Nigeria needs to investment a minimum of N56 trillion to meet its housing shortfall which the Federal Mortgage Bank of Nigeria (FMBN) has put at about 17- 19 million houses. This short fall is as a result of population growth, lack of access to funds and a number of other issues.
The rapid population growth also extends to the population of eligible candidates who apply for a place in the country’s Universities and polytechnics.
From a modest enrolment of 3,646 students in 1962/63, the system has a record of student enrolment of 20,889 in 1972/73 increasing to 104,774 in 1982/83. Five years later, in 1987/88, the total enrolments in federal and state universities in Nigeria jumped to 160,767 students. By 1962, the number of universities in Nigeria increased from four (4) to twenty (20) in 1983.
Today, according to the National University Commission of Nigeria (NUC), the number of universities has grown to a hundred and eighteen universities (118), comprising of thirty – six (36) Federal Universities, thirty – seven (37) State Universities and forty -five (45) Private Universities.
As a result of expansion in student population, accommodations for university/polytechnics student in Nigeria has become a problem for both students and parents as almost all the university/polytechnics fail to provide accommodation facility for students. The very few accommodations that are being provided are not well maintained and below standard.
Nigerian university/polytechnics students presently live under a horrible condition on school campus.
Their accommodation is known to be terrible bad, insanitary, congested and overcrowded thereby impeding their capability of learning effectively.
Market research suggests that about seventy percent (70%) of most university/polytechnics students in Nigeria live outside university campus in private apartments.
From the various findings mentioned above it is obvious that Nigerian government and university/polytechnics authorities cannot single-handedly solve the problem of hostel accommodation in the Nigerian University, which is why the business idea of providing real estate services to Nigerian Federal and State University students will go a long way in solving the accommodation problem of students, parents University authorities and the nation as a whole.
This is obviously a window of opportunity that is worth tapping into.
University/polytechnics in the countries are open for public-private partnership agreement that can bring about the construction of hostel facilities on their campus by private individuals and companies.
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