By Newsshelve Correspondent.
Afam Mallinson Ukatu, CEO of Mallinson and Partners and Chairman of the Non-Metallic and Mineral Products Sectoral Group of Manufacturers Association of Nigeria, has called on the government and investors to capitalize on opportunities in the sector to bridge Nigeria’s significant housing gap.
The country’s housing deficit currently stands at 28 million, presenting a substantial investment opportunity for industry players.
Ukatu emphasized the sector’s critical role in national development during the Association’s Annual General Meeting in Lagos recently.
He noted that innovation, technology, and sustainability are key drivers of growth, particularly as the government focuses on economic diversification.
Ukatu stressed the need for alignment with national strategies to overcome challenges.
Some of the challenges facing Nigeria’s housing sector include inadequate infrastructure, stringent housing policies, and regulatory burdens.
These obstacles limit homeownership, discourage investment, and hinder the development of housing projects.
To address these challenges, Ukatu advocated for public-private partnerships, innovative financing models, and policy reforms.
He added that collaboration between government and private investors can bridge the housing gap, while streamlined regulatory frameworks can attract investment and stimulate growth.
Dr. Biodun Adedipe, CEO of BAA Consult, highlighted the relatively low investment requirements in the sector compared to oil and petrochemicals exploration and production.
He emphasized that unlocking these opportunities can lead to sustainable diversification of Nigeria’s economy within five years.
Segun Ajayi-Kadir, Director-General of MAN, praised Ukatu’s dedication to the sector’s development and success despite economic challenges.
Ajayi-Kadir emphasized the importance of resilience and innovation in driving growth and competitiveness.
As Nigeria grapples with its significant housing deficit, the call to action from Ukatu and industry experts underscores the urgent need for government and investor support.
By addressing challenges and leveraging opportunities, Nigeria can make progress in providing affordable housing for its citizens.
The sector’s potential for growth and contribution to national development is substantial.
With collective effort and strategic investment, Nigeria can reduce its housing deficit and create a more sustainable future for its people.
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