Nigeria can cut back price of housing by 50 per cent – Olatunbosun

A popular Nigerian investor and Group Chief Executive Officer of Casalavoro Residence, Mr Williams Olatunbosun, has said that the Nigerian government can reduce the cost of housing in the country by 50 percent.

He disclosed this in an interview with journalists at an unveiling event in Abuja on Friday.

According to him, with partnership with the private sector, President Bola Ahmed Tinubu’s administration can reduce the country’s housing deficit.

He noted that the federal government is the enabler of real estate development.

“There are a lot of things the government can do to reduce the cost of housing in Nigeria.

“The government is the major enabler of infrastructural development with access to finance and partnership with the private sector.

“We are open to the support of government. The major reason for the high cost of housing is due to the cost of land and development. If the government can bring the cost of land down, this would help in reducing the housing cost,” he said.

He added that it is only Nigerians that can fix the country’s developmental challenges.

His comments come as the real estate sector overtook crude oil in contribution to Nigeria’s gross domestic product, according to the recently released National Bureau of Statistics rebased GDP.