The Senior Partner and Chief Executive Officer, Knight Frank Nigeria, Mr Frank Okosun, has asked the government to revisit housing provision in the country.
Okosun said lack of access to housing had affected many facets of the economy.
He stated that to address the problem, the government should look into mortgage issues and other challenges in the industry, and make housing available to those in need of them.
“There is a huge housing deficit in Nigeria and this has affected a lot of things. Without solving this, everything else will be affected,” he said.
Okosun spoke in Lagos during his investiture as the new Senior Partner/CEO of Knight Frank Nigeria and send off of the immediate past CEO, Mr Albert Orizu.
“Government has to look into housing. Housing delivery is poor. We need to ensure that first-time buyers have access to decent housing,” he added.
According to him, the recently inaugurated economic team should look into the human aspect of the economy by deliberately focusing on housing needs.
Okosun said without access to decent housing, the productivity of people in the working class might be low.
“The government should also try to reduce interest rate. Yes, the government is coming up with different initiatives on housing but it is not trickling down to the low-income earners. There is so much concentration on the upper class,” he added.
Orizu said mortgage remained a major problem hindering the growth of the housing sector.
He however stated that there was room for the government to come in and make a difference.
“Housing cost is high but government can participate more in the low and middle-income class where there is more need. Once they are able to make land available and provide good mortgage system, then it will be easier for people to have their own houses,” he said.
He added that houses should be affordable at lease on owner-occupier basis for millions of Nigerians.
The Chairman on the occasion, Egbert Imomoh, urged Okosun to be a good leader by ensuring he had direct impact on his partners in the firm and other stakeholders in the industry.