Stakeholders and promoters of the Real Estate Innovation and Investment Carnival have called on governments and key industry players in the real estate sector to collectively address Nigeria’s housing deficit.
According to reports, the stakeholders made the call at a news conference to unveil plans and programmes for the carnival on Friday in Abuja.
Mr. Ayo Ogedemgbe, Chairman, Creative Sphere Ltd, said there was a need for stakeholders to join hands towards providing good and affordable housing for Nigeria’s growing population.
According to him, available data shows that real estate contributes 6.3 per cent to GDP and employs 15 per cent of Nigeria’s workforce, suggesting that the sector holds the keys to unlocking prosperity for the nation.
He, however, noted that as the sector’s potentials were celebrated, it also had numerous challenges that must be tackled together with clarity and courage.
Ogedemgbe listed unstable government policies, financing barriers, increasing poverty and administrative complexities in the form of bureaucratic delays and land tenure disputes as some of the challenges facing the sector.
“Nigeria’s 28 million housing gap (PwC, 2023) is more than a statistic, it represents families without shelter, dreams deferred, and a ticking social time bomb.
“With urbanization rising at 4.3 per cent annually, our cities are bursting at the seams. Lagos alone needs 1.5 million new homes by 2030 to keep pace.
“The African Development Bank estimates Nigeria’s infrastructure deficit at $300 billion as poor road networks, erratic power supply, and inadequate water systems inflate construction costs by up to 35 per cent, stifling affordability.
“However, with a population of over 220 million, 60 percent under 25, Nigeria’s youth are future homeowners.
“Urbanization, while a challenge, is also a catalyst and by 2050, 65 per cent of Nigerians are expected to live in cities, driving demand for housing, offices, and retail spaces,” he said.
The Chairman, therefore, urged government at all levels as well as stakeholders in the real estate sector, especially developers to take proactive steps towards ensuring that housing challenges were addressed.
He explained that the flagship Real Estate Innovation and Investment Carnival was conceived to be an annual rallying point for stakeholders in the sector.
According to him, the maiden edition of the carnival, scheduled to hold in the Federal Capital Territory (FCT) from May 20 to 22, will bring together industry players, regulators, investors and other key players.
“With this carnival, we are not just showcasing the beauty and allure of our designs and buildings and environment, we will connect developers with investors eyeing Nigeria’s $300 billion infrastructure opportunities.
“It will also be an opportunity to showcase innovations in financing, construction, and sustainability and as well advocate for policies that turn hurdles into springboards.
“Developers should embrace technology and affordability and see Nigeria not for its risks, but for its 16 percent annual ROI in prime markets and the government need to accelerate reforms to make land access and permits seamless.
“Let us build a sector where growth is inclusive, sustainable, and transformative, as real estate is more than bricks and mortar, it is the foundation of national progress.
“Let us seize this moment to innovate, invest, and inspire,” he said.
Mr. Ossai Ilome, Project Manager, Creative Sphere said the Real Estate Innovation and Investment Carnival is a transformative platform set to redefine Nigeria’s property landscape.
According to him, the carnival aims to attract the attention of investors, homeowners, technologists, policymakers and the global audience to the 16 per cent return on investment in Nigeria’s real estate marketplace.
“As projected by Statista, by 2025 to 2029, Nigeria’s real estate market is projected to hit a market volume of $3.41 trillion and our goal is to accelerate this growth.
“We want to foster innovation, unlock investments and drive policy dialogue, by collaborating with the government to streamline land reforms and tax incentives.
“The expected impact will include job creation, as the sector already employs 8 million Nigerians; we aim to add 500,000 jobs in 2025 through SME empowerment.
“Nigeria’s real estate future is bright, and this carnival is the spark, so join us from 20th to 22nd of May at the Velodrome, National Stadium, Abuja to witness history in the making,” he said.
NAN
