Nigeria’s real estate market will only thrive with collaborations – expert

Real estate expert Mr Jide Odusolu says Nigeria’s housing sector, which remains Africa’s largest real estate market, needs more collaboration to thrive.

Odusolu spoke with the Nigeria News Agency (NAN) on Wednesday in Abuja, on the sidelines of the 15th International Housing Fair underway in Abuja.

According to Odusolu, who is the CEO of Octo5 Holdings, without collaboration, the housing deficit cannot be solved.

NAN reports that the annual housing fair brings together experts and industry players to come up with solutions to challenges affecting the real estate and construction sector.

Focusing solely on individual balance sheets will deprive the entire industry of profiting from Africa’s largest real estate market, according to the boss of Octo5 Holdings.

“This is a potential $ 200 billion market and we need to consider this huge potential and collaborate more so that the industry can grow and we can correct the housing deficit. “

Odusolu said the housing deficit, currently estimated at between 17 million and 22 million, would not be met if the government provided only a few houses in urban areas.

He stressed that the only way a real attempt could be made to bridge the gap was for the government to focus on providing concessions to the housing industry so that the private sector could take the lead.

“We are not asking the government for money, what we need are physical (infrastructure) concessions to enable players in the housing industry to meet the needs of this huge market,” Odusolu said. . (NAA)