Private Property and the High Cost of Acquisition in Nigeria
The high cost of private property acquisition and the unwillingness of banks to lend to low-income earners in Nigeria are two major factors that hinder the development of affordable housing in the country. According to a report by PwC, Nigeria has a housing deficit of about 22 million units, which would require an annual investment of $363 billion for 10 years to bridge. However, the average cost of building a house in Nigeria is estimated at $40,000, which is beyond the reach of most Nigerians who earn less than $2 per day.
