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Nigeria faces a significant housing deficit, with millions of its citizens lacking access to affordable, decent homes. This gap continues to widen as the country’s population grows rapidly, particularly in urban centres like Lagos, Abuja, and Port Harcourt.

 

The Real Estate market, while booming with luxury developments, has been criticised for not addressing the housing needs of the lower-income and middle-income sectors.

 

Affordable housing initiatives are crucial to solving this crisis, and companies like Bezoh Homes are at the forefront of bridging this gap.
Understanding the Housing Deficit in Lagos, Nigeria.

According to the 2023 World Population Review, an alarming 24.4 million Nigerians lack a place to call home, thus making Nigeria the country with the greatest number of homeless people. This is despite Nigeria not being a war-torn country.

 

A 2014 report by NOI Polls revealed that only 31% of Nigerians live in homes they built, bought, or inherited, while 51% reside in rented accommodations. By 2022, the Association of Housing Corporation of Nigeria (AHCN) estimated that just 25% of Nigeria’s population owned their homes.

Akinderu Fatai-Moruf, Lagos State Commissioner for Housing, acknowledged that over 80% of the state’s approximately 22 million residents live in rented accommodation, with a staggering housing deficit of about 2.3 million homes.

Nigeria’s housing deficit is estimated to be between 17 and 20 million units, a figure that reflects both urban and rural housing shortages. Several factors have contributed to this crisis, including rapid urbanisation, limited access to housing finance, high land costs, and government policies that have not prioritised affordable housing.

Government and Private Sector Efforts
Over the years, the Nigerian government has launched several initiatives to tackle the housing deficit. Programmes like the National Housing Fund (NHF) were designed to make homeownership more accessible by offering low-interest mortgages to Nigerians.

 

However, these efforts have not been sufficient to meet the growing demand. Bureaucratic delays, inefficiencies in funding disbursement, and high levels of corruption have hindered the impact of these programmes.

This is where the private sector, particularly companies like Bezoh Homes, has stepped in to fill the gap. By leveraging innovative financing solutions, eco-friendly building techniques, and partnerships with both local and international stakeholders, private real estate developers are creating more affordable housing options. These initiatives offer a more sustainable approach to housing delivery, with a focus on cost-efficiency without compromising on quality.
Bezoh Homes: Leading the Charge for Affordable Housing
Established in February 2023, Bezoh Homes and Investments has made affordable housing one of its core missions.

 

Recognising the significant housing challenges in Nigeria, Bezoh Homes has launched several projects that aim to deliver modern, secure, and affordable homes to middle-income and low-income earners. One of its flagship projects, the E31 estate in Lekki, offers housing solutions that blend affordability with sustainability.
What sets Bezoh Homes apart is its commitment to innovative building practices.

 

The company employs eco-conscious construction methods that reduce costs while promoting energy efficiency. This ensures that homeowners not only benefit from affordable prices but also lower energy bills in the long term. Moreover, Bezoh Homes places a strong emphasis on transparency and legal compliance, ensuring that properties are free from legal encumbrances, which is a common issue in Nigeria’s real estate market.

The Role of Public-Private Partnerships
Public-private partnerships (PPPs) are essential in the quest to bridge Nigeria’s housing gap. By collaborating with government agencies, financial institutions, and international organisations, private developers can pool resources to increase the supply of affordable housing. Bezoh Homes has been involved in such partnerships, working with stakeholders to develop communities that not only provide affordable housing but also prioritise security, infrastructure, and essential services.

These collaborative efforts ensure that housing developments are sustainable and accessible, with a focus on improving the quality of life for residents. The success of such initiatives depends on continuous cooperation between the government and the private sector to streamline regulations and remove barriers to development.

Conclusion
Affordable housing is vital for Nigeria’s socio-economic development. Bridging the housing gap requires a multi-faceted approach that includes government intervention, private sector innovation, and accessible financing. Bezoh Homes is playing a pivotal role in driving this change by offering sustainable, affordable housing solutions that cater to Nigeria’s growing population.

As the demand for housing continues to rise, developers like Bezoh Homes are setting the standard for what affordable housing should look like.

 

Through innovative building techniques and flexible financing options, they are making homeownership a reality for many Nigerians who previously thought it was out of reach.

For more information on how Bezoh Homes can assist you with property investments in Nigeria, contact us at info@bezohhomes.com or call 09139696172. Visit us at No. 4b Taiwo Ishola Street off Chief Collins, Lekki Phase 1, Lagos State, Nigeria, or connect with us on social media:
Instagram: @bezohhomes
Twitter: @bezohhomes
Facebook: BezohHomes
Website: www.bezohhomes.com

 

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