The intricacies that exist within the process of turning raw facts to data and then to information, can be quite complex and cumbersome. As such, a lot of effort is required at each stage, ranging from data collection to storage of data to sorting, to processing, to analysis and down to interpretation and presentation of the information.
This is even more cumbersome in some climes where there are no adequate human and financial resources to execute all of the processes inherent in each stage of data collation.
For the housing sector, the tale is not different as the sector has witnessed setbacks in terms of data gathering and collation, and this has been an issue in the front burner of discussion among stakeholders in the sector lately.
As the awareness of the potentials of data in bringing revolution to the flow of activities within the housing sector continues to heighten, Dr. Mike Mba, an expert at the National Real Estate Data Collection & Management Programme (NRE-DCMP) has said there is the need for stakeholders to develop a private sector inclusive framework as part of efforts aimed at making data collation and sharing smoother in the housing sector.
Mba, who was one of the panellists during a virtual conference recently held by the Housing Development Advocacy Network (HDAN), with the theme “What Has Data Got to do with the Housing Sector in Nigeria”, explained the involvement of the private sector in housing sector data collation so far.
According to him, “In the Nigerian setting today, when government funds data collection, it is seen as a public good and it is not expected to be sold. It is not expected to be used for profiteering. But government can as well agree that certain elements of data should be collected by the private sector.
“Even at the CBN level, when it comes to housing, part of the implementation plan that we are proposing to the CBN management is that in the area of funding and collecting data for the housing sector, there will be a framework that would allow the private sector to play a role.”
While talking about the issue of funding for data collation in various sectors, Mba said “We have been involved in funding data collection and is channelling resources to different sectors for data compilation. You cannot run the economy if you don’t understand it so we even need the data more than any other person. It might interest you to know that the outcome of what the Nigeria Real Estate Data Collation and Management programme did in the past 3 years form the basis of data that was provided the CBN Governor in coming up with the proposal for an Intervention.”
The expert believes that data is critical to the development of all sectors of the Nigerian economy, as it prevents wastage of resources, duplication of efforts and affords stakeholders the foundation on which to make informed decisions that can impact greatly on the sector’s progress.
“When you come to the area of financing you will begin to get data to know who can afford what? Do you build duplex for everybody? Can they afford it? The affordability snapshot we did recently showed that more than 70% of Nigerian workers earn N100,000 all below. Those are the data that we need to see, both for investors and the government to know where we’re going and whether we’re getting there” he added.
