Nigeria may lack many things, but people abound. She will be the third most populous country in the world by 2050 with a population of 410 million, the World Bank estimates. Current population growth trajectory presents an opportunity for a demographic dividend from the expansion of its productive workforce given its youthful 193 million population with 41% below the age of 15. The big question for these many millions – can policy deliver growth per capita rather than growth in mouths to feed?
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A sizeable number of real estate firms prefer pulling funds through equity to debt to execute projects given the risk-averse attitude and cautious stance of Nigerian deposit money banks to the sector.
The Minister for Infrastructure has invited more real estate firms to invest in affordable housing to meet the demand for shelter that is projected at 310,000 housing units by 2032.
As foreign capital continue to look in the direction of Africa, experts at Alexander Forbes Investments has backed private equity (PE) as the best asset class for funding economic growth on the continent.
International provider of affordable housing solutions, EchoStone, has earned EDGE certification (“Excellence in Design for Greater Efficiencies”) for 251 residential properties in its Peridot Parkland Estate. The certification, presented in Lagos by EDGE certifier thinkstep-SGS, marks the first residential housing development to be certified in Nigeria.
The yearning for studio and single-bedroom apartments within the highbrow areas of Lagos is facing an undersupply caused by real estate developers’ over-concentration on large-size luxury apartments, meaning that there are opportunities for investors in the development of such house-types.
Real Estate Investment Trusts (REITs) ought to provide investors with opportunity to diversify their portfolio in funds of various property types, thereby reducing investment risks and volatility, but unfortunately in Nigeria, investors shy away from this promising but underperforming asset class.
The African Development Bank (AfDB) says it has debarred a Nigerian construction company, known as Qualitrends Global Solutions Nigeria Limited’, for 36 months. The bank made this known in a statement by its Communication and External Relations Department on Monday.
Efforts at reducing the housing deficits in Lagos received a boost last week, as Lagos chapter of Nigerian Institute of Architect (NIA) jump-started an initiative that would provide 300 units of affordable homes in the state. The project to be located at Epe, Iyana-Ipaja or Ikorodu is in partnership with Sterling Alternate. It targets the low-income and middle-income earners as well as tends to build an utopian community for residents.
The housing sector worldwide, is believed to be the bedrock of the economy of most developed nations, an important tool for stimulating growth.In the advanced countries, the sector contributes between 30 and 70 per cent of their Gross Domestic Product (GDP). Investment in housing accounts for 15 per cent to 35 per cent of aggregate investment worldwide and the sector employs approximately 10 per cent of labour force worldwide.