Group MD, Unicorn Holdings Limited, Dr. Ayodeji Mafikuyomi has identified the poor mortgage system and inadequate provision of mass housing as some of the major challenges facing the housing sector in Nigeria.
In his submission during an interview with Homes and Property Guide, Mafikuyomi shared that so far, the major housing developments seen across states in Nigeria are mostly private initiatives.
He said: “Where we are missing in Nigeria is the investment in the global sector of property needs. We need mass housing, and that is the area the industry players should look at.”
“I don’t think the government has done enough for the housing sector. The major developments that you see are private initiatives, and I think the government needs to step in to do more.”
Noting that there are challenges, Mafikuyomi stated that one of the most pressing of these challenges is the failure of the government to equip the right channel.
He continued: “For instance let’s look at the mortgage system. If we had a very vibrant mortgage system in Nigeria, a lot of investors or developers would have invested in the lower cadre of housing, mass housing. The situation of housing in Nigeria is currently a big cause for worry. People can’t even find accommodation that they can afford. The major challenge is the poor, and they can only be catered for through mass housing. However, the economy does not give room to that.”
Unicorn Group is a well-diversified business conglomerate that operates in six major sectors in Nigeria and six group Companies with innovative projects and products in Agriculture, Housing/Real Estate, Infrastructure, Health and Transportation, and Entertainment.
