Nigeria, with a population of over 170 million people, is facing a national housing deficit of about 17.5 million units, and requires a minimum of additional one million housing units each year to reduce that deficit.
With high interest rates on mortgages, high cost of construction material and land, many Nigerians cannot afford a brick and mortar house in the oil-rich west African nation and are always looking for alternative housing methods that will save them money.
A local real estate company, TempoHousing, is however using fabricated material to bring these costs down by up to 30 percent in the second most expensive country to own a real estate asset in Africa.
“Our solutions compared to traditional concrete is about 25 to 30 percent cheaper than if you built the same structure using concrete,” Dele Ladipo, managing partner at TempoHousing, told Voice of America in a interview.
“The African mentality is changing a little bit. The cost of housing, the cost of land is so much now that everyone is looking for an alternative option,” he added.