Housing is becoming too expensive for many Nigerians. But according to Osilama Emmanuel Osilama, a real estate expert and CEO of NuelOsilama Global Investment Limited, there are ways to fix the problem.
He believes that using local building materials is a good place to start. Local products cost less than imported ones. This would make building homes more affordable.
To make this happen, local companies need help. Osilama suggests tax breaks, cheaper loans, and government support. These steps would encourage more people to produce building materials in Nigeria.
He also said that research and development are important. If the government supports new ideas, local materials can become better and cheaper. This would help both builders and homebuyers.
Osilama added that Nigeria should depend less on imports. He believes that stable economic policies can help strengthen the Naira. When the Naira is stable, building costs go down.
He also mentioned the need to improve transport and infrastructure. If roads, power, and water are better, building homes becomes easier. He advised the government to make customs processes faster. That way, builders can get what they need on time.
He urged smaller builders to work together. If they form groups and buy materials in bulk, they can save money.
Land is another big problem. Osilama said the government should make land easier to get. He asked for faster land registration and simpler ownership rules. He also suggested updating the Land Use Act to stop land hoarding and reduce costs.
He wants public land to be used for affordable housing. He also called for stronger partnerships between the public and private sectors. These partnerships can build many homes at once.
Nigeria’s mortgage system also needs help. Osilama recommends creating a national mortgage refinancing company. This would give banks more money to lend to homebuyers.
He also supports new ideas like micro-mortgages and cooperative housing loans. These loans would be easier for low-income earners to repay. He wants the government to reduce interest rates and make it easier for people to qualify for loans.
He said that lenders need more protection, too. A fair and faster foreclosure system would help banks trust more borrowers. Credit guarantees would also lower risks for lenders.
To reduce crowding in big cities, Osilama suggests building satellite towns. These new towns would help ease pressure on urban areas. He said the government should also create more jobs in rural areas to stop people from moving to cities too quickly.
Good planning is key, he said. Nigeria needs strong zoning laws and better public transport. These steps would help cities grow in a smart and organized way.
Osilama believes that these ideas, if put in place, can make housing affordable for more people. With help from the government and the private sector, many Nigerians could soon find it easier to own a home.
