Has Nigeria’s Federal Government Unlocked the Secret to Affordable Housing?


Officials tasked with the development of affordable housing made news this weekend, as Nigeria’s Minister of State, Works and Housing disclosed the Federal Government’s (FG) plan to build 4 million houses by 2033. With a national housing deficit estimated between 17 to 20 million and growing by 900,000 units annually, this left many questioning how the new commitment will be fulfilled. The secret could be public-private partnerships. Along with their increased commitment to developing homes, the FG has made significant advancements in three critical areas essential to securing affordable housing – land acquisition, affordable financing, and optimized technology. Continue reading
August 29, 2019 Nigeria 0 Comment

Real Estate Projects Changing Nigeria’s Landscape


When it comes to real estate projects in Nigeria, pundits within the property space are optimistic that 2019 will experience a major boost in Africa’s largest populous nation. Nigeria’s economic growth slowed in the first quarter after the oil sector, the country’s biggest foreign-exchange earner, contracted. Gross domestic product in Africa’s largest oil producer expanded by 2.01% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on its website last month. The position of most experts is that with a visibly improved economy, the Nigerian property market will be on the path of witnessing a rebound from the uncertainties that plagued the sector in 2018.

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June 25, 2019 Nigeria 0 Comment

EchoStone Breaks Ground In Green Affordable Housing With IFC’s Edge Certification


International provider of affordable housing solutions, EchoStone, has earned EDGE certification (“Excellence in Design for Greater Efficiencies”) for 251 residential properties in its Peridot Parkland Estate. The certification, presented in Lagos by EDGE certifier thinkstep-SGS, marks the first residential housing development to be certified in Nigeria.

An innovation of International Finance Corporation (IFC), EDGE is an online platform, a green building standard, and a certification system for over 140 countries. EDGE was created in response to the need for a measurable solution to prove the financial case for building green and help jumpstart the proliferation of green buildings. EDGE empowers building professionals to quickly and easily determine the most cost-effective ways to build green based on occupant behavior, building type, and the local climate.

As a global EDGE Champion, and partner of the IFC EDGE Green Buildings Market Transformation Program, EchoStone has shown a tremendous commitment to reshaping the affordable housing market through sustainable practices. Following their inaugural projects in Badagry, Alimosho, and Ikorodu, EchoStone plans to build an additional 100,000 units across Nigeria over the next five years. Continue reading
June 4, 2019 International 0 Comment