An expert in the real estate sub sector, Bode Adediji, has revealed that only about 30 per cent of Nigerians have access to decent living and houses in the country. He said this is due to estate crisis following poor real estate management which he identified as a major threat to the country’s development.
He spoke as a guest lecturer at the Nigerian Institution of Estate Surveyors
and Valuers (NIESV) 26th John Wood Ekpenyong Memorial Lecture with theme
‘Contemporary Real Estate Industry Crises: A Threat to Nigeria’s Economic
Growth and Development’. He said “Nigeria has one of the highest housing
deficits in the world and statistics depict that only about 30 percent of
Nigeria’s population have access to decent housing.
“The real estate industry is unorganised, with low investors confidence and
poor access to capital.
“The lack of adequate housing for the growing population
remains 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. He also dwelt on the poor road infrastructure in the country,
especially in the South-East and South-South which has taken a great toll on the
country’s human and economic capital.
He urged the authorities to emphasise road infrastructure as much as they do with other sectors, adding that there are several ways money could be raised to support real estate and road infrastructure. Chairman of the event and the 18th president of NIESV, Chief Emeka Onuorah, charged members of NIESV to work hard to sustain the legacies of past leaders and commended the pioneer founder of the institution, John Wood Ekpenyong.
“The founding fathers
worked hard or we wouldn’t have been here. “What have you done to grow the
profession? We must add value to the profession. Everybody should give
something back to the profession,” he said. Daily Trust
