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Why young Nigerians struggle to own homes – Kennedy Okonkwo
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.
News
BREAKING: Many injured As Ex-Senate President’s Football Club Bus Crashes On Highway, Players Injured
The team bus of a Nigerian football club, Abubakar Bukola Saraki (ABS) Ilorin FC was involved in an accident on Monday morning along the Ogbomoso-Ilorin Expressway in Oyo State.
The team is owned by Abubakar Bukola Saraki, a former Senate President and former Governor of Kwara State.
It was learned that the team was returning to Ilorin, Kwara State from Lagos State after a league match against Sporting Lagos.
An official of the team who confirmed the incident to SaharaReporters said no life was lost but some players and officials were critically injured.
“We thank God no life was lost. Those injured are currently receiving medical attention. We have taken them to nearby hospitals,” the team official said.
ABS is not the first football club in Nigeria that has had bad tales to tell while using highways in the country in the course of their trade.
In June 2024, it was reported how several players were injured when the team bus of Doma United was involved in an accident on along the Makurdi-Lafia Expressway in Benue.
It was gathered that the bus lost control and somersaulted several times along the expressway but no life was lost to the accident.
It was also reported In 2020 how Ifeanyi George, a player of another football club from the country, Enugu Rangers Football Club, was killed in a car accident.
The incident left two other players of the club critically injured.
News
HEALTHCARE: Senator Manu Distributes 140 delivery beds and gynaecology tables +Photos
Senator Manu Haruna on Monday facilitated the distribution of 140 delivery beds and gynaecology tables across Taraba Central Senatorial District.
The Senator representing Taraba Central Senatorial at the National Assembly considers medicare and power generation as a core mandate for his constituents.
This initiative is apparently designed to ease maternity matters across his district.
Recall that last year, during cholera outbreak, Senator Manu immediately provided equipment to conduct tests in the district.
Also in 2024 various medical outreach were carried out by the tireless Senator.
His provision with over 140
hospital beds, gynaecology tables, refrigerators, wheelchairs, and essential medications to the five LGAs will significantly enhance medical facilities and strengthen healthcare delivery, incollaboration with (NPHDA)
The distribution effort, led by Rt. Hon. Simon Dogari, the DG Campaign Council of Senator Manu and was supported by key stakeholders, including:
Hon. Muslim Aruwa – Commissioner for Science and Technology, Taraba State
Hon. Abubakar Baffa Nanu – Chairman, Gassol LGA
Hon. Yusuf Umar – Chairman, Gashaka LGA
Hon. Alhassan Hamman – Member, Local Government Service Commission
Hon. Ubale Gambo – Personal Assistant to Senator Manu
Hon. Buhari Muhammad
Hon. Hassan Bako – Special Adviser on Youth and Sports to Governor Kefas
Alhaji Raubilu Umar
This intervention will directly benefit hospitals and health centers, ensuring that residents receive better medical care and improved healthcare support.
Senator Manu Haruna’s dedication to the well-being of his constituents and his continuous efforts to bring positive change to Taraba Central remain evident through this impactful initiative.
News
Senator Barau offers scholarships to 1,000 in Kano Central, Kano South; facilitates 7 varsity study centres
Deputy President of the Senate, Senator Barau I Jibrin, has concluded arrangements to offer scholarships to 1,000 students to pursue degree programmes in ICT-related fields through the Barau I Jibrin Foundation (BIJF).
The beneficiaries would be the pioneer students of the seven study centres of the Federal University, Dutsin-ma, Katsina State, that would be established in Kano Central and South Senatorial Districts courtesy of the Deputy President of the Senate.
The Special Adviser to the Deputy President of the Senate on Media and Publicity, Alhaji Ismail Mudashir, in a statement, said Senator Barau and the university’s management concluded arrangements to establish the study centres in the two senatorial districts at the weekend.
The university was represented during the meeting by Prof. Abubakar Sadik Suleiman, the Dean of the Faculty of Management Science, who is also a board member of the College of Professional and Continuing Studies;
and Dr. Jamilu Ajiya, the Acting Provost of the College of Professional and Continuing Studies.
Last year, Senator Barau facilitated the establishment of four study centres in Gwarzo, Danbatta, Dawakin Tofa, and Gabasawa local government areas in Kano North Senatorial District. Under this arrangement, more than 1,000 youth are pursuing various degree programs.
To expand university education across the 44 LGAs of Kano State, Senator Barau, who represents Kano North Senatorial District, is establishing seven study centres in Kano Central and South Senatorial Districts through his foundation.
The study centres will be located in the Madobi, Kiru, Tudun Wada, Rano, Gaya Dawakin Kudu and Minjibir local government areas.
Like in Kano North, when established, the university’s degree and diploma programmes will be offered at the seven centres in Kano Central and South Senatorial Districts.
To launch the centres, Senator Barau is offering scholarships to 1,000 students from Kano Central and South Senatorial Districts to pursue degree programmes in ICT-related fields.
” Education is the bedrock of the development of all nations. I will continue to work towards providing qualitative education to our people across the 44 LGAs,” Senator Barau, who is also the First Deputy Speaker of the ECOWAS Parliament, said.
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