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World Bank: Nigeria Needs 700,000 Houses Every Year

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The Chief Executive Officer of Ecotrends Nigeria Limited, Mr. Efe Utomudo told an audience in Lagos that Nigeria needs 700,000 houses yearly to meet up with  housing needs of Nigerians. Otumudo quoted a World Bank report  that revealed that  housing finance still represents only 0.30 per cent of Nigeria’s GDP.

The audience made up of major stakeholders in the Nigerian housing industry, were gathered at the residence of the British High Commissioner in Lagos, for a networking event organized by Ecotrends Nigeria Limited in collaboration with UK Trade and Investment in preparation for it’s premier trade show, Home and Property Expo.

The Expo which will be held on Friday, July 31, 2015  (9:00am) and Saturday, 1 August 2015 (6:00pm) at KFA Event Place, Km 15 Lekki Epe Expressway (between 3rd and 4th Roundabout) Opposite Nicon Estate, Lekki Lagos, Nigeria.

Otumudo said, “Ecotrends is using the expo as an opportunity to shape the housing industry in Nigeria for the future. We are looking at sustainable housing, where there is a shortage in this part of the world. He also said,“Nigerians need to start thinking sustainability when building their houses”.

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In his welcome address, the British Deputy High Commissioner, Martin Uden, encouraged the guests to take advantage of the session to network and meet with potential business partners. He commended Ecotrends Nigeria Limited for organising its first expo in Nigeria while also explaining to the audience the strategic role of the UK Trade and Investment in ensuring that the upcoming expo is a success.

One of the guests at the event, Architect David Babalola, who is the CEO of Dalewares Limited, a design and construction firm, told Naij.com that the World Bank report is an opportunity for  stakeholders in the industry to re-strategise in their plans in order to meet up with the housing needs of Nigerians.

He said, “The report will help us bridge the gap in the housing deficits. Awareness is very important in getting the message out there. We also support Ecotrends sustainable housing project, i think is the way to go. I also think government should have a buy-in in this project so it will benefit the common man”.

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Mr. Akinlolu Miftau, a manager at one of Nigeria’s leading furniture companies, Southwood Nigeria Limited, expressed his excitement at the upcoming expo. He commended the organisers of the event and said his firm is already looking forward to participating at the event fully.

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