The Central Bank of Nigeria (CBN’s) head of Real Sector Statistics, DR. Michael Kalu Mba, Tuesday, said the housing deficit in Nigeria is multi-dimensional as different factors need to be considered for an accurate picture to be conceived.
This is coming on the heels of the statement by the Minister of Works and Housing, Babatunde Raji Fashola, disputing the 17 million housing deficit pegged for the country.
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Speaking as a panellist on the ongoing 15th Abuja International Housing Show Tuesday, Mba identified four areas that should be researched in the housing sector before data could be churned out.
“From all the discussion, we have agreed that there is a deficit in the sector but the housing deficit in Nigeria is not like other deficits we know. We have a multi-dimensional deficit and it can be approached by looking at all the various segments of the value chain.
“We must look at the main drivers of housing, which is land administrator, construction of houses, finance by governments and effective demand from the off-takers,” he said.
He admitted that the housing deficit in the country is huge as a pilot survey, of 19, 000 respondents from the 36 states, found out that only 20 per cent could afford the house they want and it reflected on their income level.
Taofeeq Olatinwo, another panellist, stated that since 70 per cent of Nigerians earn between N0 to N70, 000, adding that data is needed to guide policymakers on the type of social houses to be built in reducing the pressure on the housing sector.
