Housing construction for the nation’s built industry is currently taking a different dimension and interesting shape (positive and drastic) at the same time, with regards to professionalism and the specific consideration of the socio-physical comfort of the housing consumers — that is, the off-takers of the finished and habitable shelters, in diverse social class groupings of estate development. Building projects in the economy are now observed to be steadily keying into conformity with global best practices, with specific focus on the ongoing global energy transition, as it relates to compliance on energy production and consumption. This is in line with the industry’s expert technicalities involved in producing modern smart housing units that contribute meaningfully to the nation’s economic development through estate management and the application of global best practices targeted at improving service deliveries in the industry. However, this trending cutting edge, overall efficiency desired for home owners, is not just for mere comfort but, the product’s far reaching advantages and benefits that translate to good life, decent environment, healthy living and its positive impact on improving the life span of citizens.
Statistical analysis has always shown that economic and commercial activities on real estate development in the country constantly present a holistic view of the actual economic outlook in the housing value chain that posts information and seriously demand deeper commitment on the part of the government, for very impactful partnership deals involving private investors and players in the housing industry (public private partnership); to corporately form a winning team that can dislodge the ever challenging huge housing deficit gap (overarching housing shortage) within the economy. This demands very sincere, morally genuine partnership, as a matter of urgency among partners, in all the thirty six states and the Abuja Federal Capital Territory (FCT), to close the problematic gap. This demand initiative is being driven by the Federal Ministry of Housing and Urban Development, along with the Federal Housing Authority (FHA).
It is on record that the massive housing shortage is estimated at above 25 million units; of which the annual production needs for Lagos axis alone hovers around 500, 000 housing units. The other mega cities within the country (spread among the remaining 35 states and the FCT) have not been captured and put into consideration. However, the Real Estate Developers Association of Nigeria (REDAN), under the leadership of the current national president, and chairman of council, Oba Akintoye Adeoye of Okeigbo Kingdom, has taken this issue to another innovative level, by projecting that the entire state chapters of REDAN develop 2,000 units of affordable housing in each of the states within the past two years. This ambitious initiative christened “REDAN City” for each of the aforementioned state locations, though the quantity of units appears to be a far cry or insignificant when compared with the annual housing demands in Lagos axis, it is still appreciable, looking forward. This is on the strength of it being successfully actualized within the timeframe as market growth and investment in the construction sector is a strategically important economic pillar within the nation’s economy. It is noted in 2024 to have contributed a little above three percent to gross domestic product, GDP.
Going green is the way in modern construction methods within any economy, barring all the odds against the global push for energy transition from fossil sourced to renewable energy sources. This equally addresses speed on the quantity of energy compliant housing production within a given period. This is tied to another determining factor that is critical in real estate development in the country; which is the rising costs of construction materials like solar panels and energy generating inverter batteries. It obviously impedes the volume of production of housing units across the entire economy.
The economic transformation from the angle of closing the housing deficit gap is a must task, which REDAN as an institution is already pioneering. But it requires the tacit support and bullish encouragement from governments at all levels, to promote this noble initiative, and witness Nigeria cross her “rubicon of shelter poverty” challenges. The built industry currently hungers for adequate provision of modern, smart livable homes that cut across all social classes in the society, which every category of income earners could afford. It will be an overstatement to say that every grown adult with a stable and legitimate means of livelihood, is eligible to aspire to own a home once in their lifetime. The entitlement and privilege to realize these goals, shall be the responsibility of the government to make this happen, especially for every senior citizen who has served out his or her years in the civil service.
REDAN is therefore urged to keep up its good works of visionary, humanitarian vocation by investing in the production of shelters for mankind. And to do even more exploits in the actualisation of the dream for the nation’s economy in having a sustainable, self sufficient housing programme to accommodate future home applicants in the database of Nigeria’s housing industry.
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Sunny Nwachukwu (Loyal Sigmite), PhD, Fellow (ICCON, CSN, SM), a pure and applied chemist with an MBA in management, is an Onitsha based industrialist, and former vice president (finance), Onitsha Chamber of Commerce. He can be reached on +234 803 318 2105 (text only) or schubltd@yahoo.com
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