Monday, September 27, 2021

How Nigeria’s real estate market will thrive, by housing expert

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A real estate expert, Jide Odusolu says the Nigerian housing sector which remains the largest real estate market in Africa requires more collaboration for it to thrive.

Odusolu spoke to the News Agency of Nigeria on Wednesday in Abuja, on the side-line of the ongoing 15 International Housing Show in Abuja.

According to Mr Odusolu, who is the Chief Executive Officer of Octo5 Holdings, without collaborations, the housing deficit cannot be addressed.

NAN reports that the annual Housing Show brings together experts and industry players to proffer solutions to challenges affecting the real estate and construction sector.

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According to the Octo5 Holdings boss, focusing on individual balance sheets alone will deprive the entire industry from taking advantage of possibly the largest real estate market in Africa.

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“This is a potential 200 billion dollars market and we need to consider this huge potential and collaborate more so the industry can grow and we can fix the housing deficit.’’

Mr Odusolu said that the housing deficit, currently put at between 17 million and 22 million would not be met with government providing only a few houses in urban areas.

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He stressed that the only means by which a real attempt could be made at bridging the gap was for the government to focus on the provision of concessions to the housing industry so the private sector could take the lead.

“We are not asking for government money, what we need are physical (infrastructure) concessions to make it viable for housing industry players to meet the needs of this huge market,’’ Mr Odusolu said.

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