Deputy Managing Director of Lekki Free Zone Development Company (LFZDC), Mrs Bolatito Ajibode, has presented a paper on buiding better, cheaper housing in a low-income economy” at the 18th Africa International Housing Show in Abuja.
Her presentation proposed innovative solutions to address housing affordability.
Nigeria faces housing deficit, with 4.5 million homeless and 60 per cent urban dwellers living in slums.
The country has 28 million housing deficit, requiring N21 trillion in investments.
She emphasised the potential of alternative building materials to reduce construction costs and promote sustainability.
“Alternative materials like bamboo, straw bales, and compressed earth blocks are cheaper than traditional materials as concrete and steel,” she noted.
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‘‘These are environmentally friendly and sourced locally, reducing transport costs, and a support for local economy.
She spoke of affordable housing elsewhere, noting importance of government support, foreign direct investment, and use of cheaper and reusable building materials.
Mrs Ajibode stressed benefits of large-scale production of prefabricated housing materials.
Lekki Free Trade Zone, home to LFZDC, is a key player in promotion of local manufacturing of building components. Its one-stop-shop approach, standard factories, and investment in infrastructure make it an attractive destination for local and foreign investors.
Mrs. Ajibode highlighted incentives offered by the zone, as tax exemptions, duty-free import of raw materials, and streamlined approval process for business licences.
This underscores the zone’s potential in addressing housing affordability challenge.
Manufacturers are operating in the zone, producing building components as steel, wood, and construction materials.