Nigeria holds the unfortunate distinction of having the largest homeless population worldwide, with a staggering 24 million people lacking adequate housing, as per data from the World Population Review.
This crisis is exacerbated by Nigeria’s status as the most populous country in Africa, creating a widespread epidemic of homelessness across the nation.
It stated, “Over 24 million people are considered homeless, with many more not having appropriate access to a proper dwelling that has access to some of the most basic services. With this being said, Nigeria is not as deep in poverty as others may think, as there are a lot of resources contained within the country. Much of the issue is due to access to wealth, which is often exploited by other countries or even their state.
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“Furthermore, because of its large size, Nigerians experience a huge influx of both immigration and emigration, which changes the ownership of houses frequently. This could be a good thing, in theory, but usually, this also means that natural gentrification occurs, as investors are looking to build more elaborate and expensive houses to procure a higher rental income or to flip into a more profitable business venture. With this being said, Nigeria also has a lot of land for sale, so philanthropic and charitable organizations could take advantage of this to create a more acceptable situation.”
In a ranking of 85 countries based on homelessness, Nigeria claimed the top position with a rate of 26.70%. Nigeria led the list with 24,400,000 homeless individuals, followed by Pakistan with 20,000,000, Egypt with 12,000,000, Syria with 6,568,000, and the DR Congo with 5,332,000. Bangladesh held the sixth spot with 5,000,000 homeless people, while Colombia followed closely with 4,943,000. Rounding out the top 10 were Afghanistan with 4,660,000, the Philippines with 4,500,000, and Yemen with 3,858,000.
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In a previous report, experts in Nigeria’s construction industry expressed concern over a decrease in the country’s homeownership rate, which fell from 25% to 20% in 2023.
They attributed the decrease in the rate of homeownership to factors such as elevated inflation, mortgage rates, instances of flooding, and structural failures in buildings.
Professor Timothy Nubi, who heads the Research and Innovations Office at the Faculty of Environmental Sciences, University of Lagos, expressed to The Punch that achieving affordable housing in the country is an insurmountable challenge given the fact that 63 percent of the population lives in poverty.
He said,” It is time to unbundle affordable housing, redefining our discussion to affordable homeownership and affordable rental housing. Despite housing being the foundation of the American dream, homeownership in America today is about 72 percent.
“Nigeria is a nation without data. However, considering the poverty level, the homeownership rate should be less than 20 percent.”
Similarly, the Chief Executive Officer of Land Republic, Victor Adegbile, expressed that in Nigeria, achieving a homeownership rate above 20 percent has been hindered by affordability and availability challenges.
He emphasized the necessity of adopting a comprehensive approach to unlock a more promising future in this regard.
He said, “The foremost step involves offering substantial incentives to first-time homeowners across Nigeria. To achieve this, grants and low-interest loans are vital tools to hinder the financial burdens that often hinder aspiring homeowners.
“Another vital catalyst for boosting homeownership in Nigeria is the implementation of affordable housing initiatives. However, this would be easier if there was a synergy between the government and private developers. It is crucial for the government and real estate developers to collaborate and focus their efforts on constructing budget-friendly housing units across the country. “
At the same time, Femi Oyedele, the Managing Director of Fame Oyster & Co. Nigeria, expressed his concern, stating that Nigeria’s homeownership rate of 20 percent is far from being a favorable statistic.
He said, “Countries like the United States of America have a homeownership rate of 66 percent as of the fourth quarter of 2022. In 2022, 68 percent of householders in the United Kingdom were homeowners. Countries like Laos had 96 percent, Romania had 95 percent, and war-torn Vietnam had 90 percent.