UN’s estimated 289m population raises Nigeria’s housing challenge

The United Nation, UN, report has estimated that Nigeria’s population would hit 289 million by the year 2050.
Beyond the UN, the United States Census Bureau, USCB, also estimated that within the same period, the nation’s population would hit 264 million, thus making Nigeria, the 80th most populous country in the world.
Experts believe that with the rising population trend, one key area the yet-to-be-appointed Housing Minister would need to focus serious attention on is in the area finding lasting solutions to the largely inadequate housing stocks.
This is particularly true given the fact that rapidly growing population invariably puts enormous pressure on demands for shelter as well as other basic utilities and services.
Currently, Nigeria has been unable to provide these critical socioeconomic assets, thereby making it imperative for the incoming administration to take pro-active step towards addressing the housing problems amid population explosion.
Already, some financial analysts have estimated that Federal Government required about N25 trillion to meet the 17 million housing deficit.
However, the Federal Mortgage Bank of Nigeria, FMBN, has faulted the estimated figure, saying over N56 trillion would be required to tackle the nation’s housing needs, estimated at 16 million with the cost of one house put at N3.5 million.
With the population soaring between 170 and 180 million, the deficit is believed to have been underestimated, though official figures contradict such estimation.