By Luminous Jannamike

ABUJA – Inemesit Bassey, Managing Director and CEO of Nemterra Developers, has stated that Nigeria’s housing deficit of 23 million can be addressed through public-private partnerships (PPPs).

Speaking on ‘Business Point’ on Global Television yesterday, Bassey identified affordability as the primary challenge, largely driven by the high costs of building materials and land.

She called for collaboration between the government and private developers, alongside regulatory reforms and price controls, to make housing more accessible. Bassey also highlighted the prevalence of scams in the housing market, urging for stricter regulations to protect buyers.

Noting that inflation and other economic factors exacerbate the crisis, she expressed optimism about the future of real estate in Nigeria. Bassey stressed the importance of collective action to tackle the housing deficit.

“Statistics show that we need about 23 million houses to adequately serve Nigerians. It is quite disheartening that, as a country, we are still grappling with the issue of housing deficit.

“It is my belief that those of us in real estate should strive to provide affordable homes for people,” she remarked.

Bassey emphasised that the biggest challenge for prospective tenants in Nigeria is affordability, which is significantly affected by the high prices of building materials and land.

“Many home buyers find themselves falling victim to scams. Individuals promise them affordable houses, but often these are fraudulent offers,” she said.

She pointed out that numerous government policies impact realtors and suggested that if the government were to collaborate with developers to regulate prices, the dream of affordable housing could become a reality.

“The first initiative I would advocate is PPP—public-private partnerships. The government should partner with private real estate developers. It can fund projects and provide developers with the means to build, and in turn, developers can give back to the public,” the estate developer said.

Bassey further proposed that the government should regulate prices so that developers can access materials at lower rates. She also highlighted the need for improved access to mortgage finance, enabling individuals to spread the cost of purchasing a house over up to ten years.

According to her, “Every sector of the economy impacts the real estate space. For instance, high transportation costs directly affect real estate. Inflation has deeply affected the economy, making everything more expensive.”

Bassey believes that real estate can significantly impact the country, as housing is one of our basic necessities.

“With all the innovations and trends, we can build something truly significant.

“I remain hopeful that we can address the housing deficit problem in Nigeria. We are working tirelessly to reform the real estate sector and implement meaningful changes.

“The changes must begin with us, not just the government. We are the change we seek. If we want to make an impact in society, we must focus on ourselves and change our approach,” she added.