Although the economic growth of Nigeria is not growing, the population of the citizens cum visitors do not wait either as both are surging despite sluggish economic growth. The United Nations (UN), last year noted that Nigeria’s population stands at a 180 million with an annual growth rate of 3 per cent as of 2015 and an urban population growth rate of 5 per cent.
Data from the World Bank and the National Bureau of Statistics also stated that there is a 17 million housing deficit in Nigeria even though, the figure has trended for longer period. Globally, 1.6 billion people live in sub standard housing according to UN statistics. In Nigeria, over 100 million of its 180 million citizens live in substandard housing.
Yemi Adelakun, one of the high fly executives for Nigeria Integrated Social Housing(NISH) commented that the available houses built do not meet to the needs and affordability of the people hence making bridging the housing deficit difficult. This deficit has not helped affordability in any way.
It was ascertained that about 3,000 to 6,000 affordable housing are under construction in Nigeria with 1,400 houses in Nassarawa state alone. Mr. Adeyemi Dipeolu, the Special Adviser to the President on Economic said that with hope of Nigerians accessing the housing units under the affordability index, the the Ministry of Power, Works and Housing has managed to complete more than 2,000 houses in 72 units across Nigeria. This, no matter how fanciful it looks, the fact remains that housing deficits keep increasing with government being handicapped on how to handle it. This is worsened with many of the standing houses collapsing and reducing the already short- in- supply houses.
In regards to high mortgage, Mr. Dipeolu said that it would be a challenge for Nigerians to access homes with the high mortgage rates. “ The government is working to ensure that there are cheap mortgage available for Nigerians.”
Senior Special Assistant to the President on Infrastructure, Imeh Okon also confirmed a report saying that government would issue US $275m yearly for a five year period. The projects, despite being powered by the FHF will also according to her, involve private sector participation.
Okon confirmed that under FHF, Nigerians earning even US $83 can afford a home which covers the government’s main aim of providing social and affordable homes. The latest report on Nigerians searching to buy or rent apartments that meet their needs by Reuters indicated that the number of the potential housing buyers and tenants was surging by the day, in spite of the sluggish growth of the nation’s economy.
According to the latest news sourced from the online medium, such Nigerians searching for their dream home to buy or rent are turning to the internet in droves, leading to a surge in the number of property-focused technology firms. The growing number of ‘home searchers’ or the emergence of the “proptech” companies is attributed to the country’s rapid population growth, faster broadband speed and cheaper smartphones that have also benefited other sectors from retail to gambling in the last few years.
With about 180 million population, the country has the highest number of internet users in Africa, with approximately 107 million internet data subscribers, representing an increase of about 85 percent over 5 years. The news indicated that Nigeria’s rapidly growing proptech companies typically adopted a subscription model, charging property agents a listing fee and property developers a commission on completed transactions.