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96m Nigerians need decent homes - Expert, as N48trn is needed to meet housing needs by 2020

002As Nigeria strives to attain Vision 20-20, a real estate expert has revealed that about 96 million Nigerians are in need of decent accommodation in order to achieve the Vision 20-2020 target in the area of housing. The Chief Executive Officer of Scitygate Real Estate Development Limited (SCREDL), Mr. Skywilson Okoli, who said this during the customer's forum of his company, noted that 96 million Nigerians lacked homes or decent accommodation.

Okoli, who spoke on the topic: Accessing African Market and Initial Flexible Payment... a double attempt by Scitygate Real Estate Development Limited, stressed that to tackle the housing deficit completely by 2010, over 1,230,000 housing units needed to be developed yearly, while over N48 trillion would be needed.

He said: "If an average occupancy ratio of six persons per household is conceded, it logically translates that about 96 million Nigerians are without homes or decent accommodation. This means that in order to tackle the housing deficit completely by 2020, a year that has been envisioned by Nigerians, over 1,230, 000 housing units need to be developed yearly. If our federal units are considered, all other variables hold constant, each state would need to develop 34,000 housing units annually".

"In volume, business activities in the sector can be estimated at over N48 trillion based on N3 million as the average cost of a house, per unit. This astonishing figure is far more than all the Nigerian banks, which currently is under N10 trillion can attract even with significant funding from governments".

"Therefore, business opportunities abound in the housing sub-sector. What is needed is a conscious approach involving lasting solution to the problem of creating affordable housing". The real estate expert, whose firm has developed a product, 'Shelter Plus' aimed at assisting would be home owners build their houses with just 40 per cent of the cost of building and the opportunity to pay the balance of 60 per cent within eight to 10 years at eight per cent interest rate, strongly believe that expansion of home ownership must be of national priority.

"By accessing African markets, SCREDL is of the belief that the expansion of home ownership must, therefore, be of national priority, considering the housing stock of the available quantum of housing units both in quantity and quality in relation to the population that ordinarily deserved to be sheltered".

"In the Nigerian 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".

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