Veritasi Homes and Property Ltd, a Lagos-based property development, marketing and advisory firm, laments the lack of well-trained artisans, macroeconomic issues and dearth of infrastructure, which impact the cost of housing provision and make it uneasy for most developers.
It reaffirmed that there is need for an improved operating environment for private developers to enable them to bridge the housing gap in the country.
In a statement made during the handover to subscribers of Camberwall Advantage 5, a residential estate in Lagos, Adetola Nola, the Chief Executive Officer of Veritasi Homes, noted that the harsh economic environment has continued to constrain developers in the real estate industry.
He, however, stated that despite prevailing economic uncertainties affecting businesses, the company successfully delivered the project. He noted that the inflation rate and devaluation of the naira affected project completion.
Nola expressed worries that the artisanship in the country is poor, adding that the country is fast becoming like the United States of America, where artisans are imported.
He said, “Despite the current uncertainty in Nigeria, particularly in the real estate sector, we are still standing strong. This project, which we started less than two years ago, is being handed over today. As many know, being a developer in Nigeria means you’re responsible for everything: infrastructure, electricity, water, and roads. You must provide it all, which makes delivery much tougher.”
Nola continued, “In addition, Nigeria’s inflation rate is extremely high. Official figures say 20-something per cent, but in reality, it feels like nearly 100 per cent over two years. Currency devaluation hit hard too. Another big issue is the poor quality of artisanship. It’s rarely discussed, but many Nigerians lack practical, hands-on skills. Everyone’s chasing tech or digital assets, but few know how to use tools or build things properly. We end up importing not just materials but also labour. Many of the skilled workers on-site are Lebanese or other expatriates, and we pay them in dollars. We overcame these challenges in a few ways. As a financial advisor, I used my expertise to hedge against foreign exchange risk. Inflation is harder to control, but we tried to reduce its impact by bulk-purchasing materials ahead of time.”
In addition, he made it clear that the project, being the fifth in the Camberwall Advantage series, offers luxury apartments with modern amenities tailored for premium living.
Furthermore, he noted that the residential development offered several amenities. He said, “Amenities and lifestyle at Camberwall Advantage Five offer a 24/7 power supply and security with CCTV surveillance, a swimming pool, a kids’ play area, and a 700 ft deep borehole with a world-class water purification system achieving over 95 per cent water recovery.”
He concluded, “Veritasi Homes is recognised as one of Africa’s fastest-growing real estate companies, committed to delivering world-class homes and transforming the real estate landscape in Nigeria and beyond. The company emphasises value creation and service excellence. In summary, Camberwall Advantage Five by Veritasi Homes is a premium residential estate in Lekki Phase 1 offering luxurious, secure, and well-appointed homes with excellent investment potential and a suite of lifestyle amenities in a prime Lagos location.”
