The Nigerian Institution of Estate Surveyor and Valuers, has lamented that Nigeria is currently experiencing a minimum of 15 million housing gaps, considering the number of tenants scrambling for the available accomodations on a daily basis.

According to the professional body, the country needs to build at least 1 million houses every year, to close the gap at least in the next 15 years.

ESV John Isangedighi, the Akwa Ibom State Chairman of the body, discussed this in Uyo, Akwa Ibom State, while briefing the press as part of the activities to mark the 28th John wood Ekpenyong memorial lecture and 2022 fellow Induction ceremony.

He said conscious efforts have been made to make the real estate investment appealing to investors, adding that anything short of this would discourage investors in the sector to the detriment of both estate developers and the end users (tenants).

“We have to look at real estate investment holistically and look at where we are positioned as a country. We don’t have good statistics, but we have a minimum of 15 million housing gaps. We are not even certain on the statistics, but we know that we need to build at least 1 million houses every year for us to be able to close the gap in the next 15 years.

“We need to make real estate investment appealing to the investors, because if we do not make it appealing, they will choose to invest somewhere else to the detriment of the consumers (the tenants).

He said scholars have been invited to share knowledge with members of the public on building environment and to discuss the implications of the monthly rental policy of the federal government as ordered by the Minister of Works, Babatunde Fashola.

At the end of the day, he said the scholars would be able to tell the public whether such policy is productive or retrogressive.

According to him, “the whole essence of the lecture with the theme: Property Investment and Rental Alternatives: Understanding the Implications to the Nigerian Real Estate Market”, is that scholars are coming to share knowledge with members of the public with professionals in the building environment.

“They will talk about the implications of the minister’s order with respect to monthly rent payment. So, scholars will tell us, is it a good idea; whether it is a productive or retrogressive policy. From there we will know whether the decision of the minister is in favour of the populace or benefits only the government, and to that extent we should be able to determine whether it will affect investment in the real estate sector of the economy”, he explained.

He said the event, which will witness a visit to the Paramount Ruler of Itu Local Government Area, in honour of John Wood Ekpenyong, a native of  Ikot Abiyak in Oku Iboku, Itu Local Government Area as the first registered Estate Surveyor and Valuer in Nigeria, even as the first lecture in his memory will be held, will also witness a total of 56 members inducted as fellows of the prestigious profession.

The double events of the professional body: the, National Mandatory, Continuous Professional Development (MCPD) to be held at Watbridge Hotel, IBB Way, Uyo the state capital and John Wood Ekpenyong Memorial lecture fellows induction ceremonies, with the theme: Statutory Valuation to be held at Ibom Hotels and Gulf Resort, will take place on Thursday, March 31st and Friday, April 1st, 2022 respectively.

Source : The Will