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CEO's Message

CEO's Message

Accessing African Market and Initial Flexible Payment...
a double attempt by SCITYGATE REAL ESTATE DEVELOPMENT LIMITED

The extent of worry and concern of SREDEL on the persistently and evidently deteriorating housing problem in Nigeria, is made manifest in this double approach on the subject matter... feel it as you read down.

Housing ranks next to food among man's most basic needs in life. Unfortunately, lack of sufficient and quality building remarkably constitutes a teething socio-economic problem in every country but more significantly pronounced in the third world countries, where larger percentage of the populace are financially handicapped to afford the huge capacity outlays required to acquire a meaningfully comfortable house.

SREDL is of the view that the problem of affordability in Nigeria is compounded by the high cost of construction resulting from a systematic deterioration in the value of the naira and the importation dependency of the construction industry. Nigeria is endowed with spectacular human and natural resources, still people live in slums because they could not afford decent homes.

Home ownership is the cornerstone of any modern society. It helps individual build stability and long term financial security. However despite toils of many years, many hard working Nigerians still retire without having befitting houses of their own. This leads to unfulfilled lives and frustrations when their productive years were over. The mortality rate of retirees, statistically proven, has been very high, emphatically stated by a medical survey.

Housing is as much about social development as it is about economic growth. In practice, significant economic benefits derivable from well coordinated investments in housing would include (but not limited to) wealth creation, increased capital formation, demand for local building products with relatively increased in-house commercial activities. More benefits? Yes, think of Benue Cement, re-opened Ibeto Cement, the Dana Steel mill in Ajaokuta, Delta Steel, Aladija, Steel Rolling Mills Oshogbo, and Steel Rolling Mills Kaduna, as well as improved increased employment, increased incentives for savings, better productivity, health and municipal services. Tax proceeds also increase along side per Capital income due to increased employment.

Housing Stock in Nigeria

SCREDL In the Nigeria situation, the quantum is terribly low. Available data shows that between 12 million to 17 million housing units would be needed in Nigeria in order to cancel the housing deficit.

If an average occupancy ratio of six-person household is considered, it logically translates that about ninety-six million (96,000,000) Nigerians are without homes or decent accommodation. This means that completely by 2020, (a year that has been envisioned by Nigeria)over one million two hundred and thirty thousand (1,230,000) housing units would need to be developed yearly. if our federal units are considered, all other variables held constant, each state would need to develop thirty four thousand, (34,000) units annually.

Therefore, business opportunity abound in the housing sub-sector: what is needed is a conscious approach evolving lasting solution to the problem of creating affordable housing.

SREDL is out and ready to stand in the gap between Nigerians and shortage of decent homes  and a friendly utility outfit.

Mr. Skywilson Okoli, CEO

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  • Address: Fourth Floor, Coscharis Centre, Plot 388, Constitution Avenue, Central Business District, FCT, Abuja, Nigeria.
  • Tel: 234(0) 9623 2365, 234(0) 9870 1932
  • Mobile: +234 (0) 805 113 0315
  • Email: info@scitygate.com

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