Terra Developers Limited, a leading real estate company in Nigeria, has called on both public and private stakeholders to collaborate in creating affordable housing for Nigerians.

The company's Managing Director, Kola Ashiru-Balogun, made the appeal during a press conference in Lagos. Ashiru-Balogun expressed concern about the persistent housing crisis in Nigeria, citing a shortage of over 22 million homes reported by the Federal Mortgage Bank. He attributed this shortage to factors such as population growth, urbanization, lack of low-cost housing, and inadequate government policies.

However, Ashiru-Balogun expressed optimism about the potential involvement of the private sector in the real estate industry. He stressed the need for the private sector, financial institutions, and real estate developers to work together with the government to address the housing deficit. Ashiru-Balogun also highlighted the importance of affordable access to credit and urged relevant institutions and stakeholders to participate in reducing the housing deficit.

Furthermore, Ashiru-Balogun pointed out the prevalence of fraud and the use of substandard materials in the Nigerian real estate sector and emphasized the importance of government regulation to address these issues and promote ease of doing business in the industry.

source;Vanguard
link;https://www.vanguardngr.com/2023/05/firm-seeks-public-private-partnership-on-low-cost-housing-solution/