The chief executive officer of Goland Construction Nigeria Limited, Effiom Hogan, has said Nigerians are yearning for affordable housing, both for purchase and rent.
Speaking at a forum in Abuja yesterday, Hogan highlighted the rising cost of household expenditures and rental payments, which exceed overall inflation. He noted that with Nigeria’s inflation rate at 21 per cent, construction costs have surged, making homes increasingly unaffordable for the average citizen.
“Access to affordable housing has largely remained a pipe dream, particularly for the middle and lower classes, which comprise about 90 per cent of the population. Experts estimate that only 10 per cent of those aspiring to own a home in Nigeria can afford it through direct purchase or personal construction. This starkly contrasts global housing statistics, where homeownership rates stand at 72 per cent in the United Kingdom, 60 per cent in China, 54 per cent in South Korea, and 92 per cent in Singapore.”
He further emphasised that the situation will continue to deteriorate without deliberate policy interventions and sustainable housing programmes.
“To address this growing crisis, Goland Construction Nigeria Limited is calling on stakeholders, private sector partners, and government officials to participate in a one-day conference to find long-term solutions to Nigeria’s housing challenges. The forum will serve as a platform to discuss innovative financing models, policy reforms, and public-private partnerships that can drive the development of affordable housing for Nigerians,’’ he said.
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