The dearth inn basic infrastructure in Nigeria, is a major business opportunity itself. We need cheap and affordable homes, good road networks, inter and intra city railway networks, functioning seaports and river way ports and airports. Constructing these facilities would cost huge sums of money, but on the good run, it would provide huge solutions to our economic problems in Nigeria.
In the real estate industry, the major problem in owning a house in Nigeria is not the provision or the availability of the house itself, but the high cost of owning or renting a house. The problem here is mere greed. Why would a house that costs N120,000.00 (one hundred and twenty thousand naira) a year, for a self-contained apartment (one room, kitchen and rest room), cost up to N220,000 (two hundred and twenty thousand naira) in it’s first year, because of an agent and agreement fee, made to paid by the person seeking the accommodation. The individual is also made to pay a registration fee of maybe N1,000 to N5,000 which is non-refundable.
An entrepreneur is in business to provide solutions to his/her customers problems before they pay you for the products and services you provide. People need cheap and affordable houses. So if you need to be a landlord, think about your tenants/clients and not your pocket. The biggest problem being faced in the real estate industry are the real estate agents. So a landlord needs to establish a real estate agency company and not just construct houses for rent. If they do, they would not just create houses/homes/business or shop complexes for rent/purchase but they would also create jobs too. This would reduce the high level of corruption in the industry. We need the government to privatize the real estate industry so that we can identify the major players in this industry as we see those in the telecommunications industry. Once again, the solution in the real estate industry is to provide cheap and affordable homes by removing the illegal agent and agreement fees. If you are a real estate agent then you need to place fees for your services and ensure that you give the individual results. If you are a landlord, place fees for other services, like utility maintenance bills.
In the transportation business, the problem that exists in this industry is that there are less transportation links for users in all sectors in the industry. We need more roads, more railway lines, more sea ports and inland water way ports and more airports in Nigeria. There are a lot of congestions in the various sectors of the transportation industry. People can spend hours in congested transport links nationwide. The federal government of Nigeria intends to build railway lines linking each neighboring state capitals in the country and this would improve the nature of transportation business in Nigeria. We also need more seaports in Nigeria to decongest the congested Apapa seaport in Lagos. We need at least two more seaports to be built in lagos, maybe in Lekki and Badagry, at least seaports in all the states bordering the Atlantic ocean. Also, all state capitals in Nigeria should have local airports too.
In a city like Lagos,