Nigerian entrepreneurs discover solution for housing shortage
Nigeria, with a population of over 170 million people, is facing a national housing deficit of about 17.5 million units, and requires a minimum of additional one million housing units each year to reduce that deficit.
With high interest rates on mortgages, high cost of construction material and land, many Nigerians cannot afford a brick and mortar house in the oil-rich west African nation and are always looking for alternative housing methods that will save them money.
A local real estate company, TempoHousing, is however using fabricated shipping containers to bring these costs down by up to 30% in the second most expensive country to own real estate in Africa.
“Our solutions compared to traditional concrete is about 25 to 30% cheaper,” Dele Ladipo, managing partner at TempoHousing, told Voice of America in an interview.
“The African mentality is changing. The cost of housing, the cost of land is so much now that everyone is looking for an alternative option,” he added.