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 the 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 has 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 database 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 emphasize 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.
Credit: Daily Trust