Would you like to receive notifications on latest updates of the following headlines?

Developers Advise To Use Local Materials, As Cost Of Building Rises

POSTED ON March 18, 2024 •   Business      BY Abiodun Saheed Omodara

The Group Managing Director of Experience Vision Creation, Sola Oyedeji, has advised developers to source building materials locally to reduce the cost of construction in the country.

Speaking at the launch of the second phase of the Riyadh Golf City project located at Aliara community, Asa Dam area in Ilorin, Kwara State,  he noted backward integration in the real estate sector would reduce the country’s housing deficit.

“I also use this opportunity to call on real estate investors to source building materials locally to reduce increasing costs. If we enhance local productivity in building materials, we can guarantee the solution to the housing deficit. Purchasing building materials from the market is becoming unaffordable daily.

“Currently, there is a total of 12 to 15 trillion housing deficits in Africa. So, private investors cannot do it. The government has to come up with a form of partnership to spell progress, development, and peace of mind for Nigerians and those in the Diaspora.”

According to the Oyedeji, affordability is the key word in reducing the housing deficit.

On the increasing cost of building materials, which he described as a big concern to real estate developers, he called on the government to provide palliative measures to cushion the effect of hardship on citizens.

While he commended the Federal Government on the establishment of a house mortgage facility, he described the lack of access to the mortgage scheme/platform as the bane of the programme.

“It is available but the terms and conditions have created bottlenecks around the scheme,” he noted.

He advised the government to revive the creation of affordable housing facilities for its citizens, adding that people no longer enjoy housing provisions in fully completed houses with affordable costs and instalment payments.

Oyedeji stated that the Riyadh Golf City was aimed at bridging the gap in the housing deficit in the state.

The Director of Operation, Experience Vision Creation, Gbenga Ibitoye, said that the firm had provided solutions to most of the housing concerns of Nigerians- land fraud, multiple-ownership, getting titles, documentation and land grabbing.

According to Ibitoye, the firm hopes to change the narrative of Kwara State by encouraging investors to take part in investment opportunities in the profitable venture of housing.

He averred that more than 250 young homeowners had been produced so far in the state, encouraging young ones to be homeowners.

READ ALSO
South Africa Surpasses Nigeria in Fuel Imports Amid Dangote Refinery Operations
BY Abiodun Saheed Omodara May 29, 2025 0

Nigeria has lost its long-standing title as Africa’s largest importer of refined petroleum pro...

READ ALSO
Economists Warn of Debt Sustainability Risks as Nigeria Eyes $24.14 Billion in Foreign Loans
BY Abiodun Saheed Omodara May 28, 2025 0

Nigeria's public debt is poised for another substantial increase as President Bola Tinubu has sought...

READ ALSO
Nigeria's Solid Minerals Sector Attracts Over $800 Million in Investments Amid Policy Shift
BY Abiodun Saheed Omodara May 25, 2025 0

The Minister of Solid Minerals Development,Dr Dele Alake announced that Nigeria attracted over $800...

READ ALSO
SNEPCo Urges Indigenous Firms to Enhance Skills for Future Opportunities
BY Abiodun Saheed Omodara May 23, 2025 0

The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has urged Nigerian firms to st...

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

OUR CHANNELS:

NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


Court Sentence Scrap Seller to 12 Years for Sexual Assault of Four-Year-Old Girl
BY Abiodun Saheed Omodara June 4, 2025 0

A scrap seller, Nasiru Usman, was sentenced to 12 years in prison by an Ikeja Sexual Offences and Do...


70-Year-Old Faces Manslaughter Charges After Fatal Accident
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - A 70-year-old man, Isiaka Afolayan, has been detained for careless driving and the...


Police Arrest 49 years old Suspect for Abduction of Two-Month-Old Baby
BY Abiodun Saheed Omodara June 5, 2025 0

DELTA, Nigeria - The police in Delta reported the arrest of a suspect named Joy Temitope for the abd...


More Articles

Load more...

Menu