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VICTORIA ISLAND, LAGOS, NIGERIA, January 1, 2023 / — Grace Ofure Ibhakhomu, acclaimed real estate developer and founder of Lifecard International Investment Limited, a real estate firm based out of Lagos, Nigeria, known for her desire to provide solutions to Nigeria’s housing problem, her company provides access to affordable property ownership options for the middle and upper class. Speaking at the company’s end of year conference for 2022, the award winning property icon, shared on opportunities and the challenges bedeviling Nigeria’s housing development, and noted that a collaborative approach is necessary for solving Nigeria’s housing deficit;

‘Nigeria now stands at the precipice of an impending housing crisis. With an ever growing population, an economic downturn, and insufficient government intervention programs in the housing sector, the most populous black nation on earth must prepare for the future.

‘In 2012, Nigeria had a housing deficit of about 17 million. Today, the national housing deficit has risen to a whopping 28 million. These houses must be built to meet our national needs, otherwise, we’re looking at a major housing meltdown with even more dire economic implications’.

The presidential candidate of the Labour Party, Mr. Peter Obi, put it succinctly in one of his speeches. ‘We are aware that our existing national infrastructures are decrepit and crumbling. We are housing challenged. We have, as a nation, been inconsistent in our infrastructural planning and funding. This is an area we must tackle urgently, we need to build 20 million houses, and that will cost us an estimated 60 trillion naira’. Perhaps the big question is, where and how do you tackle a challenge so great?

‘We cannot easily fathom the financial implications of such projections. Without a cohesive, integrated and cooperative approach between all stakeholders, meeting Nigeria’s housing need is a near impossibility’.