The Chief Executive Officer of The BrooksAfrica, David Onoja, has said nearly 62 million people are facing serious housing challenges.

In a statement by the company, Onoja stated that the economy continued to be steeled by difficulty, as Nigerians suffer housing deficits plagued by problems.

He said, “As the economy continues to bite harder, over 30 per cent of Nigerians, translating to nearly 62 million people are now facing serious housing challenges, while 80 per cent of the country’s 206 million people live in informal housing, plagued by problems related to poor quality and inadequate infrastructure, as reported by vanguard.

“A report from the National Bureau of Statistics indicates growth in the real estate sector in the last two quarters of 2022.”

Onoja said real estate was bogged down by too many contentious taxes and charges with ambiguous applications that the government needed to align for the good of the nation’s economy.

He said the failure to give proper accounts of the taxes collected and poor infrastructural amenities to support the sector, absence of tax rebates amid inflation and volatile currency were major contributors to the high cost of housing, which was a militating factor against affordable housing.

He said, “As Nigeria turns 62, the real estate industry can’t function in isolation as the informal sector plays a key role in developments.

“First time home buyers are not comfortable with the present economy, thereby migrating abroad, leaving the market to second/third home buyers, and consequentially, increasing the value in the secondary market.”