Industry stakeholders have called for the establishment of gas-powered industrial hubs dedicated to the production of indigenous building materials as part of measures to reduce the trending housing costs across Nigeria.

They warned that the country’s housing deficit, estimated at about 22 million units, could worsen as population growth continues to outpace housing supply.

The stakeholders spoke at a real estate exhibition and investment summit held in Port Harcourt, Rivers State at the weekend, for the South-East and South-South regions.

Among the speakers were an entrepreneur, My-ACE China; Managing Director of TAF Africa Global, Mustapha Njie; Bolaji Oshobukola of Odibola Properties Ltd; and Onyekachi Nzekwesi of Pineleaf Estate and Property Company.

They urged the Minister of Housing and Urban Development, who was represented at the event, to urgently implement recommendations from the summit to address the housing crisis.

China emphasised the need for government-backed “housing free trade zones” where indigenous building materials would be produced under favourable conditions, including tax waivers, duty-free policies and access to low-cost power.

According to him, reliance on imported materials amid high exchange rates has made housing unaffordable for many Nigerians.

“Indigenous building materials parks with zero tax, free duty and low power costs will significantly reduce construction expenses. As long as the exchange rate remains high, imported materials will remain out of reach for the average Nigerian,” he said.

He also advocated non-political public-private partnerships (PPPs), noting that credible private developers should be engaged while government provides land and simplifies titling processes.

“When land acquisition and titling challenges are removed, up to 40 per cent of housing costs can be eliminated,” he added.

China further stressed the need to improve the ease of doing business, particularly access to financing and global investment funds, to attract more investors into the real estate sector.

“Most times, banks are reluctant to lend to real estate developers, making it difficult for the sector to grow. If these constraints are addressed, supply will increase and prices will naturally decline,” he said.

On sustainability, another speaker, popularly known as the “Mayor of Housing,” called for a return to green development, lamenting the increasing replacement of natural vegetation with concrete structures.

He advocated policies mandating a minimum number of trees per housing unit to promote environmental balance and healthier living conditions.

“We must ensure that trees and humans coexist. There should be legislation requiring a minimum number of trees per housing development to restore ecological balance,” he said.

He also highlighted the need for integrated horticulture in housing development, combining food, medicinal and aesthetic plants, as well as increased adoption of renewable energy, particularly solar power.

“Africa has abundant sunlight but is yet to take the lead in solar energy adoption. Harnessing this resource is key to sustainable development,” he noted.

On technology, he stressed the importance of adopting innovations tailored to local realities, warning against the wholesale importation of foreign models without adaptation.

“Technology must serve our needs and be adapted to our environment. Imported solutions that are not localised may become impractical,” he said.

China, however, commended BusinessDay Media Limited for organising the summit and urged broader media collaboration to showcase investment opportunities in the region.

He described Port Harcourt as a high-growth investment destination, projecting stronger housing growth compared to Lagos and Abuja, and called on investors to take advantage of emerging opportunities in the South-South and South-East.