Nigeria needs to deploy a minimum of N56 trillion in order to meet its housing shortfall which the Federal Mortgage Bank of Nigeria (FMBN) has put at 16 million houses. This short fall is as a result of “regulatory, legal, population growth over the years
This rapid growth also extends to the country’s University system as it doubles every four to five years and probably grows faster than any other country in the world. 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 36 Federal Universities, 37 State Universities and 45 Private Universities.
As a result of expansion in student population, accommodations for University student in Nigeria has become a bother for both students and parents as almost all the Universities fail to provide accommodation facility for students. The very few accommodations that are being provided are not well maintained and also below standard, thereby exposing students to a frustrated life on campus.
Nigerian University 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. Some of the very few Universities that provide accommodation do not make enough provision. Rooms that are meant to serve just two students accommodates close to 7 students. Yet such arrangements only provides for just 40% of the students, officially.
It has been claimed that 80% of University students live outside the university campus, thereby exposing them to being victims of shylock landlords and unnecessary exposures to a reckless life.
Although Nigerian government knows the predicaments of these students but the rapid growth in student population and over bloated admissions of students into Universities is one of the causes of the shortage in student accommodation.
From the various findings mentioned above it is obvious that Nigerian government and University 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.
Universities 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.