By Ajibola Olarinoye
HRM Oba Rilwan Babatunde Osuolale Aremu Akiolu, the Oba of Lagos, has expressed a strong interest in attracting investors to enhance the housing sector in Lagos State.
This announcement came during a courtesy visit from the Board Members of the Africa International Housing Show (AIHS) to his palace.
The Oba emphasized that real estate is one of the most effective means of generating wealth worldwide. He encouraged the organization to broaden its global outreach to draw in foreign investments for housing projects in Lagos State. To support this initiative, he offered up to 1,000 acres of land for development and assured his full backing.
Additionally, the monarch urged the government to explore ways to ease the hardships faced by citizens and called on Nigerians to collaborate with the government in building a better nation. He encouraged citizens to work diligently and avoid complacency.
The Africa International Housing Show is championing affordable housing, with board member Olutoyin Ayinde, a former President of the Nigerian Institute of Town Planners (NITP), emphasizing the necessity for collaborative efforts to improve housing accessibility.
Ayinde pointed out that the Oba’s influence could play a vital role in advancing this initiative, potentially attracting the attention of Nigeria’s President to the event.
The 19th edition of the Africa International Housing Show will include a session featuring foreign investors showcasing their products.
Festus Adebayo, CEO of Housing TV Africa and Coordinator of AIHS, highlighted that the primary goal of the event is to promote locally produced housing materials. He requested the Oba’s support to strengthen advocacy for home ownership and affordable housing.
In a related conversation, Olajumoke Akinwunmi, Managing Director and Co-Founder of Alitheia Capital, underscored the significance of self-regulation within the industry.
She believes that this strategy would not only generate employment but also enhance the sustainability of housing development.
Adeniyi Akinlusi, Managing Director and CEO of Lekki Worldwide Investments Limited, shared this view, emphasizing that attracting foreign investors who manufacture locally would lead to job creation and boost economic growth.
He expressed confidence that Lagos State is welcoming to business and prepared to create a supportive environment for investors.
The Oba’s endorsement and support are considered crucial for furthering the objectives of the Africa International Housing Show and advancing affordable housing initiatives in Lagos State.
It is important to highlight that Nigeria is among the countries facing a significant housing deficit, a critical issue that is hindering the nation’s infrastructural and economic development.
According to national statistics, Nigeria has an estimated housing deficit of around 28 million units, with experts forecasting a need for 700,000 new homes each year. This shortfall is especially evident in major cities, where rapid urbanization has made access to affordable housing increasingly difficult, forcing many low-income individuals into slums and informal settlements.
The World Bank projects that Nigeria’s urban population could exceed 200 million by 2050, which poses a potential social crisis. Both the National Bureau of Statistics (NBS) and the International Monetary Fund (IMF) concur that the scarcity of affordable housing options has contributed to the rise of slums, particularly in urban areas.
