Prioritising real estate sector will save Nigeria’s worsen housing deficit, expert tells Tinubu

Founder and Chief Executive Officer, Audacia Properties, Bright Sekoni, has advised President Bola Tinubu to give priority to the real estate sector in his administration, in order to the bridge the gap of worsening housing deficit in the country.

According to Sekoni, giving the real estate industry priority will expand the country’s employment pool, wealth distribution, and increase in revenue.

The real estate mogul said this on Sunday, in Lagos, during a conference organised for realtors and key players in the housing industry in the country.

Speaking to newsmen, Sekoni noted the it will be of great advantage if the Federal Government can bring on board seasoned realtors like him in partnership for developing modern houses at subsidised rate. With this, he maintained Nigeria’s housing shortage, estimated by the International Human Rights Commission to be 28 million units will be reduced to a barest minimum.

While stressing that the new administration seems to be keen on increasing its revenue to be able to meet the social, welfare, and economic demands of the people, he argued that the real estate sector continues to contribute to the nation’s GDP amidst economic uncertainties.

Noting the huge funding needed for real estate development due to inflation and the high cost of building materials, Sekoni said the intervention of the government had become expedient so as not to deprive low-income earners of access to quality and eco-friendly housing.

He said, “The federal government need to intervene by injecting more funds into mortgage banks and institute deliberate partnerships with state governments and private enterprises to ease access to mortgage loans and also develop thousands of housing units across the country.

“This will incentivise Nigerians who are willing to take advantage of the investment in the sector. Mortgage reform is highly required to maximise investment in the real estate sector.

“Government must also be ready to address the high level of inflation, which has led to a proportionate increase in the cost of construction materials.”