Estate Developer, Oyedeji Urges Federal Gov’t To Address Housing Deficit

A real estate developer, Fola Oyedeji, CEO of EVC Nig Ltd has appealed to the federal government to take decisive action in addressing housing deficit in the country.

Oyedeji said government intervention is crucial to bridging the significant housing deficit that continues to plague the nation.

Speaking at a recent industry conference in Lagos, Oyedeji highlighted the urgent need for comprehensive policies and strategic investments to stimulate the housing market. “The housing deficit in Nigeria is a national crisis that requires immediate and sustained attention from the highest levels of government,” he declared.

He said private developers alone cannot meet the demand, hence the need for a collaborative effort.

Nigeria’s housing deficit is estimated to be between 17 and 22 million units, a figure that continues to rise with the country’s burgeoning population. Oyedeji noted that this shortfall has dire implications for the socio-economic development of the nation.

“Housing is a fundamental human need and a critical component of national development,” he stated. “Without adequate housing, we cannot achieve sustainable growth or improve the living standards of our people.”

Oyedeji called on the federal government to introduce policies that encourage investment in affordable housing projects. He suggested that measures such as tax incentives for developers, streamlined regulatory processes, and access to affordable financing could significantly boost housing development. “We need policies that make it easier for developers to build, and for individuals to own homes,” he said. “This includes reducing bureaucratic bottlenecks and providing financial support to both developers and homebuyers.”

On infrastructure development, Oyedeji stressed the importance of improving infrastructure to support housing projects. “Good roads, electricity, water supply, and other essential services are vital for any housing development,” he explained. “The government must invest in infrastructure to create an enabling environment for real estate growth.”

He further urged the government to foster stronger partnerships with the private sector. “The private sector has the expertise and capacity to deliver housing solutions at scale,” he noted. “However, we need a supportive framework that encourages public-private partnerships. Together, we can develop innovative and sustainable housing projects that meet the needs of our growing population.”

The EVC boss pointed out that regulatory challenges often hamper the progress of real estate projects. He called for reforms to make the regulatory environment more conducive for developers. “Navigating the regulatory landscape can be a significant hurdle for developers,” he said. “Simplifying and harmonizing regulations across different levels of government will go a long way in accelerating housing delivery.”

Oyedeji’s call to action comes at a time when the housing sector is grappling with numerous challenges, including rising construction costs, land acquisition issues, and limited access to finance. He reiterated that without government intervention, the housing deficit will continue to widen, exacerbating socio-economic disparities.

“This is a call to action for our government to prioritize housing as a critical area of national development. We need urgent, collaborative efforts to ensure that every Nigerian has access to decent and affordable housing,” he added.