Emmanuel OchayiLukman Shobowale, Co-founder and Head of Business Development at Dukiya Investments, emphasized that Nigeria’s burgeoning population and rapid urbanization would be pivotal factors propelling the housing demand in the current year.
“2024 is not likely to be any different,” Shobowale emphasized. “Nigeria’s rising population, expected to reach 400 million by 2050, along with urbanization, will be the primary catalysts driving the housing demand.”
Join our WhatsApp ChannelShobowale in an interview expressed optimism about government interventions like ongoing mass housing schemes at both national and sub-national levels, foreseeing increased investments in the sector.
Regarding the budget allocation for housing in 2024, Shobowale noted its apparent insignificance compared to the needed investment scale.
However, he highlighted that government-private sector collaboration could address key sectoral challenges.
Echoing these sentiments, estate surveyor Olorunyomi Alatise raised concerns about Nigeria’s housing gap, emphasizing the imminent surge in population and urbanization as challenges impacting the housing market.
“As more individuals move to urban areas seeking better living conditions and economic prospects, the demand for housing will surge,” Alatise explained.
He highlighted how this rapid urbanization often surpasses housing infrastructure development, leading to a gap between supply and demand.
Attributing the housing shortage to factors like limited infrastructure investment, land use planning challenges, and economic considerations, Alatise emphasized the urgent need for strategies involving government, private sector, and NGOs.
“Addressing the housing shortage requires multifaceted approaches—investment in infrastructure, streamlined land use planning, and policies promoting affordable housing,” Alatise stressed. He advocated for a holistic strategy to meet the expanding urban population’s housing needs in the upcoming years.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
