AIHS: Stakeholders hunt for practical solutions to Nigeria’s housing crisis

Published by

2 months ago

STAKEHOLDERS, comprising real estate developers, policy makers, lawmakers, finance providers, building materials manufacturers, built professionals and politicians are set to evolve practical solutions for challenges confronting affordable housing development in Nigeria.

Besides, they will also seize the opportunity of the forthcoming African International Housing Show to thrash out factors limiting home ownership among the citizens.

The bottlenecks associated with planning/ building approval, issuance of tittle, rising cost of building materials, proliferation of building industry by quacks and rising urban population will also be tackled head-on by the experts.

Scheduled for commencement by July 27th, the convergence of the experts on Abuja will pave way for tangible solutions that alleviate the financial burden on residents and promote inclusive urban development.

Recall that Nigeria has an estimated 22 million housing deficit and will require to build 550,000 units of housing per annum for the next 10 years to close the gap.

To rectify this, an estimated N21 trillion is needed, according to the Nigerian government.

Nigerian Tribune reports that factors contributing to Nigeria’s housing deficit include the rapid population growth and urban migration; high cost of building materials and land, lack of affordable mortgage options and high interest rates; corruption and bureaucratic hurdles in the sector, among others.

Besides, experts have canvassed Public -Private partnerships, simplified and digitized property registration processes, innovative financing mechanisms and infrastructure improvements as parts of the solutions.

Speaking, the Lead Promoter of AIHS, Mr Festus Adebayo, said the nation’s housing crisis driven by factors like rising construction costs, inflation, and population growth, underscored the urgent need for collaborative solutions.

To address the pressing challenge, he said that AIHS 2025 presented an avenue for experts, policy makers, stakeholders, and youths to forge actionable strategies for affordable housing.

Adebayo, in a statement, said that the recent surveys have revealed a major surge in rental costs in Lagos, mirroring similar trends in Nairobi, Kenya, where the cost of decent accommodation has become a major concern.

He pointed out that comparable pressures in major cities were evident in Accra, Ghana, and Johannesburg, South Africa, where rental markets are experiencing upward pressure on housing affordability for a large segment of the population, just as observed in Abuja where a one-bedroom apartment in Lugbe has jumped from N400,000 to N600,000, and studio apartments in Jahi now command up to N1 million.

These drastic increases, Adebayo noted, have pushed residents into financial distress, with many struggling to keep pace with stagnant incomes, assuring that the coming event will serve as a pivotal platform for stakeholders to dissect the root causes of the crisis and develop sustainable solutions.

According to him, discussions would focus on policy reforms, exploring effective government interventions, including the regulation of construction material costs and the implementation of affordable housing projects.

Besides, he said it would also examine financial solutions, reforming mortgage systems to make homeownership more accessible and exploring innovative financing models for rental housing.

” Furthermore, the event will prioritize youth engagement, empowering young people to participate in the housing sector, leveraging their innovative ideas and technological prowess to drive change.

“Real estate best practices will be addressed, promoting ethical and sustainable real estate practices to stabilize rental markets and ensure fair pricing.

” Finally, technological innovations will be discussed and showcased, including the use of AI and other technological solutions to improve housing construction and management,” the statement said.

By addressing the challenges highlighted by the rising housing costs across the continent, Adebayo said the summit would definitely pave the way for tangible solutions that alleviate the financial burden on residents and promote inclusive urban development.

“The goal is to move beyond merely discussing the problem and to develop and implement real solutions,” he said.