Meeting Nigeria's 17 Million Housing Deficit
The housing deficit in Nigeria is estimated at over 17million and previous approaches to tackling this problem has been anchored on construction of new builds. The limited success achieved with this approach is evidenced by the estimated 70% of Nigeria’s over 173 million people who continue to live in substandard housing. This is a challenge and an opportunity for (changes in) the country’s housing policy.
As Nigeria prepares for a change in government and hand-over in its Federal and 36 State governments, it is imperative that a change in approach to housing provision and financing is adopted; which recognizes the realities of the social, economic and demographic structure of the country (such as a predominantly subprime employment sector, prevalence of informal and incremental housing construction mechanism, prevalence of informal land holding practices and lack of credit history records amongst others).
This paper makes the case for urban regeneration as a strategy of improving housing supply with limited emphasis on direct new build construction. This could be achieved by creating decent homes from the substandard stock and the release of stocks of uncompleted housing into local markets.
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