adsTwo new reports on Nigeria’s and Lagos housing markets have positioned the deficits in the two markets as major investment opportunities, estimating the markets’ potential value in trillions of naira.
The reports, titled ‘From Shortage to Opportunity: Unlocking the Billion-Dollar Housing Market’ and ‘Lagos Housing Report: A Treasure Trove of Possibilities,’ are the highlights of a PAC Research work unveiled in Lagos recently.
The publication provides one of the most comprehensive assessments yet of Nigeria’s housing ecosystem, revealing a national housing deficit of more than 28 million units, with Lagos State alone accounting for a shortfall of 3.4 million units.
Shehu Osidi, the managing director of the Federal Mortgage Bank of Nigeria (FMBN), noted in the foreword to the publication that Nigeria needs approximately 800,000 new homes annually to keep pace with population growth.
That figure is projected to rise to two million homes per year by the end of the decade. The report also highlights the country’s low mortgage penetration, currently below 1 percent of GDP, compared with 77 percent in the United States and 31 percent in South Africa.adsads
