Nigeria needs 10 yrs to fix current housing deficit – PwC economist
To fix the current housing deficit in Africa’s biggest economy, Nigeria will need a minimum of 10 years if it maintains building 700,000 units of houses every year, Andrew Nevin, the chief economist at PwC Nigeria has said.
According to Nevin, all the stakeholders in Nigeria’s real estate sector need housing programs that will accommodate its large middle class in order to fix its growing housing deficit.
“There are currently lots of real estate housing projects scattered around the country that are vacant because a lot of people cannot afford them; We need housing mortgages that are easily affordable for most Nigerians,” Nevin said at BusinessDay’s maiden property investment conference tagged PRINVEST 2022.
“Nigeria will need at least 10 years to fix its seven million housing deficits,” Nevin explained.