Experts in Nigeria’s built industry have predicted an over 60 per cent rise in the housing deficit by 2050, on the back of rising population and urbanisation worsened by economic conditions.
The Treasurer of the Nigerian Institute of Building, Lagos Chapter, Philips Ayotunde, projected that the housing deficit would increase by over 60 per cent because the growing population would double by 2050.
He said, “Our housing deficit in Nigeria now is about 28 million with a growing population of over 200 million people. By 2050 our population will be over 400 million and our housing deficit would have doubled if nothing is done to check the huge deficit.
“The government has not been able to reduce the huge housing deficit gap; we have been having a rising deficit for more than 10 years. If the government can come up with workable policies that can help reduce this huge gap without abandoning them along the way. It would go a long way. Closing up this deficit gap has to start with the government providing an enabling environment.
According to him, many private developers are unable to access funds to build, due to the high interest rates and import duties on building materials.
He added, “This has made it very difficult for private developers to assist as they should. In addition, the affordability of land is a huge challenge. Also, the issue of the review of the Land Use Act being clamoured for, giving people the entitlement to a lease for 99 years is not helping matters.
“Another area fuelling the increase in this deficit is the lack of maintenance. The present properties we have, if not properly maintained, many of them would soon become inhabitable for the citizens. Since the president made the announcement on Executive Order 11 dealing with maintenance, we have not seen any further development. If you make an executive order and you do not follow up with implementation by backing it with resources, the order is as good as dead.”