Lekki FTZ DMD Advocates Innovative Solutions For Affordable Housing

At the 18th Africa International Housing Show in Abuja, Bolatito Ajibode, deputy managing director of Lekki Free Zone Development Company (LFZDC), presented a thought-provoking paper on “Building Better, Building Cheaper – Local Manufacturing of Building Components for Housing in a Low-Income Economy.” Her presentation highlighted the pressing issue of housing affordability in Nigeria and proposed innovative solutions to address the challenge.

Nigeria faces a significant housing deficit, with approximately 4.5 million people considered homeless and over 60% of urban dwellers living in informal settlements or slums. The country has an estimated 28 million housing deficit, requiring a staggering N21 trillion in investments to bridge the gap.

Mrs Ajibode emphasised the potential of alternative building materials to reduce construction costs and promote sustainability. “Alternative materials like bamboo, straw bales, and compressed earth blocks are often cheaper than traditional materials like concrete and steel,” she noted. Additionally, these materials are more environmentally friendly and can be sourced locally, reducing transportation costs and supporting local economies.

Mrs Ajibode drew lessons from countries with affordable housing, highlighting the importance of strong government support, foreign direct investment, and the use of cheaper and reusable building materials. She also emphasised the benefits of large-scale production of prefabricated housing materials.

The Lekki Free Trade Zone, home to LFZDC, is a key player in the promotion of local manufacturing of building components. Its one-stop-shop approach, standard factories, and investment in infrastructure make it an attractive destination for both local and foreign investors. Mrs. Ajibode highlighted the incentives offered by the free zone, including tax exemptions, duty-free import of raw materials, and a streamlined approval process for business licences. This underscores the zone’s potential in addressing Nigeria’s housing affordability challenge.

RELATED

Expert Introduces Lightweight AI-based System For Early Aviation Failure Detection

6 hours ago

FirstBank Launches Facial Recognition On Mobile App

6 hours ago

Several manufacturers are already operating in the Lekki Free Zone, producing building components such as steel, wood, and construction materials. Mrs Ajibode mentioned companies like Huachuang Steel Engineering FZE, Aslan Nigeria FZE, Henan D.R. Construction FZE, and Nikhar Wood FZE, which contribute to the local manufacturing of building components.

Mrs Ajibode’s presentation at the 18th Africa International Housing Show in Abuja was a significant step towards addressing Nigeria’s housing affordability challenge. It offered valuable insights, advocating for the promotion of local manufacturing of building components, using alternative materials, and leveraging the Lekki Free Trade Zone’s advantages. As Mrs Ajibode rightly emphasised, ‘Building better, building cheaper’ is not just a slogan but a necessity for Nigeria’s housing sector.