The Asiwaju of Orile Imo in the Obafemi Owode local government area of Ogun state, High Chief Olakunle Joseph Olalekan has insisted that only the private sector’s involvement in real estate can bridge the country’s housing deficit.
According to recent figures from late 2023 and early 2024, Nigeria’s housing deficit is estimated to be around 28 million units, with a required investment of approximately N21 trillion to bridge the gap.
This deficit is attributed to the country’s population growing at an annual rate of 2.5 percent, thereby putting pressure on existing housing infrastructure, the skyrocketing costs of land, building materials, and official permits with low- and middle-income households particularly affected.
The Ogun community leader opined that the federal government’s housing for all goal cannot be accomplished without partnership from the private sector.
Olakunle, however, praised Governor Abiodun for fostering an environment that supports private individuals and disclosed his willingness to allocate more funds to development initiatives.
He stated this on Tuesday during the commissioning of a housing estate project in Bara, Orile Imo to commemorate his birthday celebration.
In his remarks, the Chairman, Housing Committee of the State House of Assembly and lawmaker representing Obafemi-Owode State constituency, Damilola Soneye, stated that with the nation’s rapidly growing population, private sector investment to complement government efforts in housing should be actively encouraged.
Soneye advocated for greater cooperation between the public and private sectors to address the country’s housing needs and pointed out that Olakunle’s housing project aligns with Governor Abiodun’s vision for private sector cooperation to build infrastructure and raise living standards.
His words, “We are really excited to see what Chief Olakunle Olalekan is doing with this housing project. It aligns perfectly with Governor Abiodun’s vision for private sector collaboration to upgrade infrastructure and improve living standards.
” I congratulate Chief Olakunle Olalekan for this bold initiative and urge other private individuals and corporate organisations to follow suit, supporting the government to better serve the people and advance development in our state and nation”.
