A real estate expert, Jide Odusolu says the Nigerian housing sector requires more collaboration for it to thrive.

Mr Odusolu said this on Wednesday on the sideline of the ongoing 15 International Housing Show in Abuja.

According to Mr Odusolu, who is the Chief Executive Officer of Octo5 Holdings, without collaborations, the housing deficit cannot be addressed.

The annual Housing Show brings together experts and industry players to proffer solutions to challenges affecting the real estate and construction sector.

According to the Octo5 Holdings boss, focusing on individual balance sheets alone will deprive the entire industry of taking advantage of possibly the largest real estate market in Africa.

“This is a potential $200 billion market and we need to consider this huge potential and collaborate more so the industry can grow and we can fix the housing deficit,” he said.

Mr Odusolu said that the housing deficit, currently put at between 17 million and 22 million would not be met with the government providing only a few houses in urban areas.

He stressed that the only means by which a real attempt could be made at bridging the gap was for the government to focus on the provision of concessions to the housing industry so the private sector could take the lead.

“We are not asking for government money. What we need are physical (infrastructure) concessions to make it viable for housing industry players to meet the needs of this huge market,” Mr Odusolu said. 

Meanwhile, the house rent in urban and semi-urban areas in the Federal Capital Territory is on the increase.