Experts have said to address Nigeria’s 28 million housing deficit, the real estate sector will need an investment of over N21 trillion to build sufficient housing for the teeming population.

Managing Director of Legrande Properties Development Company Limited, Babajide Durojaiye, and the Company Secretary, Blessed Amiolemen, stated this in Lagos, while addressing newsmen on progress at its Alexandra Courts Coastal City, Ibeju, Lekki, Lagos.

According to Amiolemen, with the yearly average rate of N7.47 trillion credits to the real estate sector, it will take an estimated three years to provide 28 million housing units for the population, on the premise that the population remains unchanged over this period.

He, however, said this could be the case as the population keeps increasing, creating more gaps in housing. He identified paucity of credit to the real estate and construction sector as reasons for a growth in housing deficiency, which doubled that of the population between 1991 and 2023.

Durojaiye called for the government’s collaboration with the private sector in providing affordable housing units, without which 80 per cent of the population will be unable to access housing.

According to him, houses in Lagos will continue to be out of reach of the masses, while the rich will be playing large in the sector, leaving several unoccupied houses.

He urged the government to ensure easier access of land, assist developers in terms of funding and ensure that they work on low interest rates , while subscribers repay National Housing Fund (NHF) loans and not see them as a national cake.

He said the firm was poised to bridge the housing gaps by building 5,000 affordable housing units for the masses, while taking into consideration quality structures in line with building codes.