Let’s Talk about the biggest challenge that Nigeria is facing with providing adequate and affordable housing units for its population. We understand that Nigeria has a housing deficit of over 20 million units by some estimates.
And there are lots of problem responsible for this but we will be laying emphasis on:
Huge Infrastructural Deficit
The costs of building infrastructure are vast, but the costs of failing to make such investments are incalculable.
Improved infrastructure produces abundant benefits for the economy, environment and social progress, unlocking growth and generating economic and social benefits and progress.
Poor infrastructural development is a major factor affecting availability of affordable housing in Nigeria.
If the government could help provide this, there would be an huge boost in affordable housing provision.
Limited Access To Medium-Term/Long-Term Funding
Medium Term finance are sources of finance available for the mid-term of between 3 – 5 years typically used to finance an expansion of a business or to purchase large fixed assets, while the long term is for a longer period.
Availability of finance plays a huge role in affordable housing provision.
As property investment is capital intensive and funding aids it’s success.