Inemesit Bassey, Managing Director and CEO of Nemterra Developers, has asserted that Nigeria’s housing deficit of 23 million can be effectively tackled through public-private partnerships (PPPs).
During her appearance on ‘Business Point’ on Global Television yesterday, Bassey pinpointed affordability as the main obstacle, primarily due to the soaring costs of building materials and land.
She emphasized the need for collaboration between the government and private developers, along with regulatory reforms and price controls, to enhance housing accessibility. Bassey also raised concerns about the prevalence of scams in the housing sector, advocating for stricter regulations to safeguard buyers.
Acknowledging that inflation and other economic factors worsen the crisis, she remains optimistic about the future of real estate in Nigeria. Bassey underscored the necessity of collective efforts to address the housing deficit.
“Statistics indicate that we require approximately 23 million homes to adequately meet the demand,” she stated.
“I believe that those of us in the real estate sector should aim to create affordable housing options for everyone,” she stated.
Bassey highlighted that the primary obstacle for potential tenants in Nigeria is affordability, which is heavily influenced by the soaring costs of building materials and land.
“Many homebuyers fall prey to scams, where individuals promise them affordable homes, but these offers are often fraudulent,” she explained.
She noted that various government policies affect realtors and suggested that if the government collaborated with developers to regulate prices, the vision of affordable housing could become achievable.
“The first initiative I would recommend is public-private partnerships (PPP). The government should team up with private real estate developers. By funding projects and equipping developers with the necessary resources, developers can, in turn, contribute to the community,” the estate developer proposed.
Bassey further suggested that the government should regulate prices to allow developers to obtain materials at more affordable rates. She also emphasized the importance of enhancing access to mortgage financing, which would enable individuals to spread the cost of home purchases over a period of up to ten years.
She stated, “Every sector of the economy influences the real estate market. For example, high transportation costs have a direct impact on real estate. Inflation has severely affected the economy, driving up prices across the board.”
Bassey is convinced that real estate can play a crucial role in the country, as housing is one of our fundamental needs.
“With all the innovations and trends, we have the potential to create something truly impactful.
“I remain optimistic that we can tackle the housing deficit in Nigeria. We are diligently working to reform the real estate sector and implement meaningful changes.
“The responsibility for change starts with us, not just the government. We are the change we seek. If we want to make a difference in society, we must take action.”
