Like many other nations, Nigeria is struggling with a sizable housing shortage. The Federal Mortgage Bank of Nigeria (FMBN) estimates that there are approximately 17 million unfilled housing units in the nation. Due to the rising poverty and inequality, health issues, and social instability that results from this housing shortage, it poses a serious concern for the nation.
Using real estate to close the housing gap is one approach to solving this issue. A crucial area of the economy, real estate has the ability to give millions of Nigerians access to cheap homes. In this article, we’ll look at a few strategies for tackling Nigeria’s housing shortage that involves real estate.
1. Creation of Affordable Housing
Creating more affordable housing is one of the most important strategies to address the housing shortage. The federal government can work with private builders to construct affordable housing around the nation. These apartments should be created with low-income families in mind and offered for sale at heavily discounted prices or for rent at reasonable rates.
The process of reclaiming land from the sea or other bodies of water is known as land reclamation. A large portion of Nigeria’s coastline can be reclaimed and used for housing construction.
This would increase the availability of land for housing development, which would help to reduce the housing deficit.
2. Use of Innovative Building Techniques
Innovative building techniques such as modular construction can be used to build affordable housing units quickly and at a lower cost. Modular construction involves building the house in sections off-site and then assembling them on-site. This technique reduces the time and cost of construction, making it an attractive option for affordable housing development.
3. Encourage Public-Private Partnership (PPP)
Public-Private Partnership (PPP) is a model in which the government and private sector collaborate to provide affordable housing. The government can provide land and infrastructure, while the private sector can develop and manage the housing units. PPPs can be an effective way to reduce the housing deficit as they combine the strengths of both the public and private sectors.
4. Encourage Foreign Investment
Encouraging foreign investment in the real estate sector can provide a significant boost to housing development. The government can provide incentives for foreign investors to invest in the housing sector, such as tax breaks, simplified procedures, and guarantees against expropriation.
Conclusion
Nigeria’s housing deficit is a significant challenge that requires a multi-faceted approach. Real estate can play a critical role in reducing the housing deficit by developing affordable housing units, reclaiming land, using innovative building techniques, encouraging PPPs, and attracting foreign investment. By taking these steps, Nigeria can provide affordable housing for its citizens and improve the quality of life for millions of Nigerians.
