Daily Trust (Abuja)

4 December 2012

Nigeria: 'Nigeria Housing Deficit to Cost N72 Trillion'

The housing problem in Nigeria is so huge that it would require an investment of N72 trillion to bridge the gap, President of the Nigerian Institute of Quantity Surveyors Mr. Agele Alufohai has said.

Speaking at the institute's Annual General Meeting in Abuja at the weekend, Alufohai said if the estimated 18 million housing units deficit is to be fixed at approximately N4 million each, it would amount to N72 trillion.

It is estimated that in Lagos alone, 11 million people are without decent housing, living in what is classified as slums, he said.

According to him, solving the housing problem in the country is not only a big business but has the potential to create jobs for the unemployed.

He said: "Houses are the largest 'items' many people will ever spend on in their life time. The sheer size of the funds spent on them and the proportion of the financial system connected to housing construction and the real estate makes housing a dominant part of the economy."

Housing is estimated to account for £3 trillion of the £8 trillion immovable assets in the United Kingdom, he said.

He urged the Nigerian authorities to take a cue from the United States of America and Singapore which created enabling environment for housing through providing incentive as a way to address the challenge.

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