Nigeria has over 22m housing deficit – Oyewole

  • As real estate investment club debuts

Maduka Nweke

The Chairman, Petra Real Estate Investment Club, Mr. Emmanuel A. Oyewole, has said that the government is not doing much to address the housing deficits in the country.

Oyewole who spoke at the press briefing during the launching of the Club at the NECA Building
in Lagos recently, refuted the 17 million housing deficits being bandied about for so long in some quarters, saying that there is no empirical data to support the figure.

He said that industry experts put Nigeria’s housing deficits at 17 million units, unfortunately the figure has surged since as there have not been a corresponding increase in supply as the population increases.

He recalled how the Vice President, Yemi Osinbajo, lamented the high figure of housing deficits in 2017 despite huge resources committed so far and the execution of several National Housing Programme.

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“The situation is worst in the cities where demographic distribution averages 15 per cent for high income earners, 25 per cent for middle income earners and 60 per cent for the low income earners where as the available trend in the provision of housing units, by both public and private organizations are unfortunately 70 per cent, 20 per cent and 10 per cent in favour of high, middle and low income earners respectively,“ he stated.

According to him, the housing shortage in the country if statistically conducted is over 22 million and counting.

He said that even as solutions to addressing the deficits are suggested, the political will to address it has been lacking, hence the ambition of the Club to use the wealth of experience of members to reduce drastically the increasing housing shortage in the country.

He said that the journey to bring about the Club and launch it started as far back as five years ago.

The aim, he said was not basically as usual, self-centered business model, but out of a collective passion to create a communal wealth and fulfillment for all and sundry.

He noted, “PETRIC is anchored on the philosophy and practices of multi level marketing system.

However, the significant difference here is that, rather than the conventional types of multi- level marketing which is built on intangible and abstract deliverable, PETRIC has tangible, real and concrete products such as landed properties and housing units”.

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He said that the Club (PETRIC) which is to first harness people of like minds to collectively drive one another to sustained prosperity is open to everyone and anywhere in the world free of charge.

“Members can be enlisted physically or virtually online by just a click on buttons on a dedicated website, It does not discriminate or bias in favour of sex, tribe/race or religion.

It encourages free entry and free exit. The Club tends to create an ingenious way to demystifying the persistent housing shortage in the country, Nigeria over the years, “he noted.

Oyewole noted that the Club has three main structures. These, he said includes; the Member-partners, the Member-managers and the Member-patrons all with distinct roles as members to lift the aim of establishing the Club.


The post Nigeria has over 22m housing deficit – Oyewole appeared first on – The Sun News.

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