Why Housing Is Not Affordable In Nigeria –Developer

A real estate developer, Mr Gbadewole Ebenezer, has offered reasons why affordable housing in Nigeria is far-fetched
Ebenezer in an interview with The Tide, Monday in Port Harcourt, noted that one of major factors playing affordable housing in the country was the fluctuating price of building materials.
The real estate developer explained that when prices fluctuate unprecedentedly, it affects projections and increases the cost of building.
He also stated that the mortgage system in the country was not fully functional, noting that more than half of the workforce was not qualified to access mortgage.
According to him, only 17 per cent of Nigerians are eligible to apply for mortgage, while less than six per cent have access to mortgage, of which six per cent would still have to wait for as long as three years before they access the funds.
He also identified the cost of land and its availability as a factor militating against affordable housing in Nigeria.
According him, non-availability of land is a problem, when it is available, it is quite expensive and especially to secure land in strategic location is quite expensive.
He noted that the housing deficit in Nigeria now stands at 24 million as against the pervious 17 million, saying however that the housing deficit in the country could be reduced if the federal government could take steps towards strengthening the mortgage system by making lands available to developers and stabilise the pricing system in the country.

Tonye Nria-Dappa