Among the five big countries battling the challenge of housing for everyone are China, Russia, India and Brazil. Africa’s contribution to this sad list is Nigeria, with a population of 174 million people of which 17 million do not have appropriate shelter.
The market rates for housing are exceeding what an enormous group of the population can afford. However, we have before witnessed big successes turn out from targeting what is sometimes called “the bottom of the pyramid”. What this part of the population lacks in resources they make up for in scale. The McKinsey Global Institute claims that there lies a vast opportunity here for the companies that dare to solve the problem in the above mentioned nations.
McKinsey suggests a collective effort in cutting costs through cheaper construction approaches, improved access to personal financing and utilizing land in proper areas for the purpose. Entrepreneurs in the respective areas and others, as well as in possible intermediary functions, should without a doubt find this situation appealing both monetary wise and compassion wise.
Read the full article at How We Made it in Africa