Effiom Hogan, the CEO of Goland Construction Nigeria Limited, has emphasized the urgent need for affordable housing options for Nigerians, both for buying and renting.
During a forum in Abuja, Hogan pointed out the escalating costs of living and rental prices, which have outpaced overall inflation. With Nigeria’s inflation rate currently at 21 percent, construction expenses have risen sharply, making homeownership increasingly unattainable for the average citizen.
“Access to affordable housing remains largely elusive, especially for the middle and lower classes, who make up about 90 percent of the population. Experts estimate that only 10 percent of those looking to buy a home in Nigeria can afford it through direct purchase or personal construction.
This sharply contrasts with global housing statistics, which show homeownership rates of 72% in the United Kingdom, 60% in China, 54% in South Korea, and 92% in Singapore. He stressed that without intentional policy measures and sustainable housing initiatives, the situation will only worsen.
“To tackle this escalating crisis, Goland Construction Nigeria Limited is inviting stakeholders, private sector partners, and government officials to join a one-day conference aimed at identifying long-term solutions to Nigeria’s housing issues. This forum will provide a platform to explore innovative financing models, policy reforms, and public-private partnerships that can promote the development of affordable housing for Nigerians,” he stated.
