Nigeria needs N21tr to close housing gap

Nigeria is currently estimated to be grappling with a staggering housing deficit of 28 million units requiring an astronomical N21 trillion to bridge the gap, a United States (US)-based real estate investment powerhouse, Peniel Investment and Development LLC, has said.

Its founder, Mr. Ibukunoluwa Otinwa, a Nigerian, who spoke ahead of the US-Nigeria Real Estate Collaboration Conference and Exhibition, said recognising that the solution to the problem extends beyond government’s capacity the initiative is designed to empower citizens both at home and abroad to actively engage in resolving this critical issue.

This event is slated to unfold in Texas, US, in August 2024.

According to him, the forthcoming five-day conference, exhibition, and business dinner, will unite real estate investors, private investors, real estate developers, brokers, realtors, individuals, celebrities and government dignitaries from both nations.

Mr. Otinwa hopes the event will generate about $500 million in transactions and investments, providing a catalyst for transformative change.

The experience would include a comprehensive programme, featuring a conference with distinguished speakers from the US and Nigeria, three exhibitions, an engaging business dinner night, and illuminating site tours.

He said: “The US-Nigeria Real Estate Collaboration Conference and Exhibition 2024 represents a beacon of hope in addressing Nigeria’s housing crisis through international cooperation and shared commitment.

“Our mission statement at Peniel Investment and Development LLC is to provide good real estate investment and development to every human being with respect to their social and ethnic backgrounds.

“On the other hand, our vision statement is to be a world-class real estate investment and development company by creating exclusive comfortable lifestyles for human beings, animals, and plants.

“In terms of our core values, we see the customers’ satisfaction as our happiness; we focus on solutions; we believe in teamwork; and we target greatness through continuous improvement.”