statistics depict that only about 30 per cent of Nigeria’s population have access to decent housing.

“The real estate industry is unorganized, low investors’ confidence and poor access to capital. Lack of adequate housing for the growing population also remain a major challenge in Nigeria”, he said.

He called on government to create more mortgage banks to bridge the housing deficit and also develop access to a harmonised and centralised data base in the sector. Also speaking, Professor Ben Ayade, represented by the speaker of the state House of Assembly, Eteng Williams, commended surveyors in the country for instituting the lecture series. He enjoined the surveyors in Nigeria to insist on standards in building projects pledging the support of the state House of Assembly in this regard.

Speaking earlier, the President of the institution, Roland Abonta, said this year memorial lecture of the first President of the institution, John Wood Ekpenyong, marks the 5oth anniversary of the association.

He said the lecture had been an intellectual event which has over the years addressed the challenges and prospects of the Real Estate industry with recommendation to both the government and the private sector.

Source : https://www.sunnewsonline.com/nigeria-has-highest-housing-deficit-in-the-world-says-expert/