First Bank Calls for Government Action on Housing Prices

Olusegun Alebiosu, the Managing Director and Chief Executive Officer of First Bank Nigeria Limited, urged for stronger government intervention in Nigeria's housing sector to make homes more affordable for millions of Nigerians. Speaking at the 20th African International Housing Show in Abuja, Alebiosu highlighted that increasing housing supply is essential to reduce property prices and improve access to decent accommodation.

He noted that when supply meets demand, prices will decrease, allowing Nigerians to afford decent homes. Alebiosu described home ownership as a reliable way to build wealth and secure financial futures, encouraging Nigerians to invest in housing.

He pointed out that successful housing models in the United States and several European countries demonstrate the importance of government-backed programs in making housing accessible. Alebiosu stressed that collaboration between the government and the private sector is crucial to address Nigeria's housing challenges, given the significant housing deficit and the high cost of financing construction projects.