‘States have capacity to develop 4,000 housing units yearly’ | Prestige Real Estate News
State governments have the capacity to develop at least 4,000 housing units yearly using Diaspora remittances alone.
Principal Partner of Tayo Oyerokun Consulting, Omotayo Oyerokun, who disclosed this during the 10th anniversary of Aridan Construction and launch of his book titled: “The Real Investment Is Real Estate,” at the weekend in Lagos, said if the states could think out of the box, the move would help in tackling the growing housing deficit bedevilling the country.
He said: “The remittances that come into Nigeria are about six per cent of our Gross Domestic Product (GDP), $21 billion. Imagine a country growing by six per cent every year, that’s how we feel the impact of Nigerians in the Diaspora. And it’s important that the government start looking at how to harness this opportunity. For example, if we can take 10 or 15 per cent of that money, Nigerians in the Diaspora alone can develop over 300,000 housing units for Nigerians every year.
Apart from what the private sector and the government are doing.”
Oyerokun advised the state governors to work with the Real Estate Developers Association of Nigeria (REDAN) to develop mass housing, lauding the Federal Capital Territory (FCT) for partnering with the body to achieve mass housing in the FCT.
He noted that the connection between the government and the private sector has not really been there, adding that although a few organisations are trying to do things, one of the reasons for coming on board is to ensure that people do not have to wait for the government.
– The Guardian
