LAGOS – In recognition of the housing deficit in Nigeria, stakeholders in the business have challenged governments at levels to allocate requisite resources to the housing sector.

The call was made a the just concluded at the 8th Annual WAPI Summit held at Oriental Hotel, Lagos, where West Africa real estate industry players gathered to explore opportunities to boost growth of the sector.

Speaking with journalists at the event, the stakeholders stressed the need for players to deploy technology into the sector to improve investment, liquidity and secure home ownership, noting that Nigeria is lagging behind in the area of technology deployment in the real estate industry.

Lead sponsor of the event, Pennek Nigeria Limited, said that there is a big future for Nigeria’s real estate, urging the government to allocate requisite resources to the housing sector.

According to Micheal Obiaju, Legal Officer, Pennek Nigeria Limited, “The international appeal and audience of the WAPI Summit is in line with our strategy and plans of expanding Pennek across the globe having recently opened in the USA and UK, and also to provide quality housing and developing underdeveloped communities as a part of our Nation-building ideology.

“We are working hard to make a significant mark in the sector and we hope to establish Pennek as a household name in the real estate industry in Nigeria and West Africa as a whole. The level of house deficit in Africa and especially in Nigeria is unacceptable.

“Coming home, Nigeria needs to produce one million units of housing per annum. But what we are doing now is a far cry from the desired reality. That is why we want to see how we can fill the huge gap created by the government. Real estate is big. It provides wide range of opportunities and I’m also of the view that real estate in Nigeria is a goldmine. It’s the current gold mine after oil,” Obiaju explained.