The decision of the Nigerian National Petroleum Corporation (NNPC), to invest a whooping sum of N100 billions in real estate will go a long way in reducing housing deficits in the country.
Speaking on the huge investment, Mr. Johnson Latford, an independent real estate marketer said that with Nigeria’s current population at 198 million people with urban population growing at an average annual growth rate of about 6.5 per cent, the deficits in accommodation is also increasing.
Chairman of Nigeria Population Commission (NPC), Mr Eze Duruiheoma, revealed this recently in New York, while delivering Nigeria’s statement on Sustainable Cities, Human Mobility and International Migration at the 51st Session of Commission on Population and Development.
Duruiheoma had said that Nigeria remains the most populous in Africa, the seventh globally with an estimated population of over 198 million. “The recent World Population Prospects predicts that by 2050, Nigeria will become the third most populated country in the world.
Over the last 50 years, Nigeria’s urban population has grown at an average annual growth rate of more than 6.5 per cent without commensurate increase in social amenities and infrastructure. It grew substantially from 17.3 in 1967 to 49.4 per cent in 2017. In addition, the 2014 World Urbanisation Prospects report, predicts that by 2050, most of the population – 70 per cent – will be residing in cities.
NNPC Chief Operating Officer (COO) Ventures, Babatunde Adeniran, while disclosing the plan for the maiden edition of NNPC Properties Ltd (NPL) at a Festival in Abuja, said the plan would be honed through commercial opportunities adding that the company has already commenced the recovery of the corporation’s landed properties.
According to him, NNPC Properties Ltd had shifted from the initial lease administration of collecting rents from tenants of the NNPC Properties to “exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players of repute that fits the NNPC brand”.
He said the current aggressive commercial drive by the NPL is yielding results as the company had recovered a number of the corporation’s landed property which had been lying idle across the country. He listed some of the recovered property to include: a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna.
He lauded the subsidiary for developing the Third Party Home Ownership Scheme for staff with competitive interest rates from reliable banks and affordable deals from credible developers. Managing Director of the NNPC Properties Ltd, Danny Sokari-George stated that the company was determined to deliver quality and affordable houses with the best funding options and cautioned staff member against frivolous spending to be able to acquire house with ease.