Kola Ashiru Balogun, the Managing Director of Terra Developers Limited, has said that deepened involvement of private enterprises, financial institutions, and real estate developers is necessary to combat the housing deficit in Nigeria.
He said in a statement that government alone cannot solve the housing problem in the country.
According to Balogun, Nigeria’s housing crisis has persisted for years, with the Federal Mortgage Bank reporting a shortage of over 22 million homes.
He noted that Lagos State alone has a deficit of 3.2 million homes, with the government providing only 10,000 homes annually, barely scratching the surface of the housing problem.
The managing director of Terra Developers said “Population growth and urbanisation, combined with the lack of low-cost housing and government policies, have contributed to this shortage”, he said.
He therefore called for access to affordable credit, emphasising that relevant institutions and stakeholders must participate to reduce the housing deficit.
He also highlighted that the private sector cannot operate in an unregulated environment, especially in the Nigerian real estate sector, where fraud and use of substandard materials are prevalent.
According to him, government regulation can address these issues and promote the ease of doing business in the real estate industry.
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He said that 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. He said the company is collaborating with relevant organisations and financial institutions to provide affordable homeownership and rental schemes to mitigate the deficit.
“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”.
Additionally, the company , he said 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.
He said the housing crisis in Nigeria requires the involvement of both the public and private sectors, while the government must continue to create an enabling environment for real estate developers and other stakeholders to operate. The private sector, he emphasised must also operate within a regulated environment that promotes transparency and accountability.
Daniel Obi
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Kola Ashiru Balogun, the Managing Director of Terra Developers Limited, has said that deepened involvement of private enterprises, financial institutions, and real estate developers is necessary to combat the housing deficit in Nigeria.
He said in a statement that government alone cannot solve the housing problem in the country.
According to Balogun, Nigeria’s housing crisis has persisted for years, with the Federal Mortgage Bank reporting a shortage of over 22 million homes.
He noted that Lagos State alone has a deficit of 3.2 million homes, with the government providing only 10,000 homes annually, barely scratching the surface of the housing problem.
The managing director of Terra Developers said “Population growth and urbanisation, combined with the lack of low-cost housing and government policies, have contributed to this shortage”, he said.
He therefore called for access to affordable credit, emphasising that relevant institutions and stakeholders must participate to reduce the housing deficit.
He also highlighted that the private sector cannot operate in an unregulated environment, especially in the Nigerian real estate sector, where fraud and use of substandard materials are prevalent.
According to him, government regulation can address these issues and promote the ease of doing business in the real estate industry.
He said that 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. He said the company is collaborating with relevant organisations and financial institutions to provide affordable homeownership and rental schemes to mitigate the deficit.
“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”.
Additionally, the company , he said 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.
He said the housing crisis in Nigeria requires the involvement of both the public and private sectors, while the government must continue to create an enabling environment for real estate developers and other stakeholders to operate. The private sector, he emphasised must also operate within a regulated environment that promotes transparency and accountability.
