User:Masonarmani/sandbox

La_Shipson Construction Nigeria Limited have gone through due diligence and established that the Federal Housing Authority (FHA) built only 37,000 houses across the country since its inception about 40 years ago. This is an average of less than 1,000 houses per annum and currently, the housing deficit in Nigeria is estimated at 17 million. That means the mortgage industry is contributing less than 1 per cent to the country’s GDPs.

Company Profile
 La_Shipson Construction Nigeria Limited  was incorporated in October, 2011 with RC: 984275 and commenced operations in 2012. It is fully indigenous company,giving specialized management to companies in Nigeria and broad in areas of finance, project management, real estate development and other areas of consultancy. Because of the background of its Directors, the company has placed much emphasis on Estate Development and Construction in recent times having served.

Background
La_Shipson Construction Nigeria Limited have gone through due diligence and established that the Federal Housing Authority (FHA) built only 37,000 houses across the country since its inception about 40 years ago. This is an average of less than 1,000 houses per annum and currently, the housing deficit in Nigeria is estimated at 17 million. That means the mortgage industry is contributing less than 1 per cent to the country’s GDPs.

The World Bank has estimated that the cost of bridging Nigeria’s 17 million housing deficit is N56 trillion (Over $152 Billion USD), underlining the vast and untapped investment potential of the country’s real estate sector.

This, is however, not too far from the estimation of the Federal Mortgage Bank of Nigeria which had put it at about N56 trillion (Over $152 Billion USD), to be able to adequately meet the housing needs of Nigerians. Federal Mortgage Bank of Nigeria (FMBN), projected figure is based on a conservative cost of construction at N3.5million ($11,475,410USD) per unit. “Fundamentally, the nation needs 16 million housing units to bridge the housing deficits in the country, and providing these houses will cost N56 trillion (Over $152 Billion USD), at a conservative cost of N3.5million ($11,475,410USD) per unit. This is a colossal amount which cannot be funded only through the NHF, but requires urgent injection of funds from both the government and the private sector. That is why we are as well exploring offshore funding to boost financing for mass housing which the nation urgently needs,” he said.