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Why young Nigerians struggle to own homes – Kennedy Okonkwo
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By Francesca Hangeior
Renowned real estate developer and entrepreneur, Dr. Kennedy Okonkwo, has highlighted the major reasons young Nigerians struggle to own homes, citing high property costs, poor mortgage systems, and financial mismanagement as key barriers.
In an exclusive interview, Okonkwo, who built his real estate empire through Nedcomoaks, said Nigeria’s economic structure does not favour young people in homeownership, but added that financial discipline is a crucial factor in overcoming these challenges.
“Nigeria is not a country that makes it easy for young people to own homes because of how expensive it is,” he said. “Mortgages come with high interest rates, making it almost impossible for many to afford a house.”
He argued that beyond systemic challenges, poor financial priorities among young Nigerians also contribute to the difficulty in owning property.
“A lot of young people are more interested in luxury than investment. You see someone driving a GLE, carrying a designer bag worth millions, but they have not thought about owning a piece of land,” he said. “It’s not always about the government. It’s about what you do with your money.”
Okonkwo, who has been in the real estate sector for over two decades, emphasised the importance of long-term investment strategies. He revealed that he started his journey in construction and later expanded into renewable energy and electric vehicles, ensuring that his wealth was built on sustainable investments.
“For me, I started with real estate and construction, perfected it, and then diversified into other sectors like renewable energy and electric vehicles,” he explained. “You cannot rely on one stream of income. The key is to start with one, master it, and then expand.”
He stressed the importance of investing in income-generating assets rather than spending active income on non-essential luxuries.
“Don’t spend your active income. Invest in assets that generate cash flow, and use only the profits for your lifestyle,” he said.
Okonkwo also pointed out that strategic collaboration has been instrumental in his success, noting that he partners with experts in the construction, energy, and automobile industries to scale his businesses.
“I am not an architect or an engineer, but I understand business. I bring together the best professionals in construction and development to execute projects,” he said.
Speaking on his latest ventures, Okonkwo disclosed that he recently partnered with CIG Motors to introduce 2,000 electric vehicles into the Nigerian market while also making strides in renewable energy with Citadel Power.
Looking at Nigeria’s economic outlook, he maintained that despite challenges, opportunities remain abundant for those who position themselves strategically.
“Forty years ago, where was Aliko Dangote? Where was Femi Otedola? The economy has always been tough, but people find ways to build businesses. There will always be new billionaires because more money is being made every day,” he said.
Okonkwo encouraged young Nigerians to focus on high-demand industries like real estate, renewable energy, and technology, emphasising that wealth creation requires patience, vision, and discipline.
“More people are being empowered, and opportunities are everywhere. If you can think ahead and make the right choices, you will succeed,” he added.
As his businesses continue to grow, Okonkwo remains committed to developing sustainable housing projects and increasing access to clean energy, positioning himself at the forefront of Nigeria’s evolving business landscape.
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Osun decides: Ahead today’s poll, police dogs deployed to combat thugs
Ahead of today’s guber poll, the Police has deployed some of its security dogs to Osun state to ensure seurity is not breeched during and after the election.
The police dogs have been prepared to assist security personnel in detecting and confronting potential threats from violent criminals.
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Just in: Security operatives take over Osun Assembly Speaker residence
The Speaker of the Osun State House of Assembly, Hon. Adewale Egbedun, has reportedly been placed under house arrest, with unidentified security operatives in police uniforms surrounding his residence in Osun State.
According to reports, the security personnel arrived at the Speaker’s residence in more than 10 black Hilux vehicles and allegedly cordoned off the premises.
The Imole Campaign Council said it attempted to contact senior police officers and the Police Situation Room to obtain clarification on the development but was unable to reach them.
It also urged security agencies and political actors to ensure that the electoral process remains peaceful and free from intimidation, fear or interference.
The council called on residents and all stakeholders to remain calm, obey the law and await an official explanation from the relevant authorities.
As of the time of filing this report, there had been no official explanation from the police or other security agencies regarding the reported operation at the Speaker’s residence.
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FG reserves 33000 hectares for FCT livestock settlements
The Federal Government has earmarked about 33,000 hectares of land in the Federal Capital Territory (FCT) for livestock settlements as part of efforts to curb cattle movement within Abuja and shift livestock production to a more settled, commercially viable system.
Minister of Livestock Development, Idi Mukhtar Maiha, disclosed this on Friday in Abuja during a ministerial press briefing, fielding questions from journalists.
Maiha said the land, captured in the Abuja Master Plan and located outside the city centre, would provide designated areas where livestock could be raised under improved conditions without competing for space with residents in densely populated parts of the capital.
He said the initiative is part of the Federal Government’s broader livestock transformation programme, focusing on settled production, improved animal genetics, better husbandry practices, and the establishment of Livestock Development Centres across the country.
“The city is not designed to co-mingle livestock with people,” Maiha said.
He explained that livestock owners would still be free to conduct their businesses within the city, while their animals would be kept in designated production areas where adequate feed, water, veterinary services, and other facilities would be provided.
The minister said the Federal Government was already engaging the FCT Administration to rehabilitate existing livestock facilities, including the Cow Grazing Reserve, Karshi, Piko, and Kore.
He said improvements had commenced at the Cow Grazing Reserve, where three boreholes and a digital weather station had been provided to enhance livestock production and management.
Maiha added that discussions were ongoing with the FCT authorities to rehabilitate other facilities and integrate them into the government’s proposed settled livestock production system.
The minister said the government was determined to address the practice of moving livestock over long distances in search of pasture and water, describing the system as economically inefficient and detrimental to animal productivity.
According to him, animals that continuously trek long distances expend energy that should ordinarily contribute to weight gain, milk production and other productive purposes.
He described cattle subjected to such movements as “athletes”, stressing that the extensive production system was partly responsible for Nigeria’s low livestock productivity.
Maiha said animals were not roaming for the sake of movement but because the existing production system compelled livestock owners to search continuously for feed and water.
He said the government’s preferred model would keep animals within designated production areas where they could access feed, water, veterinary care, breeding services and other essential inputs.
The minister noted that the approach would not only increase meat and milk production but also reduce waste and some of the social and economic challenges associated with uncontrolled livestock movement.
Maiha also identified low genetic potential and poor animal husbandry practices as major constraints on Nigeria’s ability to meet growing demand for meat, milk and eggs.
He said indigenous livestock breeds were not necessarily inferior but had not undergone the systematic genetic improvement required to substantially increase their productivity.
According to him, some indigenous cattle require several years to reach marketable weight, whereas genetically improved breeds can achieve considerably higher weights in a shorter period.
He also highlighted the disparity in milk production, noting that many indigenous cows produce between 1.2 and two litres of milk daily, compared with significantly higher yields obtainable from improved dairy breeds.
“The rate of growth matters a lot. Serviceability matters a lot,” Maiha said.
He said genetic improvement, better feeding and modern animal husbandry would therefore be critical components of the Federal Government’s livestock development programme.
Maiha said the creation of the Federal Ministry of Livestock Development in July 2024 had begun to trigger institutional reforms at the state level.
Only three states, he said, had dedicated ministries or agencies responsible for livestock when the ministry was established, but the number has since increased to 20 states.
He said this development would strengthen collaboration between federal and state governments in implementing livestock policies and attracting investment into the sector.
The minister, however, cautioned that transforming a sector that had operated largely through traditional systems for decades would take time.
“It’s a gradual process,” he said, adding that the impact of the reforms should not be assessed solely on immediate outcomes.
Under the emerging framework, the Federal Government would provide policy direction, technical and animal health standards, traceability systems, data infrastructure, investor facilitation and regulatory coordination.
State governments would be expected to provide suitable land and local infrastructure, undertake community engagement and security coordination, and mobilise livestock producers.
Private investors and producer organisations would, in turn, finance and operate commercial activities across livestock value chains.
Maiha said the proposed Livestock Development Centres would serve as commercially oriented production clusters rather than government-owned farms.
The centres are expected to accommodate investments in breeding, feed and fodder production, cattle finishing, dairy production and chilling, sheep and goat fattening, poultry production, pig breeding, feedlots, modern abattoirs and meat processing.
Other opportunities include cold-chain facilities, logistics, biogas and organic fertiliser production, and hides, skins and leather processing.
He said states would be encouraged to develop livestock industries based on their comparative advantages, available feed and water resources, agro-ecological conditions, producer populations, and market demand, rather than adopting a uniform model.
For cattle and dairy production, investment opportunities would include irrigated fodder, hay and silage production, feedlots, breeding and artificial insemination, milk collection and chilling, abattoirs and meat packaging.
The poultry value chain would encompass hatcheries, breeder farms, feed mills, broiler and layer clusters, vaccination and laboratory services, egg grading and packaging, processing and cold-chain facilities.
Similar investment opportunities would be developed for sheep and goats, pigs and micro-livestock, including rabbits, grass cutters, snails and bees.
Maiha said the reforms were aligned with the National Livestock Growth Acceleration Strategy (NL-GAS), which seeks to raise the livestock sector’s contribution to the Nigerian economy from about $32 billion to at least $74 billion by 2035.
The minister said the reforms would also reduce the economic and security risks associated with transporting live animals over long distances from major livestock-producing areas to consumer markets.
He noted that although a significant proportion of the country’s livestock population is concentrated in the North, major markets are located elsewhere, resulting in animals travelling more than 1,000 kilometres.
Maiha said developing livestock production, processing and marketing infrastructure across states would reduce dependence on long-distance movement of live animals.
He said the combination of settled livestock production, improved genetics, adequate feed and water, animal health services, processing infrastructure and private-sector investment would enable Nigeria to produce more meat, milk and eggs while creating jobs and strengthening rural economies.
Meanwhile, the National Veterinary Research Institute (NVRI), Vom, presented awards to Maiha and the Permanent Secretary of the Ministry, Dr Chinyere Ijomah Akujobi, in recognition of their contributions to developing the livestock sector.
The Executive Director and Chief Executive Officer of NVRI, Dr Yakubu Gunya Dashe, presented the awards alongside institute officials.
The institute recognised Maiha for service delivery, while Akujobi was honoured for her leadership and supportive role in advancing the ministry’s mandate.
The recognition highlighted the importance of collaboration among government institutions, veterinary research organisations, livestock producers and private investors in building a modern and productive livestock industry.
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