That Nigeria, with about 181,562,056 (July 2015 estimate) is the 8th most populous country in the world, is no longer news. Unlike China, there is no restriction to number of children a couple can have, no wonder the rate of population growth of 2.7% annually, quoting the world bank.
Housing deficit is estimated at 17 million, hence supply of housing accommodation is sadly not proportional to population growth.
No wonder the west sees the opportunities inherent in feeding this need in Africa’s most populous nation and therefore fly in en-mass. Ironically the Asians see a bigger picture and work towards their dream.
Mr. Herbert Chapel, a property business expert from the United Kingdom, who is in Nigeria to develop his property business, said that research has shown that Nigeria is the choice destination for property business in Africa. According to him, all the offices dealing with estate related businesses in the UK are having their eyes on Nigeria.
“Of course, I can tell you Nigeria controls about 40 per cent of real estate business done in Africa. Nigeria has got the population, largest economy in Africa still in need of property development to crash the deficiency in housing accommodation for the citizens. If tempo continues, a lot of thing would go in for the country Nigeria, because people who would be here for business would also bring fund and experts in various sectors and this, you know is another way of giving unsolicited training to the populace,” he said.
Question is, how many individual companies can cater to provide 17 million housing accommodation. The answer is “very many”!.
Now imagine the opportunities inherent and yet untapped in this sector. Can you hear the cry of the benefits yet to be explored?
Dear Real Estate and Construction professionals, I believe that the time is now, and everyone should be on the drawing board now. They are here to take your cheese.