Why younger Nigerians wrestle to personal houses – Kennedy Okonkwo

Famend actual property developer and entrepreneur, Dr. Kennedy Okonkwo, has highlighted the foremost causes younger Nigerians wrestle to personal houses, citing excessive property prices, poor mortgage methods, and monetary mismanagement as key boundaries.

In an unique interview with Steven Ndukwu and sighted by PidomNigeria On-line on Monday, Okonkwo, who constructed his actual property empire by Nedcomoaks, stated Nigeria’s financial construction doesn’t favour younger individuals in homeownership, however added that monetary self-discipline is an important think about overcoming these challenges.

“Nigeria isn’t a rustic that makes it simple for younger individuals to personal houses due to how costly it’s,” he stated. “Mortgages include excessive rates of interest, making it virtually unimaginable for a lot of to afford a home.”

He argued that past systemic challenges, poor monetary priorities amongst younger Nigerians additionally contribute to the problem in proudly owning property.

“Quite a lot of younger persons are extra concerned about luxurious than funding. You see somebody driving a GLE, carrying a designer bag value hundreds of thousands, however they haven’t considered proudly owning a chunk of land,” he stated. “It’s not all the time concerning the authorities. It’s about what you do together with your cash.”

Okonkwo, who has been in the actual property sector for over 20 years, emphasised the significance of long-term funding methods. He revealed that he began his journey in building and later expanded into renewable power and electrical automobiles, making certain that his wealth was constructed on sustainable investments.

“For me, I began with actual property and building, perfected it, after which diversified into different sectors like renewable power and electrical automobiles,” he defined. “You can not depend on one stream of earnings. The bottom line is to begin with one, grasp it, after which develop.”

He harassed the significance of investing in income-generating property reasonably than spending energetic earnings on non-essential luxuries.

“Don’t spend your energetic earnings. Put money into property that generate money circulation, and use solely the income to your life-style,” he stated.

Okonkwo additionally identified that strategic collaboration has been instrumental in his success, noting that he companions with consultants within the building, power, and car industries to scale his companies.

“I’m not an architect or an engineer, however I perceive enterprise. I convey collectively the perfect professionals in building and growth to execute initiatives,” he stated.

Talking on his newest ventures, Okonkwo disclosed that he not too long ago partnered with CIG Motors to introduce 2,000 electrical automobiles into the Nigerian market whereas additionally making strides in renewable power with Citadel Energy.

Nigeria’s financial outlook, he maintained that regardless of challenges, alternatives stay plentiful for individuals who place themselves strategically.

“Forty years in the past, the place was Aliko Dangote? The place was Femi Otedola? The financial system has all the time been robust, however individuals discover methods to construct companies. There’ll all the time be new billionaires as a result of extra money is being made day-after-day,” he stated.

Okonkwo inspired younger Nigerians to deal with high-demand industries like actual property, renewable power, and know-how, emphasising that wealth creation requires persistence, imaginative and prescient, and self-discipline.

“Extra persons are being empowered, and alternatives are in every single place. For those who can assume forward and make the suitable selections, you’ll succeed,” he added.

As his companies proceed to develop, Okonkwo stays dedicated to growing sustainable housing initiatives and rising entry to scrub power, positioning himself on the forefront of Nigeria’s evolving enterprise panorama.