Veritasi Homes and Property Ltd, a property development, marketing, and advisory firm based in Lagos, has raised concerns about the shortage of skilled artisans, ongoing macroeconomic challenges, and inadequate infrastructure, all of which contribute to rising housing costs and create difficulties for developers. The firm emphasized the necessity for a more favorable operating environment for private developers to help address the housing deficit in the country.
During a press conference marking the handover of units at Camberwall Advantage 5, a residential estate in Lagos, Veritasi Homes’ Chief Executive Officer, Adetola Nola, pointed out that the tough economic climate continues to hinder developers in the real estate sector. Despite these challenges, he highlighted that the company successfully completed the project amid ongoing economic uncertainties.
Nola also noted that inflation and the devaluation of the naira have impacted project timelines and completion. He expressed concern over the situation, emphasizing the need for solutions.
He stated, “Despite the ongoing uncertainty in Nigeria, especially within the real estate sector, we remain resilient. Today, we are handing over a project that we initiated less than two years ago. As many are aware, being a developer in Nigeria entails taking on full responsibility for everything: infrastructure, electricity, water, and roads. You have to provide it all, which complicates the delivery process.
Nola added, “Moreover, Nigeria is grappling with extremely high inflation. Official statistics indicate a rate in the low twenties, but in reality, it feels closer to 100 percent over the past two years. The impact of currency devaluation has also been significant. Another major challenge is the poor quality of craftsmanship. This issue is seldom addressed, but many Nigerians lack practical, hands-on skills. While everyone is pursuing technology or digital assets, few possess the ability to use tools or construct things properly.
“As a result, we find ourselves importing not only materials but also labor. Many of the skilled workers on-site are Lebanese or other expatriates, and we compensate them in dollars.”
“As a financial advisor, I leveraged my expertise to mitigate foreign exchange risk. While inflation is more challenging to manage, we aimed to lessen its effects by purchasing materials in bulk in advance. Adetola highlighted that this project, the fifth in the Camberwall Advantage series, features luxury apartments equipped with modern amenities designed for upscale living.
