The housing shortage in Nigeria is expected to increase by over 60% by 2050 as a result of urbanization and population growth that are exacerbated by the country’s economic situation.
Philips Ayotunde, the treasurer of the Nigerian Institute of Building’s Lagos Chapter, predicted that the housing shortage would rise by more than 60% by 2050, when the population was expected to have doubled with a population of more than 200 million people and a housing shortage of roughly 28 million, he declared.
He asserts that a large number of private developers are unable to obtain financing for construction projects because of high interest rates and import taxes on building supplies.
Festus Adebayo, the Executive Director of the Housing Development Advocacy Network, claimed that increasing population will increase the housing need.