Firm seeks public-private partnership on low-cost housing solution

A real estate firm in Nigeria, Terra Developers Limited, has urged government and stakeholders in public and private sectors to partner on low-cost housing for all Nigerians.

Managing Director of the firm, Kola Ashiru-Balogun, gave the advice during a media briefing in Lagos, yesterday.

Balogun, who expressed concern that housing crisis had persisted in Nigeria for years, with the Federal Mortgage Bank reporting a shortage of over 22 million homes, said that population growth and urbanisation, with lack of low-cost housing and government policies, contributed to the shortage.

He said Lagos State alone has a deficit of 3.2 million homes, with the government providing only 10,000 homes yearly.

Balogun, however, said the government alone could not solve housing problem, adding that the involvement of private enterprises, financial institutions, and real estate developers is necessary to combat housing deficit.

He also noted that affordable access to credit is critical, saying relevant institutions and stakeholders must participate to reduce housing deficit.

According to Kola Ashiru-Balogun, the private sector cannot operate in an unregulated environment, especially in the Nigerian real estate sector, where fraud and substandard materials use are prevalent.

He emphasised that government regulation can address the issues and promote the ease of doing business in the real estate industry.

Balogun said, “Terra Developers Limited is committed to working with the government and other stakeholders to provide low-cost housing solutions and alleviate the housing deficit in Nigeria.

“The company is collaborating with relevant organizations and financial institutions to provide affordable homeownership and rental schemes to mitigate the deficit.

“Additionally, the company aims to address the problem of home financing for Nigeria’s middle class by creating affordable housing for those earning less. This initiative will help to alleviate the problem of the housing deficit by ensuring that middle and low-income earners can access quality and affordable housing,”

Balogun further stated that the housing crisis in Nigeria requires the involvement of both the public and private sectors.

He noted that, while the government must continue to create an enabling environment for real estate developers and other stakeholders to operate, the private sector must also operate within a regulated environment that promotes transparency and accountability.

“Terra Developers is playing a vital role in addressing the housing deficit in Nigeria, and the company’s commitment to working with the government and other stakeholders is a step in the right direction towards achieving affordable housing for all Nigerians,” he said.