One of the frontline property developers in Nigeria, Jide Durojaiye who is the managing director of Legrande Properties Development Company, says part of the solutions to the widening housing gap in Nigeria lies in public and private sector partnership.
Durojaiye, whose company developed the Alexandra Courts Estate in Ibeju Lekki, Lagos, explained that governments at all levels in Nigeria must step up collaboration with private sector operators in order to make housing affordable and close the gap.
The developer, who spoke at a media interactive session organised by the Property and Environment Writers Association of Nigeria (PEWAN) on Thursday last week, noted that increase in investments in housing sector would help bridge rising gap and also boost Nigeria’s Gross Domestic Product (GDP).
He raised concerns over high cost of rent, land, and building, noting that there was a growing trend in Lagos where low- and middle-class earners were moving to border towns in neighbouring states.
“If the trend is not stopped by 2030, only the wealthy would be able to construct and rent homes in Lagos, excluding both the lower and middle classes; if collaboration is not made now, you find out that, by 2027, rent may skyrocket to N7million. The low-income group should not be allowed to be pushed out of Lagos,” he said.
According to the managing director, other cities were seeing the same trend, which was why governments needed to work with the private sector to provide affordable housing, adding that there was urgent need for governments to take action against the nation’s rising building material prices as well as other issues impeding the provision of affordable housing.
He disclosed that Legrande Properties has partnerships with both the federal and state governments, noting that the National Housing Fund (NHF) contributions made by low- and middle-income earners could profit from a number of finished and continuing initiatives.
“Production cost is biting and we urge governments to address our numerous challenges in the interest of the masses who constitute 70 percent of Nigeria’s population; we also need to tackle the issues of substandard building materials, land grabbers, titles and how the public could escape being duped,” he said.
Legrande Properties was established in 2015 as a limited liability company with 50,000,000 ordinary shares at N-1:00K each. It is a real estate company with operations in Construction, Property Development, Property Management and Property Sales.
Segun Arinze, Nollywood veteran actor and brand ambassador of the firm, revealed that “over the last 12 years, we have successfully completed over 11 estates, with proper facility and estate management, with over 500 home owners. We currently have two ongoing projects.”
He mentioned amenities in their estates and said the company had been appointed by the Lagos State government through the New Towns Development Authority to provide/build infrastructure facilities under the Ibeju Coastal City Scheme.
Other experts spoke on the need for social housing, and what all levels of government must do to bridge the shelter gap in Nigeria in order to enhance the country’s GDP.