A private real estate firm, Stratech Properties Limited plans to increase the nation’s housing stock by delivering about one million units in Abuja, and Lagos by 2035.

The company’s strategy entails allocating approximately 70 per cent of the target units, equivalent to 700,000 units to cater to low-income earners in Abuja, the nation’s capital and Lagos.

The company’s Managing Director, Moses Obisesen told The Guardian that 29 per cent of its property development will be dedicated to medium-income earners, while 0.9 per cent will be for high-end properties, while a mere 0.1 per cent allocated for luxury apartments.

Obisesan said: “Currently, our focus lies on upcoming housing developments in the two cities. Central to our efforts is to facilitate access to mortgage financing, thereby empowering Nigerians to transition from renters to homeowners. “We are targeting properties ranging from approximately N5 million to N20 million, which underscores our commitment to fostering inclusive homeownership and enhancing socio-economic development across the country.”

He explained they aim to cater to the masses, particularly low-income earners. “This stark reality underscores the urgent need to enhance the affordability of housing options for Nigerians. The product portfolio lies in providing affordable housing solutions.

“Additionally, the existing infrastructure to facilitate mortgage lending in Nigeria remains severely constrained. Federal Mortgage Bank of Nigeria, serving as the apex institution for mortgage loans, operates with a capital base of N5 billion.

“Consequently, its capacity to extend mortgage financing is limited, with the highest loan amounting to N50 million, accessible to only 10,000 individuals out of a population exceeding 200 million people,” Obisesan said.

He, therefore, noted the imperative to not only augment the affordability of housing options but also bolster the infrastructure supporting mortgage financing, saying, “By doing so, we can expand access to homeownership opportunities and foster sustainable growth within the housing sector, ultimately enriching the lives of countless Nigerians.”

He commended the Federal Government for the 100,000 homes project, which commenced in Karsana, and called for improved infrastructure, particularly road networks.

“It will play a pivotal role in reducing housing costs, as significant resources are typically allocated to estate road construction and the provision of essential amenities such as water and electricity. We remain committed to addressing the fundamental issues inhibiting the growth of affordable housing in Nigeria,” he added.